Another Caveat to: Guardians outside BC/Canada in a

This is a multi-part message in MIME format.
---------------------- multipart/alternative attachment
Peter McLaren is a CGA who practices in New Westminster.  His
comments are always welcome.  )I learn more from this then anyone
else does which makes it all worthwhile - ingram).
-----Original Message-----
From: Peter McLaren [mailto:[email protected]]
Sent: Thursday, November 20, 2003 3:23 PM
To: [email protected]
Subject: RE:  Guardians outside BC/Canada in a Legal
Will?
David
A couple comments to add to David Stoller's contribution.  The
place of residence of the trustee(s) will also determine which
Province will tax the estate and which local tax office will
ultimately issue the Clearance Certificate when the estate is
finally distributed.  A trust (estate) is typically resident
where it is administered.
While all assets may be located in BC, the appointment of an
Alberta resident executor may mean the Estate income will be
taxed at the lower rates in Alberta.  This will not, however,
change the rate of Probate fees.
Similarly  the residency of a trust, that may be set up for each
child - for example, will also be determined by the Trustee's
predominant place of residence.  If the trust has three trustees
and two are resident in Alberta, the trust may be determined to
reside in that Province.
Having a Non-resident executor will make the disposition of any
real property more cumbersome than it need be.
Keep up the good work.
Peter McLaren CFE CGA
  -----Original Message-----
  From: [email protected]
[mailto:[email protected]]On Behalf Of
[email protected]
  Sent: November 20, 2003 12:36 PM
  To: CENTAPEDE
  Subject:  Guardians outside BC/Canada in a Legal
Will?
  Mr. Ingram,
  I've asked a few others and can't find a clear answer.
  Since you have a lot of experience dealing with Canada-US
  matters, I hope you don't mind me running this by you.
  My wife and I are setting up our legal will.
  When choosing the Executor, Trustee, and Guardian for the
children
  can any or all be located outside of Canada?
  In particular, two parties that we are considering are located
  in Ontario and in Washington.  All are Canadian citizens.
  Thank You
  ========================================
  david ingram replies:
  I received two emails yesterday which "tongue in cheek" I am
sure,  addressed me as "Dear Abby"
  "Dear Abby", who I met with her sister Ann Landers in Toronto
in about 1978 was famous for getting the answer from an expert.
  In this case I went to David Stoller who handles a lot of out
of country deaths and always seems to have some weird estate deal
going on in France or Germany or a reservation in South Dakota or
Arizona.
  I sent the question to David and enclose his answer.
  Having being involved in a couple of hundred of these myself, I
can say that every one is different.  However, most of the time
if the requests are reasonable and clearly set out, whatever you
decide will be done.  It is not unusual at all for the guardians
of infant children to live in another geopolitical area.  Many of
us have our families in another area and if we were wiped out
would want our children to go back to our sister in Wheeling West
Virgina.
  The biggest caveat that I could put on would be to make sure
that your sister in Wheeling knows that you have named her the
guardian.
  David Stoller practices in the same building at 801-100 Park
Royal South in West Vancouver.  His phone number is (604)
922-4702. His lawyerly answer follows.
  ----- Original Message -----
  From: David Stoller
  To: David Ingram at home - bus at [email protected]
  Sent: Wednesday, November 19, 2003 10:27 AM
  Subject: RE: Guardians outside BC/Canada in a Legal Will?
  The issues raised are both current and relevant to today’s
mobile society.
  The will prescribes the party(ies) that will be the Executor
and trustee, be it a human being or a corporation. If the
executor/trustee is located outside of Canada, it will be treated
as a foreign entity for estate and taxation purposes. The court
may request that a bond be provided at the time that the foreign
executor/trustee is appointed. One should always look at the
practical aspects of a foreign executor/trustee.
  Parents can chose the guardian. The courts where the infant is
situated always have the final say as to who will be the
guardian.  There is a practical issue regarding foreign
guardians. If the infants are to stay within the jurisdiction
that they reside, a foreign guardian will have difficulty
performing their obligations.
  Each case has to be reviewed on its own facts.
  Regards,
  David Stoller
  =========================
  David Ingram's US/Canada Services
  US / Canada / Mexico tax and working Visa Specialists
  US / Canada Real Estate Specialists
  4466 Prospect Road
  North Vancouver,  BC, CANADA, V7N 3L7
  Res (604) 980-3578 Cell (604) 657-8451
  (604) 980-0321
  New email to [email protected]
  www.centa.com www.david-ingram.com
  Disclaimer:  This question has been answered without detailed
information or consultation and is to be regarded only as general
comment.   Nothing in this message is or should be construed as
advice in any particular circumstances. No contract exists
between the reader and the author and any and all non-contractual
duties are expressly denied. All readers should obtain formal
advice from a competent and appropriately qualified legal
practitioner or tax specialist in connection with personal or
business affairs such as at www.centa.com. If you forward this
message, this disclaimer must be included."
  Be ALERT,  the world needs more "lerts"
  This from "ask an income tax and immigration expert" from
www.centa.com or www.jurock.com or www.featureweb.com. Canadian
David Ingram deals daily with tax returns dealing with
expatriate:
  multi jurisdictional cross and trans border expatriate problems
for the United States, Canada, Mexico, Great Britain, the United
Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan,
China, New Zealand, France, Germany, Spain, Italy, Russia,
Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland,
Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India,
Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba,
Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands,
US, UK, GB, American and Canadian and Mexican and any of the 43
states with state tax returns, etc.
    Your name has been added to our email list because of an
enquiry we have received,  we may not answer your question but
  another similar question will be as we lump them.
  You may find more answers at www.centa.com
  David Ingram of the CEN-TA REALTY  Group
  US / Canada / Mexico tax and working Visa Specialists
  US / Canada Real Estate Specialists
  (604) 980-0321 - Fax 913-9123 [email protected]
  www.centa.com www.david-ingram.com
  Dealing with people from:
  Alaska,  Alabama,  Arkansas,  Arizona,  California,  Colorado,
Connecticut,  Deleware, District of Columbia,  Florida,  Georgia,
Hawaii,  Idaho,  Illinois,  Indiana,  Iowa,  Kansas,  Kentucky,
Louisiana,  Maine,  Maryland,  Massachusetts, Michigan,
Minnesota,  Mississippi,  Missouri,i Montana,  Nebraska,  Nevada,
New Hamshire,  New Jersey, New Mexico,New York, North Carolina,
North Dakota,  Ohio,  Oklahoma,  Oregon. Pennsylvania,  Rhode
Island,  South Carolina,  South Dakota, Tennessee,  Texas,  Utah,
Vermont,  Virgina, West Virginai, Wisconsin, Wyoming,
---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.542 / Virus Database: 336 - Release Date: 11/18/03
---------------------- multipart/alternative attachment
An HTML attachment was scrubbed...
URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/486ed6bb/attachment.htm
---------------------- multipart/alternative attachment--

Trackback

Trackback URL for this entry: http://www.centa.com/trackback.php/UsCaWeekofMon20031117000456.html

No trackback comments for this entry.

0 comments