U.S. Estate Planning Checklist for Snowbirds
1. Understand how the U.S. Estate Tax affects your estate.
Canadian Estates
What is a Transfer Certificate and why does my estate need one?
In order to transfer or sell U.S. real property owned by a deceased person, whether solely or jointly with another person, the estate or surviving joint owner, including a surviving spouse, must obtain a Tax Certificate …
What if my spouse and I own U.S. property as joint tenants?
If the surviving spouse is a US citizen, then in general one-half the value of the jointly owned property will be included in the estate of the first spouse to die.
What property is subject to U.S. estate tax?
U.S. Persons (U.S. citizens and those whose domicile is the U.S.) are taxed on the value of their worldwide assets at death.
(Estate) Tax Treaty Relief for Canadians with U.S. Property
So, you’re the Personal Representative of an estate of a deceased Canadian with a vacation home in Florida (or a cottage in Michigan) with a fair market value on the date of death of $400,000 and an account at Bank of Am…
Canadians & the U.S. Estate Tax
In a previous post I wrote about the estate & gift tax exemptions increasing in 2018 to over $11,000,000 ($11,700,000 in 2021). However, that threshold for filing an estate tax return and paying estate tax relates to Uni…
