“Musical Chairs & the Family Cottage: What Happens When the Music Stops & There’s Not Enough Room at the Inn?”, The American College of Trust and Estate Counsel (ACTEC)

On June 22, New York Private Client Partner Dina Kapur Sanna spoke on a panel at the ACTEC Summer Meeting Program in Toronto, Canada. Dina was on a panel that presented on challenges and phases in successful succession transitions that included methods of transfer and drafting options, the importance of due diligence, flexibility and realistic expectations, exit strategies, and governance.

Dina covered the following points focusing on international estate planning throughout the discussion:

• Which legal succession regime applies, and why does it matter?
• How should one take title for tax and succession purposes (both here and abroad)?
• Should there be multiple Wills?
• How is property transferred at death?
• How can one avoid double taxation of foreign taxes?
• What tax and reporting requirements apply in the U.S.?