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Taxes, Borders and Planning

Nothing starts a Monday like talking about life insurance, U.S. non-resident tax payers, excise tax and estate planning. 

One of my families includes a retired executive of a U.S. based company, a Canadian physician and a U.S. entrepreneur.  Retired executive has 401(k) income and deferred stock options.  Prior to working with me, excess income was funding a Universal Life insurance policy owned by the executive & his wife.  Since working with me, policy has changed ownership, and beneficiaries, to keep the policy out of the way of U.S. taxes.  Then we spent a good amount of time on estate planning: one adult child is in Canada; one is in the U.S;  we had just changed a significant asset and they were still accumulating assets.  Tax planning changed the estate, now we needed to plan back to the more important goal of equal distribution of a cross-border estate.

Starting a plan, or a plan review, with who you are and what you want makes it easier to see potential problems and new opportunities.