U.S. Revocable Trust
Posted date : Dec 16, 2021.
As an owner in Palm Desert, California, I was advised by a U.S. lawyer to have a U.S. Revocable Trust set up. When I die, it is supposed to make it easier to avoid probate and make it simpler for my two children to manage and sell. My Canadian accountant thinks that I have made a mistake and that this will cause issues with the CRA. So now I am confused. Should I remove the Trust agreement so that I can sell the property? Any advice or suggestions would be most appreciated.
Linda Seifred, Kelowna, BC
Ed.: The U.S. lawyer is correct with respect to the issues that he has addressed, but may not be aware of the issues addressed by your Canadian accountant. I would be guided by the advice from your Canadian accountant, whom I would expect has had similar experience with other clients.
