Trusts & Estates Law/Living Trust
Thank you for taking my question.
My parents (Canadians) have made a living trust naming me (their only son) the sole beneficiary after their life, of their estate comprising real estate, stocks and securities, besides cash in bank, valued at about $ 2 million.
I am a Canadian as well, but a resident in the US, filing my 1040 IRS tax returns. I would like to know what estate and/or other taxes I would be required to pay upon my receiving the estate.
How would the estate and/or other taxes be different if I had permanently been living in Canada for a few years?
Pl check with a American Tax consultant. Once the estate and assets are transferred to your name, you need to pay the income tax on the income from the assets. When you dispose of the assets, additional taxes will be required to be paid. The tax rate and the scope keep changing. hence it is advisable to verify at the time of assets being realized at your hand.
Hope that helps