Watch Cross-Border Trusts and Estates: Tax 101

On September 21, 2021, Andersen LLP partners Warren Dueck and Steven Flynn and special guest speaker Marsha Dungog, a partner with Withersworldwide, tackled the complex topic of cross-border trusts and estates.

The webinar provided an overview of Canadian and U.S. tax issues arising from cross-border trusts and estates. In particular, the panel addressed the contrast between how Canada and the U.S. define trusts and the treatment of trusts and estates in each country for tax purposes. Ms. Dungog was instrumental in the issuance of IRS Revenue Procedure 2020-17 that led to the exemption of certain savings vehicles from U.S. foreign trust reporting requirements. Marsha also added her expertise to the discussion of the purpose and impact of common U.S. trusts and tax trust concepts and why it is critical to pay attention to U.S. filing obligations.

Topics discussed during the webinar included:

      1.     How and where trusts are taxed;

      2.     Common U.S. trusts;

      3.     Key U.S. tax trust concepts;

      4.     U.S. trusts for Canadian residents;

      5.     U.S. estate and gift tax; and

      6.     U.S. tax filing requirements.

You can watch the video here.

Not knowing how each country’s tax laws apply to cross-border trusts and estates can lead to missed opportunities or trigger tax consequences that can end up costing you significantly. This webinar highlights relevant tax issues to consider. However, it does not constitute tax or legal advice. If you have questions about your specific situation, we invite you to contact us to discuss your circumstances.