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David A. Altro recently wrote an article which appeared on Advisor.ca and in the Advisor’s Edge magazine. In the article, David explains what is considered a US asset and the US estate tax implications for Canadians who have certain US assets. Click here to view the article online or scroll down to read and excerpt of [...]
State Estate & Inheritance Taxes A lot is often said about the US federal estate tax, especially amongst Canadians with US property. What many Canadians do not realize is that 14 different US states, and Washington, D.C., levy state estate tax as well. An additional five states levy an inheritance tax, with New Jersey and Maryland [...]
US citizens who live in Canada are liable for US gift and estate tax on their worldwide assets, even if they have never actually lived in the US. This means that assets transferred during life or on death are taxed by the IRS at rates of up to 35%, subject to certain annual and lifetime exclusions. [...]
Due to the continuing uncertainty regarding U.S. estate tax rules for Canadians who pass away owning U.S. real estate in their names personally, you may find interesting the below article published in The New York Times on August 1, 2012. The House approved a one-year extension to the Bush-era tax cuts but it is unlikely that [...]
Tax & Estate Planning for Canadians Tax & Estate Planning for Canadians | Wills, Trusts & Powers of Attorney | Marriage Contracts | Settlement of Estates | High Net Worth Families The Altro LLP estate planning team possesses a wide range of experience in all aspects of wills, trusts and [...]
Tax & Estate Planning for US Citizens Tax & Estate Planning for US Citizens | US Citizens in Canada | US Resident Adult Children Tax and estate planning is an important, and often neglected, topic for everyone. In order to ensure that as much of your hard-earned money is retained [...]
Last week, I blogged about PATH and the changes the legislation makes to the Foreign Investment in Real Property Tax Act (“FIRPTA”). One of the most important changes is that certain foreign pension funds are now exempt from FIRPTA when they dispose of U.S. real property. It was predicted that the exemption would increase the amount [...]
Apart from any other estate planning measures one might choose to implement, there is always a role for a well-planned will. However, the content of those wills depends on whether one or both spouses are US citizens. Mixed Marriage – One Spouse is a US Citizen In the case of a mixed marriage, the wills of [...]
