If you own US stocks or cash in US brokerage, estate tax applies - Printable Version
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If you own US stocks or cash in US brokerage, estate tax applies - sgbuffett - 08-09-2021
Suppose you own US stocks like APPLE, Facebook...then pass away suddenly....there is estate tax of 30+%....not only that if you have cash in the account that too will be taxed...for amounts above 60k
If you give your wife or daughter your account details in case something happens, they can liquidate and take the funds out likely the US IRS won't know. However, if your family member need to request the brokerage release the funds/stocks, they will withhold the estate tax as a legal requirement.
RE: If you own US stocks or cash in US brokerage, estate tax applies - keys - 08-09-2021
Thanks
RE: If you own US stocks or cash in US brokerage, estate tax applies - theold - 08-09-2021
It is easier to give them your account number and password. Will close one tiny account. They will send a USD cheque from Canada. The cheque then be sent to Canada for clearance. Very troublesome for a tiny amount. Will see the easier way to cash out.