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How an executor can handle real estate assets

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David A. Altro, Florida Attorney and Canadian Legal Advisor

Regarding Mr. Dolan’s comments about settling an estate for a deceased Canadian with a US property, the first thing that must be done is probate the Estate with the local county probate court where the US property is located. As this is expensive, complicated and freezes the Estate, we advise clients not to hold title in their names personally but rather we create a Cross Border Trust to hold title for the client. Also please note that the FIRPTA withholding is now 15%. Lastly, there is no US capital gains tax when the Estate sells the property as the estate beneficiaries get a bump up to FMV.

Sunday, Dec 24, 2017 at 7:13 am Reply

MELISSA.SHIN.1

Hi David, thank you for your insights. We have corrected the FIRPTA withholding rate and appreciate you pointing it out.

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Tuesday, Jan 2, 2018 at 9:43 am