U.S. Citizen

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Exercise Caution: Different Countries – Different Tax Regimes at Death

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This blog has been written by Rahul Sharma, Partner at Fasken LLP A couple of recent telephone calls reminded me of the perils of estate and tax planning that crosses borders without proper planning. The first case is regrettably quite common.  An entrepreneur in the technology sector (we will call him “John”) is a resident of Ontario.  John partners with other like-minded, and equally talented, entrepreneurs based in the United….

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Estate Planning, Tax Issues, U.S. Citizen, United States, US Taxes

Don’t Forget the T1141s and T1142s!

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Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto My last blog post was very early in the year.  In that post, I outlined — and generally responded to — certain common questions posed by newcomers to Canada.  As the year progresses, Canada continues to draw in large numbers of immigrants (with many more arrivals anticipated in the coming years).  For many newcomers, their first or second Canadian….

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Canada Revenue Agency, Canadian and US Tax Treaty, International, Tax Issues, Trusts, U.S. Citizen, Uncategorized, United States

U.S. Estate tax exposure – it’s political!

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The 2020 U.S. election is over and the votes have been tabulated, and in some counties the votes have even been tabulated more than once.   Unless there is some Republican wild card waiting to be plucked out of the proverbial magic hat, then Joe Biden will be inaugurated president of the United States on January 20, 2021, and with President Biden comes a proposed change in tax policy. The headline….

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Estate Planning, Real Estate, Tax Issues, U.S. Citizen, US Taxes

Celebrity Estates – Not Immune from the Trials and Tribulations of Estate Planning and Litigation

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With TIFF in full swing, celebrity worship is in overdrive. However, celebrities also deal with the mundane and there is often nothing glamorous about their estates. In fact, like the rest of us mere mortals, celebrities do not have a lock on getting things right. So often, there is so much money sloshing around, coupled with the absence of a properly drawn will, that estate fights are inevitable. Michael Jackson’s….

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Contested wills, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, Family Conflict, Fiduciary Professions, Interest, International, Succession Planning, Tax Issues, U.S. Citizen, United States, US Taxes, Wills

Your Family Trust Has a Non-Resident Beneficiary

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In today’s world of international families it is not uncommon for a Canadian family to have one or more members that are non-residents of Canada. When that same family has set up a Canadian discretionary family trust that is intended to benefit its members with, say distributions from a family business, a number of complexities arise for the administration of that family trust.  Often the trustees of such a family….

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Canada Revenue Agency, Estate Planning, Tax Issues, U.S. Citizen
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