[WSBAPT] International Estate Planning question

[Tom Stuen]

Amy:  I defer to the advice of someone who has probated such a case.  My
thought is that Canada would income tax the capital gain in the account,
while the gain would be forgiven (stepped-up basis) if the account assets
were moved to the US.

Thomas Stuen

From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Amy Allison
Sent: Tuesday, September 22, 2015 2:30 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] International Estate Planning question

 

Listmates,

 

I have a client who is a Canadian Citizen.  The only asset she owns in
Canada is an investment account with a Canadian investment firm.  I would
like to help her avoid probate in Canada (and the 1.4% probate fee) but
apparently you cannot name a POD beneficiary on "non-registered" accounts.
You can only name POD beneficiaries on "registered accounts" such as RRSPs
and RRIFs.  

 

We looked into naming her children as joint owners with survivorship on the
non-registered account but that has some tax implications in Canada and
other potential pitfalls.

 

So my question is: would letters testamentary issued in Washington be
sufficient to give authority to the Washington PR over the Canadian
investment account?  Or would we have to accomplish an ancillary probate in
Canada for the investment account?  If anyone has come across this before, I
would be interested to know what your experience has been.

 

Amy C. Allison

Anderson Hunter Law Firm, P.S.

2707 Colby Ave. #1001

P.O. Box 5397

Everett, WA 98206

(425) 252-5161



This electronic message transmission contains information from the law firm
of Anderson Hunter which may be confidential or privileged. The information
is intended to be for the use of the individual or entity named above. If
you are not the intended recipient, be aware that any further review,
disclosure, copying, distribution or use of the contents of this
transmission is prohibited. If you have received this electronic message
transmission in error, please notify us immediately by reply e-mail and
delete the original message. Thank you.

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20150922/5db29eb6/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 2242 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20150922/5db29eb6/image001.jpg>