US Taxes

Total 42 Posts

Key Tax Deadlines for Estates Matters

• • 0 Comments

One of the responsibilities of an executor is to deal with the final tax return of the deceased and file the tax returns for the estate.  Most tax deadlines are statutory (established in the Income Tax Act) therefore, they are non-negotiable.  The executor should consult a tax advisor early to learn of all tax deadlines relevant to the estate.  The following will provide some guidance: Final T1 of the Deceased:….

Key Tax Deadlines for Estates Matters Continue Reading »

Estate Administration, Executors, Tax Issues, US Taxes

Cross-Border Insurance Planning – Some Basics

• • 0 Comments

Cross-border insurance planning is tricky but understanding the basics can go a long way in assisting clients. This short article will review some of the key questions to consider in order to avoid potential pitfalls in life insurance planning. Who is the Owner, the Insured and the Beneficiary In the context of personal insurance planning, it is important to appreciate that there are always three (3) parties involved; the owner,….

Cross-Border Insurance Planning – Some Basics Continue Reading »

Estate Planning, Insurance, International, IRS, Succession Planning, Tax Issues, U.S. Citizen, US Taxes

Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part III

• • 0 Comments

This is Part III of a three-part blog series. Parts I & II can be found at the following respective links: https://allaboutestates.ca/equalizing-an-estate-where-one-of-more-children-are-u-s-persons-and-planning-strategies-where-there-are-u-s-beneficiaries-part-i/ and https://allaboutestates.ca/equalizing-an-estate-where-one-of-more-children-are-u-s-persons-and-planning-strategies-where-there-are-u-s-beneficiaries-part-ii/. Parts I & II discussed a few issues to consider if a client’s intention is to equalize their estate amongst their children where one or more children are U.S. Persons (such U.S. children, a “U.S. Child”). This Part III builds on Parts I & II and….

Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part III Continue Reading »

Estate Planning, Executors, Tax Issues, Trusts, United States, US Taxes, Wills

ILIT – An Estate Planning Vehicle for the U.S. Person

• • 0 Comments

An irrevocable life insurance trust (ILIT) is an estate planning vehicle worth some consideration for U.S. citizens living in Canada.  Many estate advisors are unaware that U.S. citizens subscribing to life insurance on their life will have the death benefits included in the value of their taxable estate for U.S. estate tax purposes.  An ILIT may provide an opportunity to avoid such an outcome. What is an ILIT? An ILIT….

ILIT – An Estate Planning Vehicle for the U.S. Person Continue Reading »

Canadian and US Tax Treaty, Estate Planning, Insurance, Succession Planning, Tax Issues, U.S. Citizen, US Taxes

Corporately-Owned Insurance, Redemption Obligations and the U.S. Supreme Court

• • 0 Comments

Canadian estate and tax advisors may want to consider the case Connelly v. Internal Revenue Service, No. 23-146[1] (U.S. 3/27/24).  The U.S. Supreme Court (“SCOTUS”) issued its decision on June 6th and it serves as a good reminder of the implications of corporately-owned life insurance in the context of cross-border tax and estate planning for Canadian estates. The issue focused on the estate tax treatment of corporately-owned life insurance proceeds….

Corporately-Owned Insurance, Redemption Obligations and the U.S. Supreme Court Continue Reading »

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

Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part II

• • 0 Comments

  Happy Friday, everyone. As a reminder, this is Part II of a three-part blog series. Part I can be found at the following link: Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part I – All About Estates and Part III, to be posted August 30, 2024, will discuss estate planning in circumstances wherein there are U.S. beneficiaries…..

Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part II Continue Reading »

Estate Planning, Tax Issues, Trusts, U.S. Citizen, United States, US Taxes, Wills
Scroll to Top