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Saturday, June 8, 2013

How to plan when you own a foreign vacation property

Many of my clients here in Atlantic Canada own vacation properties in Florida. When I worked in Alberta, I was in the land of clients with vacation properties in Arizona. No matter where we live in Canada, plenty of us own a condo or house in another country. Let's face it - our winters can be harsh and it's nice to be able to fly away for some sunshine.

When the owners of foreign vacation homes are in the process of estate planning, they should always ensure that they discuss the asset with their lawyer. They need to be fore-warned of tax, probate and succession issues. I'm attaching an article by Ontario lawyer Donna Neff, in which she talks about the process of planning around that foreign home. Click here to read it. It offers some great food for thought.

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