Is It Time to Revisit Your Estate Plan?
With recent developments in U.S. politics—like President Trump’s “Liberation Day” announcement—many Canadians are taking a step back to reassess their relationship with the U.S. Whether it’s cutting back on U.S. goods, spending less time at cross-border vacation homes, or shifting investments back to Canadian soil, the ripple effects are being felt in everyday decisions.
But one area that often gets overlooked in these conversations is estate planning.
If you own a business, hold U.S. real estate or investments, or have family members in the U.S., changes like tariffs, currency shifts, and cross-border tax rules could quietly erode the effectiveness of your plan. Even charitable giving and trust structures may be affected by economic changes.
Here are a few things to think about:
- Business owners: Are your succession or sale plans still tax-efficient in today’s environment?
- Investors: Could tariffs or trade policies impact your portfolio—and by extension, your estate?
- U.S. asset holders: Are you prepared for potential U.S. estate tax exposure?
- Philanthropists: Will market shifts affect the impact or timing of your giving?
The bottom line: estate plans shouldn’t be “set and forget.” In a changing world, regular check-ins with your advisor, accountant, or estate planner can make a big difference—especially when cross-border factors are involved.
If it’s been a while since you’ve reviewed your plan, now’s the time to contact your F&A advisor for a review.
Disclaimer: This article is for general information purposes only, and is not legal, financial, or tax planning advice. Everyone’s situation is unique, and this article cannot apply to every person. The reader should not take any action, or refrain from taking any action, as a result of this article without first obtaining legal or professional advice.
