Florida condo ownership
Posted date : May 30, 2019.
I own a Florida condo. Do I need a U.S. will? Since only one’s last will is honoured, I would want it to be the same as the one I currently have. Must I bring my current will with me if I get another one in the U.S.? Could a Canadian lawyer prepare it or must it be prepared by a U.S. lawyer?
Could I gift the condo to our three children? Would this incur taxes?
Diana Young
Kanata, ON
Response :
Ed.: You do not need a U.S. will. There is a gift tax in the U.S., but not in Canada. If the property is left to the children in a will, there would be no tax in the U.S. But, again, the Canada Revenue Agency (CRA) will want any capital gains tax which may be payable.
