Due to unfortunate series of recent health events, I now have to seriously consider estate planning to plan for uncertainty and hence asking questions here.
I will consult professionals on this obviously to make it effective, but would like some inputs as well.
Background: Single under 40, Canadian in NYC under TN status for past 8+ years and filing US tax only
Assets in US
401k (traditional and roth) under employer plans
Roth IRA
cash and investment accounts holding stocks and mutual funds, and bonds
Assets in Canada
Bank saving accounts and GICs
Bank joint accounts with family
RRSP
Vehicle registered in ON
Family consist of parent and sibling in Canada, all non-US persons. I am single
Question I have are: what are some possible asset optimizations and tax planning that should be done while I still can? Is it a good idea to start liquidate US cash holdings and move to hold in joint accounts in Canada (sitting as cash so lower rate) so that access remains open in the event of death?
I think by default the inheritance will go to parent and sibling regardless, but registered account will withhold % for non-US persons for 401k/IRA,
estate planning for single TN in US with family elsewhere
Moderator: Mark T Serbinski CA CPA