In this episode, host Gerry Scott is joined once again by Aaron Dawes, a cross-border tax specialist with Smythe LLP, for Part 2 of their discussion on estate planning across the U.S.-Canada border.
This conversation dives into the complexities that arise when Canadian children inherit assets from American parents—a growing issue in cross-border wealth management. Aaron breaks down the tax implications, planning considerations, and often-overlooked pitfalls families face when navigating real estate, IRAs, cash inheritances, and U.S. estate tax rules. He also emphasizes the critical role of cross-border tax advisors and estate lawyers in avoiding delays, penalties, or double taxation.
👉 If you haven’t already, check out Part 1 for the U.S. perspective on cross-border inheritance and key foundational insights.
What You’ll Learn in Part 2:
How U.S. estate tax applies to high-net-worth individuals
The benefits of inherited IRAs vs. lump-sum distributions
When and how cross-border tax treaties come into play
Why cash is easy but real estate can be tricky to inherit across borders
How late filings can result in steep penalties
The importance of having cross-border professionals on your estate planning team
How family dynamics can complicate even the best-laid plans
This is an essential listen for anyone managing assets across borders, navigating family inheritance, or helping clients prepare for a smooth generational transfer.
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