Services

Cross-Border Estate and Gift Planning

Many Canadian legal and accounting firms have some level of expertise associated with domestic estate planning and the use of family trusts to reduce Canadian income tax burdens. However, these plans rarely consider the US and cross-border tax consequences where a US person is involved with the plan. Where such considerations are absent, the unintended results can be disastrous.

Cross-border Implications for Estate Planning

Canada and the US share many tax principles but tax practitioners often make the mistake of assuming that an estate strategy that works for Canadian tax purposes will be equally effective for US tax purposes. For example, an estate freeze which is a common estate planning strategy in Canada can have many surprising results where it involves US persons.

At W.L. Dueck & Co. LLP, our team of cross-border tax advisors is well versed on the implications for US persons with interests in non-US trusts and for US persons treated as owning non-US trusts for US tax purposes. Additionally, we advise clients on minimizing US estate and gift tax exposure for US citizens resident in Canada and non-US persons with US real property and other US-situs property.

We also prepare US federal estate and gift tax returns for both US and non-US persons and non-US trust disclosures for US persons resident in Canada.