There is increasing connectivity and movement of individuals and their assets between Canada and the U.S.: children relocate on either side of the border, often after pursuing higher education in the other country, U.S. residents move to Canada to work or retire and vice versa, or residents on either side of the border purchase a recreational property – a Florida or Arizona home for many Canadians, or a cottage property or ski chalet in a Canadian province for many Americans.
Navigating the issues that arise in cross-border estate planning and administration is complicated given the very different tax and legal regimes on either side of the border. Missed turns or taking the wrong route often occurs because of a lack of skilled guidance and direction in planning or administering an estate with cross-border issues.
Join this webinar from O’Sullivan Estate Lawyers LLP to stay on top, be able to spot the issues and understand the complicated cross-border challenges that arise when Canadians and Americans have connections to each other’s jurisdiction, including assets, citizenship, residency and beneficiaries.
Topics will include:
• Using separate situs wills and powers of attorney for property and personal care.
• Administering property on death on other side of the border.
• Taxation on death and the impact of two different tax regimens: Canadian capital gains tax and U.S. estate tax and planning options to reduce tax exposure.
• Choosing executors, trustees and attorneys for powers of attorney: what are the tax and legal considerations which create problems in appointing a resident on the other side of the border?
• Tricky legal and tax issues when a trust or its settlor, contributor, trustees or beneficiaries are resident in the other jurisdiction.
