We hear it all the time - "it's a global economy now....". And probably your every day business dealings confirm this.
If your business is like mine, you have clients from many different backgrounds. But have you noticed that clients do not necessarily have "not a U.S. citizen" stamped on their forehead and that your clients may have non U.S. based investments which are as simple as a cottage in Canada or as complex as an off shore trust? I have.
A whole array of issues can present themselves when international clients or assets are involved in financial or estate planning. There are numerous pitfalls as well. Here are some of the more common questions we are asked:
• We have a family cottage in Canada - how is it taxed?
• How should I plan with my Canadian assets?
• My spouse is not a U. S. Citizen - can I leave assets to him without taxes?
• My spouse is a non Citizen - are his assets subject to transfer taxes?
• Can I make transfers to my non Citizen spouse without incurring transfer taxes?
• What is a QDOT and why should I care?
• If I move out of the country, can I avoid estate taxes?
• Isn't a trust a great place to put my Canadian property?
• Does Canada have a death tax?
• Can I name my Canadian cousin as a Trustee?
• What does a Canadian Probate look like?
Please join me and co presenters Jim Carolan of Comerica Bank and Eugene Sawchuk of the London, Ontario firm of Beechie, Madison & Sawchuk on Thursday, September 20, 2007 at 7:30 a.m., at the Grosse Pointe Yacht Club for a survey of the issues in this important but little understood area:
ACROSS THE POND: A REVIEW OF INTERNATIONAL AND CANADIAN PLANNING ISSUES