The new U.S. Tax Cuts and Jobs Act has made renouncing U.S. citizenship easier than ever by reducing the exit tax threshold. This change combined with the features of being a non-U.S. person have made renouncing citizenship an attractive idea worth considering.
Posts Tagged ‘Estate Planning’
On the death of your spouse or a loved one or friend you may find that you have been named as the Executor (or Executrix) of a Will. The Executor could also be a trusted friend or an advisor or even a trust company. If the deceased did not have a Will or the Will did not name an Executor then the Surrogate or Probate Court will have to be approached and the court will appoint an appropriate person as the representative. This person is called the Administrator and fulfills the same role as the Executor.
To everything there is a season, and for many, understanding the tax consequences of death on personal and family net worth is a crowning achievement that allows for a powerful wealth transition. This type of preparedness, unfortunately, is rare.
In recent decades, the number of Canadians entering a second marriage has been on the rise, creating more and more blended families. And when it comes to tax and estate planning for a blended family, Advisors need to give it special attention. Indeed, the needs and desires of people living in blended unions are different from those in a more “traditional” family unit.
Losing a loved one is tough. You think all you have to do is get through the funeral, then you will have the time you need to come to terms with your loss. But if you are the executor, nothing could be further from the truth. It is only the beginning.