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Domestic and foreign assets of all U.S. citizens and decedents are subject to U.S. estate tax law when they are above the allowed limit. The estate tax exclusion limit sits at $5,250,000, leaving a large number of estates below it and not subject to federal estate taxes. In addition, federal estate tax does not apply...
Who controls your estate or trust? Their residence may have serious tax implications and it might not be where you expect. The Canada Revenue Agency (CRA) taxes on the basis of the resident status of an entity in a particular tax year. This can raise concerns about the residency status of an estate which is held...
Could you be liable for additional estate tax? Taxpayers could forget an important part of estate planning and leave themselves open to extra tax liabilities. In the U.S., an individual’s estate beyond $5,250,000 (the threshold limit for 2013) is subject to federal estate taxes. Since most estates are valued below this threshold limit, taxpayers often...
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