During the court case it was discovered that the family may have hidden vast sums of money in offshore accounts in tax havens to hide it from French authorities who would have applied an estate tax to it.
Guy Wildenstein, the current heir to the family faces a tax bill of over 500 million Euros and up to 10 years in jail if convicted.
While this is a French case, it should be a reminder for Americans as well. It is not a good idea for estates to transfer money overseas to hide it from tax authorities and the estate tax. If discovered, the penalties are severe both in France and in the U.S.
