Most industries across the globe have been affected by recent world events. As lawyers, we've had to address new trends and demands in the market, including greater complexity in Canada/U.S. cross-border personal tax and estate planning.
Times of uncertainty often serve as a harsh reminder of the importance of having a proper estate plan in place. In addition, you have to factor in lockdowns and social distancing, and more people at home, thinking about estate planning and getting their affairs in order.
This is especially true for snowbirds who would normally be heading to warmer climates but face travel restrictions. With restrictions likely to be in place for the foreseeable future, Canadians who own U.S. vacation property may find it prudent to sell, rent or downsize their vacation homes.
Canadians are also revisiting their cross-border personal tax and estate planning with the expectation of increased taxes due to government funding of pandemic-related economic relief and the upcoming change in the U.S. presidency.
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