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Published Date: 28 Feb 2025
This article explores the complexities of dealing with foreign beneficiaries in the estate plan, highlighting tax and legal considerations. It addresses the incidence of capital gains tax arising in an estate where there are foreign beneficiaries, particularly where assets pass to those beneficiaries either directly by specific gift or by appropriation, and addresses consequential duty and Foreign Investment Review Board issues where real property is gifted. It also deals with testamentary trusts and their utility where there are foreign beneficiaries, as well as residency considerations for those trusts, and offers key insights into technical and practical considerations when drafting wills and trusts where foreign beneficiaries might be expected to benefit—or to ensure they are flexible enough to contemplate a beneficiary becoming foreign in future. The aim is to help estate planners effectively manage cross-border issues and avoid potential pitfalls.
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Details
- Published By: Paige Edwards, David Hughes CTA
- Published On:28 Feb 2025
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