US Taxes

Total 43 Posts

COVID Wedding Wars: Planning a Wedding During Yet Another Lockdown… or You Could Forget About It And Consider U.S. Estate Tax On U.S. Securities Held With Canadian Investment Dealers

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January is kickstarting what seems to be the “Year of the Hats” for me. In addition to my usual winter hat and estate planner hat, this month I’m also fashioning my wedding planner hat, COVID style.  As it turns out, planning a February wedding during a COVID lockdown actually means planning multiple backup weddings, each having their own contingency plan, guest list, and brand of potential disaster.  This has brought….

COVID Wedding Wars: Planning a Wedding During Yet Another Lockdown… or You Could Forget About It And Consider U.S. Estate Tax On U.S. Securities Held With Canadian Investment Dealers Continue Reading »

Canadian and US Tax Treaty, US Taxes

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

An Inconvenient Truth: Cross-border Estate Barriers for Non-Resident Executors

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Today’s blog comes to you from Student-at-Law, Derrick Raphael. As a new resident of Canada there are several issues that an individual must consider such as tax implications while residing in the country as well as one’s previous jurisdiction. Additional areas of interest regard how to manage assets, property and other investments when an estate needs to be distributed. Personally as a newcomer to Canada I had yet to think about….

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Estate Planning, Tax Issues, Uncategorized, United States, US Taxes, Wills

Not All “Trump Bumpf” is Bluster

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As part of the ‘Donald’s’ post-election “promises” we heard rumours that US gift and estate taxes were going to be repealed. While we did not see a repeal, we did see a significant change to the rules related to US gift and estate tax. The particular change came forward in the US Tax Cuts and Jobs Act (“TCJA”) which was signed into law on December 22, 2017. Specifically, the amendment….

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Estate Planning, IRS, Tax Issues, United States, US Taxes

Inheritances and Taxes – Be Careful Where you Step?

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Frequently, I am reminded how careful one has to be with making sure that tax-free inheritances generally maintain their status throughout all steps to liquidate and realize the proceeds. Here is a case in point. In Owen v The Queen (2018 TCC 90), the taxpayer’s father resided in the United States of America and had a US individual retirement account (“IRA”). The taxpayer’s father passed away. The taxpayer and his….

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Canada Revenue Agency, Estate Administration, Estate Planning, Investments, IRS, Property, Tax Issues, Uncategorized, United States, US Taxes
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