TL;DR U.S. estate tax can apply to non-U.S. residents who hold U.S.-situated assets such as shares in U.S. companies or U.S.-domiciled ETFs. Unlike U.S. citizens, non-resident investors generally receive only a limited estate tax exemption, meaning exposure can arise at relatively modest asset levels. Without proper structuring, heirs could face significant tax and administrative delays. International investors should review how their U.S. assets are held to reduce unnecessary estate tax risk. The U.S. stock market, particularly its high-performing tech…