David A. Altro recently wrote an article which appeared on Advisor.ca and in the Advisor’s Edge magazine. In the article, David explains what is considered a US asset and the US estate tax implications for Canadians who have certain US assets. Click here to view the article online or scroll down to read and excerpt of the piece.
The complicated landscape of US estate tax
DAVID A. ALTRO
ADVISOR.CA & Advisor’s Edge
Canadians who own assets in the U.S. may be subject to U.S. estate tax.
This tax is based on the fair market value of all U.S. assets owned at the time of death. It can reach 40%, depending on the value of U.S. assets and the world-wide estate.
But not all Canadians who own U.S. assets will be subject to U.S. estate tax. A close look at the new U.S. estate tax rules will help you determine whether your Canadian clients are exposed to U.S. estate tax.
New U.S. estate tax rules
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2013 (the Act) into law. The Act resolves many of the issues raised by the fiscal cliff. Please click here to view the rest of the article.