Having assets or family abroad or being an American citizen and residing outside the US may create cross-border wealth transfer issues either during life-time or upon death. Even a straightforward arrangement under a single country tax law, may involve numerous complexities and produce negative tax consequences when non-residents are involved. Whether dealing with foreign estates, trusts or outright gifts which involve US citizens or Canadians, careful planning, drafting and administration must be observed. Each complexity should be balanced against the benefits in light of other less complicated and less expensive planning alternatives.
We have experience with tax planning and compliance related to the following:
- Trust and estate planning for Canadian snowbirds
- US real property owned and sold by Canadian residents
- US real property held by a trust or a foreign partnership
- US real property held by a single purpose corporation
- US securities, US debt or US partnerships investments held through Canadian custodians
- Canadian children living in the Unites States
- Estate planning if spouse or both spouses are US citizens and residents of Canada
- Canadian residents receiving US gift or bequest
- US citizens or green card holders receiving Canadian gift or bequest
- US citizens with share-ownership in Canadian corporations
- An insurance policy held in an Irrevocable Life Insurance Trust
- Canadians moving permanently to the US
- Former Canadians repatriating and new Canadians moving to Canada
