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LEGAL REPORT: WILLS AND ESTATES in the United States, not realizing that for U.S. purposes it's not a smart thing to do." For U.S. estate tax purposes, she says, with a joint ownership, all of the property is included as part of the estate in the fi rst person's death and again upon the second person's death. Altro also says he doesn't recommend limited partner- ships, putting the property in a Canadian corporation, or Canadian discretionary family trusts. Clients also often feel that owning U.S. securities doesn't expose them to U.S. estate tax, says Bueschkens, but they can if the client owns amounts that are over the exemption. This is an issue that is coming up more and more, and a cor- poration could be used in this circumstance, she says. The moment you add in U.S. securities as well as real prop- in foreclosure, has tax liens, maybe the builder, if you're buying new, is bankrupt, so one thing the buyer should make sure is they have a good real estate attorney. . . ." – DAVID ALTRO, DAVID A. ALTRO & ASSOCIATES erty, says Bueschkens, "then I think there are a lot of clients whose numbers start to really get up there," she says, in terms of estate tax. It's not that clients aren't aware of the U.S. estate tax rules, says Reynolds, as you see the issue referred to in publications, I'VE GOT 10 BUCKS BURNING A HOLE IN MY POCKET. I'M GONNA . . . SQUEEZE OUT 8.33 LITRES OF GAS - ROAD TRIP! HOW DID I GET THIS EXTRA $10, YOU ASK. BY SUBSCRIBING TO THE DIGITAL EDITION OF CANADIAN LAWYER 1 Year Print & Digital 1 Year Digital Only 2 Year Print & Digital 2 Year Digital Only $65.00 + gst $55.00 + gst $105.00 + gst $95.00 + gst Special rates for students and international subscribers. ON GET ME A JUICY RIB EYE STEAK FOR THE BBQ HEAD TO THE TRACK AND BET ON THE PONIES Want one? Here's a chance to win your very own iPod touch MSRP $319 It's this easy... Visit www.canadianlawyermag.com/surveys Complete our reader survey before August 15, 2008. Enter for a chance to win your own iPod touch! From the publishers of: To order: call 1-888-743-3551 or go online at www.canadianlawyermag.com One iPod touch available to be won (Approx. retail value: $319). No purchase necessary. Names will be randomly selected on August 22, 2008. Skill-testing question to be correctly answered in order to win. Open to residents of Canada of age of majority, excluding Quebec. CLB Media Inc. may publish at any time or times, in any media, the winner's name and name of winner's employer for promotional purposes without additional consideration. For full contest rules and details visit www.canadianlawyermag.com/surveys. "[T]here's a lot of property that is and most people who invest in U.S. real property know that there is some planning involved. She says she receives most of her referrals from either accountants or fi nancial planners. Ultimately, Reynolds says she gets the clients in and asks them what they own worldwide, what they each own, what they own jointly, and calcu- late treaty credits. It can become very complex. "There is not an easy fi x and I guess the best ad- vice is to get planning well in advance of pur- chase," she says, although she adds that many cli- ents call after they've got the purchase contract in place and then the lawyer has to see if there's anything else they can do. "Buying property in the States today, real estate is a bit of a tricky thing, because there's a lot of property that is in foreclo- sure, has tax liens, maybe the builder, if you're buying new, is bankrupt, so one thing the buyer should make sure is they have a good real estate attorney, and, of course, we're busy with that also," says Altro. 66 A UGUST 2008 www. SubAd_10bucks 1-4 page ad.indd 1 Law ye rmag.com 6/17/08 3:31:58 PM M08_265_ipod_quarter.indd 1 7/16/08 12:01:20 PM photo: courtesy of apple/ Doug Rosa