The “easiest to get into and most difficult to get out of” way to pass real estate outside of probate is to add a family member to your deed. This may be a taxable gift, and adding a family member is always advised against because this gives another individual legal rights in the sale, mortgage, and partition of your real estate. US citizens are granted lifetime gift exemptions, but this tax savings isn’t extended to Canadian citizens. This type of transfer may also trigger capital gains in Canada for the initial owner of the property.
Learn more about cross border ownership of real estate here.
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Regardless of your stage in life, consult an estate planning attorney in Ann Arbor to help you create an estate plan. * If you have questions regarding Cross border ownership of real estate, you should consult with a lawyer and tax advisor knowledgeable of both U.S. and Canadian taxes. 734-665-4441.
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