Apart from any other estate planning measures one might choose to implement, there is always a role for a well-planned will. However, the content of those wills depends on whether one or both spouses are US citizens.
Mixed Marriage – One Spouse is a US Citizen
In the case of a mixed marriage, the wills of each spouse will be very different. The reason for this is that different strategies and tools will be employed based on the rules that apply to a given estate.
To illustrate this scenario, take the example of Harry and Wanda. Harry is a US citizen by birth who came to Canada as a child. He married Wanda, a Canadian citizen, and they had three children who did not inherit Harry’s US citizenship. Their combined estate is $10 million, virtually all of which is held in joint names. Read the rest of this entry »
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