Because many Snowbirds and just plain old bargain hunters are tempted by the comparatively weak real estate market in the US Sunbelt, we thought it important to remind them to carefully consider the potential impact of US estate tax when acquiring US real estate. Before signing the contract, potential purchasers are well advised to seek professional help before buying in order to minimize or eliminate US Estate Tax. It may be wise to put the home into the spouses name with the lower net worth, if contemplating joint tenancy with right of survivorship it is critical that there be a paper trail clearly showing that each spouse contributed out of their own funds to the purchase. Failure to do so can lead the IRS to deem tax due on the death of the first to die.
Consider holding the land in a Trust and look carefully at the current US estate tax exemptions (set to expire at the end of the 2012 year) as well as the impact /benefit of the Canada/US Tax Treaty. Don?t leave these issues to chance as they can lash out and bite you or your family
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