Cross-Border Estate Planning
Failure to Designate a Beneficiary When Converting an RRSP to a RRIF Results in Tax Bill
One of the primary reasons you may engage in estate planning can be to limit the amount of tax that is payable by the estate in the event of your death. A recent story shared by CTV News in Calgary covers the story of a woman who was left with a $270,000 bill to the Canada Revenue Agency as the result of an oversight in her husband’s retirement planning. A Small… Read More
Cross-Border Estate Planning
Handwritten Wills Discovered More than a Year After Aretha Franklin’s Death
The death of Aretha Franklin, the Queen of Soul, rocked the music world last year. As the world mourned the loss of this legendary singer, a legal storm brewed when it initially seemed that she had not left a will or trust delineating what was to happen to her more than $80 million fortune. In the months following her passing it seemed as though the artist’s four sons would be locked in a protracted and… Read More
Cross-Border Estate Planning
Foreign Powers of Attorney & Cross-Border Estate Planning
If you travel back and forth between Canada and the United States, or have any cross-border property, you should ensure that your estate planning and other documents will be valid in both countries to any extent necessary. You may also want to consider whether any powers of attorney in your home province or state may be impacted, and speak to a cross-border lawyer for specialized advice. Powers of attorney and jurisdiction A power of… Read More
Cross-Border Estate Planning
The Death Tax Repeal Act and Cross-Border Estate Planning
For Canadians with assets in the United States, or whose family includes dual US-Canadian citizens or US permanent residents, the repeal of the so-called “death tax” could help simplify your estate planning. Unlike Canada, the United States has taxed an estate based on the fair market value of a decedent’s assets. Much of the support for this bill comes from farm owners and family businesses that claim to suffer unfairly under the current regime. The Death… Read More