Personal data is securely protected on our own internal servers and the technology systems of our trusted technology vendors. Chair. The availability of a U.S. foreign tax credit will hinge upon: There is also the potential that a foreign transfer tax credit could be unavailable because of a Presidential proclamation based on the foreign country’s failure to provide a reciprocal tax credit to U.S. citizens. However, PICs may be instrumental in the financial plan of a non-U.S. person investing within, or outside of, the United States. Read Article. Including cross border financial, estate, investment, business, and tax planning. have resulted in changed circumstances, but the importance increases with a relocation overseas, or a move from one foreign country to another. Thun Financial Advisors, Copyright © 2019. Estate tax treaty “tiebreakers” and the new/old situs rules: Another key effect of tax treaties is that they establish tie-breaker rules. In civil law/forced heirship regimes, a fundamental problem exists when examining distributions to heirs through such a trust: the beneficiary is receiving the property from the trust, rather than a lineal relative (parent, grandparent, etc.). Acquisition of real estate. Situs generally: The general situs rule is that tangible assets physically located in the U.S. are subject to federal estate tax, but the situs rules for intangible property are somewhat involved and complicated. The particular status of the taxpayer will have significant income and transfer tax consequences, and of course, the particular distinctions vary by country. We do not pay third parties to provide us with lists of personal data. A United States expat family, a U.S. person married to a non-citizen spouse, a non-U.S. person investing in the United States, or other families with multiple nationalities, will need to have an investment plan that is correctly in sync with a tailored cross-border estate plan. More sophisticated estate planning tools become necessary at more modest estate levels whenever the assets of a non-U.S. person are concerned. Call us at 416-847-1859 ... Planning ahead for this transfer of property can eliminate lengthy procedures and ensure that your assets are protected from domestic and foreign estate … Moreover, a laissez-faire attitude to estate planning is far less justified if the U.S. citizen client is married to a non-U.S. citizen. In short, since no one can confidently predict where the estate tax exclusion, marital deduction and tax rate levels will be in the future, ignoring estate planning based on current tax thresholds may be a costly mistake. CROSS BORDER TRUST AND ESTATE PLANNING. Estate planning can become complicated by the different tax, estate planning and estate administration laws and rules between Canada and the U.S. There are many factors that will make the transfer tax planning puzzle exponentially more complex for this model global family than for the aforementioned multistate family. Cross-Border legal issues? The crossborder family may have alternative solutions for providing for the heirs and for the maintenance of the noncitizen spouse that are more practical or even more tax efficient (such as a lifetime gifting strategy, discussed above). Domicile is acquired by living in a jurisdiction without the present intention of leaving at some later time. Here are the general situs guidelines for non-resident aliens and their U.S. estate tax exposure: The U.S. situs rules are particularly instructive for expat families that include non-U.S. persons (e.g., an American abroad married to a foreign spouse), or to non-U.S. persons with investments in the United States. Given the critical fundamental legal differences in the distribution and taxation regimes around the world, it should come as little surprise that a family’s existing estate plan (designed for one legal system) may quickly become outmoded, ineffective, and even counter-productive once the family relocates overseas (and becomes subject to a completely different legal system). KeatsConnelly can assist in your cross border tax planning needs. Cross-border families and multinational asset portfolios add substantial complexity to the financial planning needs of global families. Accordingly, in addition to the federal estate, gift and generation-skipping transfer (GST) tax regimes, the transfer tax regimes of multiple states may also factor in the distribution of wealth (during lifetime and after death) to the surviving spouse, the children, and future generations. Cross Border Estate Planning: Gifting to US Resident Children. Part of the Raymond James Financial family of companies, Raymond James (USA) Ltd., or RJLU, is a Canadian based US registered investment firm offering integrated cross-border wealth management solutions to Americans living in Canada and Canadians living in the US.As RJLU advisors, we are licensed and regulated in both Canada and the US, … However, in some cases, we may seek and collect data about individuals through publicly available third-party sources, such as social media, news, or company websites. The following article addresses U.S. estate tax consequences of a family comprised of Canadian There may be real property in various jurisdictions, separately or jointly titled, personal property also spanning the globe, limited partnership interests (e.g., hedge fund, private equity, or structured products), joint brokerage accounts, individual brokerage accounts, pension funds, defined contribution plans, IRAs, Roth IRAs, and college savings or UTMA/UGMA accounts for the children. Terry Ritchie featured in The Insurance & Investment Journal article, Managing Cross-Border Clients. Assisting a wealthy Southeast Asian individual with cross border trust and estate planning of his substantial listed stakes on the KLSE and UK real estate interests. Whether you have general business transactions or international disputes, are travelling or a snow bird, we can help you with cross-border representation or legal services. Access a 40% discount on the cost of purchasing European Cross-Border Estate Planning textbook, written by Timothy Lyons (Sweet & Maxwell). However, families with multiple nationalities are in particular need of a cross-border estate plan … However, the United States has not extended the investor-friendly income and estate tax rules to foreign investment in U.S. real estate. You may have a serious estate tax issue if you are a US citizen and have used a typical Canadian estate … Frequently, it will make sense to own U.S. Real Estate through an offshore corporate or trust structure (for a foreign, non-resident investor only, as U.S. persons should certainly avoid offshore corporate or trust structures) to avoid U.S. estate tax, and possibly reduce U.S. income tax as well. In contrast, common law systems tend to have more concise constitutions and statutes and afford more discretion and interpretive power to the courts when applying the laws to the particular facts and circumstances of particular cases. The treaty will control which treaty country can assess transfer taxes by either: Certain estate tax treaties relieve some of the burden that occurs when a surviving spouse is a non-resident upon the death of the U.S. spouse by increasing the marital deduction for non-resident spouses. If you live a cross border lifestyle, we highly recommend speaking to our cross border tax experts to ensure you have a well structured estate plan to eliminate any future tax issues. Additionally, in Canada, which shares the British common law heritage, a special capital gains tax will be periodically assessed on trusts holding Canadian real property. When engaging in cross border financial planning, we determine a client’s cross border tax, estate, investment, retirement, and immigration planning needs in light of their particular goals and objectives. Avoid Serious Cross-Border Tax Issues with Effective Estate Planning. While non-U.S. investors and non-citizen spouses present obstacles for certain common traditional estate planning tools (e.g., joint ownership), knowledge of U.S. situs rules can be utilized to con-struct family portfolios that are particularly U.S. income tax and U.S. estate tax efficient. UK levies ‘inheritance tax’ and France ‘succession tax’, but luckily a specific double tax treaty means only succession tax will apply to your estate if you are resident and so deemed domiciled in France. For example, the situs rules discussed earlier illustrate that investments in U.S. publicly traded fixed-income (bonds) will not subject the foreign investor to estate taxes (nor income taxes). Thun Financial is also committed to safeguarding and protecting the privacy of all visitors to its website or interested persons whom communicate personal and financial information with Thun Financial, whether potential clients or otherwise. It is generally advisable to review an existing estate plan (and the broader financial plan) when major events (divorce, remarriage, etc.) This approach can allow for superior after-tax returns to help achieve important lifetime goals and greater wealth transfer to heirs. Read Article. Concepts of citizenship, residency and domicile have crucial significance in determining the exposure of a person to the transfer tax regime of any particular country. Info Here > We make it our business to ensure the success of yours. through the probate system. If the grantor and his beneficiaries remain in Germany over ten years, the tax relief offered by the U.S.-Germany Estate and Gift Tax Treaty phases out and distributions from the trust could be exposed to the highest German transfer tax rate of fifty percent. Cross-Border Estate Planning Articles. Info Here > US ESTATE AND GIFT PLANNING. The utilization of offshore PICs is generally no longer utilized for U.S. clients, because Passive Foreign Investment Company (PFIC) rules and the Foreign Account Tax Compliance Act prior will. Including cross border financial, estate, investment, business, and tax planning. This matter involved giving advice to a non-UK resident and non-UK domiciled individual and his family to ensure a coordinated succession planning strategy across two jurisdictions. Tax filing requirements as well as health insurance and risk management needs are other key cross border considerations that we analyze. The treaty rules establish taxation priority by first determining which jurisdiction was the domicile of the decedent. The dangers are not limited to the expat who relocates to a civil law jurisdiction. An expat should understand the particular definitions and requirements under the laws of the country(ies) in which they live, work, or own property. Estate Disputes: Keeping the Peace. If the non-U.S. citizen is the surviving spouse, the unlimited marital deduction will not be available and the likelihood of estate taxation upon the death of the first spouse increases. Non-resident foreign (NRA) investors in U.S. real estate: The United States can provide a very attractive market for investing in securities. While a country-by-country discussion of the situs rules is beyond the scope of this article, many jurisdictions employ situs rules similar to the U.S. Whether you are transitioning residency between Canada and U.S. or you have already made the move but continue to hold investment assets or financial interests in both Canada and the United States, proper cross-border financial planning can integrate and coordinate the asset management of your investments, reduce taxes and maximize your estate. Qualified domestic trust (QDOT) – an important tool for marriages between a U.S. citizen and a non-citizen spouse: A QDOT is a type of trust designed to afford the surviving spouse the ability to claim use of and income from the decedent spouse’s estate during the lifetime of the surviving spouse, but then the QDOT assets will pass to the original decedent’s heirs upon the death of the surviving spouse. Will Todd is an independent lawyer who provides cross-border tax and estate planning advice to individuals and families from his downtown Vancouver office. Whether the property is situated in the foreign country; Whether the property is subjected to transfer/death taxes; Whether the property is properly included in the gross estate. If a U.S. citizen arrives in the U.K. (a common law jurisdiction) with an existing U.S. trust, the government may not recognize this trust structure, or, worse, consider the trust a UK resident and subject the trust assets to immediate income taxation on the unrealized gains within the trust. Except in response to direct instructions from you (e.g., a client asks us to send a brokerage tax record to their accountant), we do not share your personal data with third parties. If you are a U.S. citizen living in Ontario or a Canadian with U.S. connections, including owning property in the U.S., our estate planning lawyers will work with you to develop an appropriate estate plan to coordinate and integrate U.S.-Canada taxation. Info Here > We make it … The estate planning team must evaluate the interplay of the relevant transfer tax regimes and the pertinent treaty to determine the transfer tax outcome in consideration of not only the nature of the property and its location, but also the impact of citizenship and domicile on net tax outcomes. Cross-Border Estate Planning for Canadians Residing in the United States 10.17.16. More Publications Publication Canadians With U.S. Michael Cirone is a Canadian and U.S. lawyer with 20 years of experience providing cross-border personal tax and estate planning services. Some experts on the subject of international estate planning suggest multiple “situs” wills, with each will governing the distribution of property in the country for which the will is executed. From an income tax perspective, it is worth mentioning here that there are no treaties between the United States and any foreign jurisdiction that recognizes the tax-free growth of investments in 529 accounts (or Coverdell ESAs – another type of U.S. savings vehicle for education expenses allowing much smaller annual contributions). Will Todd is an independent lawyer who provides cross-border tax and estate planning advice to individuals and families from his downtown Vancouver office. Transfers during lifetime to the non-U.S. citizen spouse can reduce the U.S. citizen spouse’s estate, but the annual marital gift tax exclusion is reduced from unlimited to $155,000 (2019). • Providing confidential consultations to potential clients or others who are considering doing business with us; However, while U.S. expats are free to open and fund 529 college savings accounts, they must be aware of the local country rules in their country of residence regarding the gains that will eventually accumulate within these accounts. Estateslawyertoronto.ca skilled lawyers can help with all cross-border estate family and estate litigation services with experience. These topics also include cross-border issues that complicate estate planning: transfer tax rules, treaties, and credits. However, the American taxpayer needs to be mindful that special disclosure rules apply to gifts or bequests received from foreign persons (or entities). We are also able to provide advice and assistance with respect to multi-jurisdictional estate planning. Correctly tailoring that cross-border estate plan will require legal and tax experts with a deeper understanding of the relevant estate/succession/gift/generation-skipping transfer (collectively referred to herein as “transfer”) tax laws in each of the relevant countries that may factor in the distribution of property prior to and upon death. We provide an array of cross-border estate planning services, including: Our firm is known in the professional community for its ability to create and effectively deliver legal solutions for succession of assets and estate and incapacity planning for clients with connections to both Canada and the U.S. As an internationally-recognized firm that frequently deals with clients with multijurisdictional issues, our legal team can provide you with advice regarding your cross-border estate planning needs. If you own assets in both Canada and the United States, or you or your family members have connections to both countries, either by citizenship, residence or domicile, and you are seeking to create an estate plan that optimizes your situation, please call our Toronto, Ontario law office. In the process of regular business activity, we may collect certain basic personal data: On the other hand, the majority of European, Latin American, and African nations have civil law systems. He adds, “Maybe have it in a cross-border trust or a partnership, or a vehicle that doesn’t die.” The goal is to bring the value of the estate below the amount that will trigger federal and state estate tax, and to avoid probate. Watch our webinar on cross-border estate and tax planning, with a focus on the US and Canada, hosted by Joshua Miller, CFP ®, Senior Wealth Strategist, with Mark Kane, CFP ®, CIBC Senior Vice President, and Rebecca Tunney, an estate planning … Americans living abroad may accumulate more than income and assets while living and working abroad, they may also find love! The older treaties (including Australia, Finland, Greece, Ireland, Italy, Japan, Norway, South Africa and Switzerland) follow the more elaborate nature/character situs rules described above for non-resident alien property in the United States. How those tiebreaker rules operate will depend on whether the treaty follows the newer or the older situs rules in U.S. estate tax treaties. You are a U.S. citizen residing in Canada. These experts should also understand the myriad techniques that can mitigate the punitive effect of transfer taxes. If the investor resides in 1 of the 16 estate tax treaty countries, there may be significant relief, however. Not unlike the FBAR, this disclosure requirement is designed to help the IRS flag substantial income that may have been mischaracterized by the taxpayer so that the IRS may further investigate and verify the nature and character of the transactions. Tax filing requirements as well as health insurance and risk management needs are other key cross border considerations that we analyze. The QDOT can be created by the will of the decedent or the QDOT can be elected within 27 months after the decedent’s death by either the surviving spouse or the executor of the decedent’s estate. The world is shrinking, but your practice can expand and your risk of malpractice decreases if you understand the fundamental principles of cross-border estate planning. Estate and Tax Planning for Cross-Border Families. Transfer taxes are more closely tied to the concept of domicile rather than residency. There are a number of strategies that can help minimize the amount of tax that must be paid by the estate following death. • Providing confidential financial advice and other services to our clients; INTERNATIONAL ESTATE PLANNING: PLANNING FOR THE CROSS-BORDER FAMILY I. Cross-Border Estate Planning April 16th, 2021 Attend via Live Webinar. Since a non-resident alien is generally not subject to taxation by the United When engaging in cross border financial planning, we determine a client’s cross border tax, estate, investment, retirement, and immigration planning needs in light of their particular goals and objectives. For estates larger than the lifetime exclusion limit, alternative estate planning strategies may be required, two of which are discussed below. Ask us a question now! Generally, these older treaties provide for primary and secondary credits to be applied to reduce double taxation: the non-situs country (where the property is not located) will grant a credit against the amount of tax imposed by the country where the property is located. Our small size and our proximity to the capital of Europe, Brussels Belgium, enable us to deliver timely and personalized service to manage these challenging cross border issues.Contact us today to learn more about how Cross Border Planning can streamline and … CROSS BORDER TRUST AND ESTATE PLANNING. Solutions can even be modified with sophisticated ownership structuring (e.g., the wife might own securities through a trust or offshore company), all designed with the assistance of legal and tax advice from competent consultants in the relevant jurisdictions. Accordingly, the QDOT can be a critical wealth planning tool for deferring the estate tax until distribution to eventual U.S. citizen heirs when the surviving spouse is a non-U.S. citizen. At the Toronto, Ontario, law firm of O’Sullivan Estate Lawyers LLP, we provide tailored solutions to clients who have a U.S. affiliation and cross-border estate planning issues working with U.S. estate planning advisors. A new team of expert trusted advisors is going to be required. Alternative college savings or generational gifting strategies (including having U.S. based relatives open the 529 account) may work better for expats. For ex-ample, the UK has three residence statuses that impose different rules based on length of residency or election of status: resident, domiciliary, or deemed domiciliary. While different states have specific legal requirements for executing a will with legal effect, generally the requirements are straightforward: In addition to testamentary wills, living wills (powers of attorney) are also utilized to direct who can make decisions for the individual in the event of physical or mental incapacity. The magnitude of unintended tax consequences might intensify over time. Other experts suggest one “geographic will,” which would incorporate the laws of the relevant jurisdictions involved in the distribution of the testator’s assets. Michael Cirone is a Canadian and U.S. lawyer with 20 years of experience providing cross-border personal tax and estate planning services. Utilizing wills in international estate planning: Naturally, the will is one of the more common and widely utilized estate planning tools in the United States. Be wary of trust structures when moving abroad If your estate plan includes trusts, we do not recommend moving abroad with your old domestic estate … Accordingly, a gifting strategy can be implemented to shift non-U.S. situs assets from the citizen spouse to the non-citizen spouse over time, thereby shrinking the taxable estate of the citizen spouse. For example, consider a U.S. citizen who established a revocable grantor trust in favor of his children and grandchildren, but who thereafter moves to live and work overseas. Section 529 college savings plans (see Thun Financial’s research article on 529 Plans for ex-pats) have grown substantially in popularity over recent years, as parents begin to realize the tremendous long-term advantages to saving larger amounts for college in earlier years for their children, and 529 accounts allow substantial deposits (as much as $150,000 in a one-time gift from joint filers covering a five-year period) and provide Roth IRA-style tax-free growth of the investment account, provided that the 529 plan assets are withdrawn for qualified educational expenses. Each and every estate plan will look different, depending on the unique family structure and assets. The complexity and sophistication of traditional and living wills varies greatly, and any individuals with estates that may approach the levels that trigger any transfer taxes (which may be substantially lower in many foreign countries), or anyone who wants to make sure that their wishes are given legal effect, would be well advised to seek legal counsel regarding the drafting and execution of their will. The domiciliary country may tax all transfers of property within the entire estate, while the non-domiciliary country may only tax real property and business property with situs in that country. Conversely, the situs rules of the foreign jurisdiction will apply to that portion of the U.S. person’s estate that is deemed to have situs in that foreign jurisdiction. Cross-Border Estate Planning March 23, 2017. The four combinations mentioned in the abstract above may be depicted graphically as on page 40 of this issue of Trusts & Trustees, in the article ‘Cross-Border Planning For Real Estate: Austria’ by Niklas Schmidt. This is an introductory webinar on the cross border Estate Planning issues facing Australian expatriates living in the United States. The Cross-Border Estates Global Special Interest Group addresses the domain of estate planning and the administration of estates/successions across international borders, with a focus on reconciling divergent inheritance rules between civil code jurisdictions, common law jurisdictions, and other codes of law. Unfortunately, the tax complications and challenges facing American expats also extend to the circumstance of marrying a foreigner. For example, to return to the aforementioned global family from earlier (U.S. husband, French wife, and child living in Germany, with two U.S. children from husband’s prior marriage living in the U.S.), the tax-conscious financial plan can go beyond the routine suggestion of a QDOT, and actually design investment portfolios that will minimize potential income and transfer taxes in a comprehensive wealth management strategy. INTRODUCTION AND CASE STUDIES A. This example merely highlights that certain classes of investments may be subject to more draconian reporting and taxation rules than other investments. These are issues that extend beyond the scope of this guide, but certain issues can be discussed to illustrate the nuances involved in cross-border estate planning. What do … INTRODUCTION A. Non-resident alien taxation 1. To find out more about cross border estate planning, please contact Michael Kennedy at mk@ingenuitycounsel.com, 519-252-3888 or www.ingenuitycounsel.com. It is extremely important to remember that the filer must specify any specific benefit under the treaty that is being claimed in the actual tax filings; otherwise, the presumed benefit is lost. Meeting All Aspects of Your Cross-Border Experience Our collaborative team approach provides cross-border and domestic strategies for tax optimization, corporate structure, estate and trust planning in multiple countries, and cross-border healthcare planning. For example, if you are a Canadian who owns property in the US but are not a US citizen or resident, the US will tax your estate 40% of the fair value of the property. Please fill your name, email, check the consent box, and click subscribe. Portability of unused exemption to surviving spouse: Beyond that, if the first-to-die spouse’s exemption amount is not fully utilized, an election on that estate tax return will preserve the remaining unused exemption amount for the second-to-die spouse. In contrast with many succession/heirship-based transfer tax systems abroad, gifts and inheritances in the United States are not taxed to the beneficiary of the gift or bequest, because we have a transfer tax system that taxes these transfers at the source of transfer (i.e., the donor, grantor, or the estate). Texas and Mexico share 1,254 miles of that border. 25+ Years of Experience in Wills, Estate Planning, Probate, and Estate Litigation – Top-rated Estate Lawyer Toronto with Cross-border Expertise. Important Disclosure Information • Privacy Policy • California Privacy Notice • Cookie Policy • Business Continuity Statement • GDPR Privacy Policy Notice • Form ADV Part 2A • CRS – Customer Relationship Summary, Thun Financial Advisors, a division of Creative Planning • +1.608.237.1318• Skype: thunfinancial. 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