Owning a Second Home in the United States (Snowbirds)
If you own a second home in the United States, you need to be concerned not only with the estate law in Ontario but also with the estate and tax regime applicable south of the border. The law in the United States may come into play when you buy or sell your U.S. home, pass away while owning a U.S. home, or become mentally incapable while owing a U.S. home. If you buy a home in the U.S., your estate’s executor will need to address a number of significant legal issues. These include the assessment of estate taxes on real and personal property located in the U.S. at the time of death, the capital gains tax assessed on the gain in value of your U.S. home and the subjecting of your Canadian will to the US probate process (as well as to the Canadian probate process). Our firm can assist you in creating a plan to resolve these thorny issues, and help you keep an eye on Canadian tax issues as well.