Trust & Estate Planning

“Two things are unavoidable in this world; death and taxes” – Benjamin Franklin. When a loved one dies, the last thing an individual wants to worry about is dealing with numerous legal and tax documents. Raj can collaborate closely with his clients to assist them in determining how to file taxes on behalf of their deceased loved one.

While trust and estate planning are often neglected, they are an important component of the client’s investment portfolio as individuals get older and their assets grow in value. It’s possible that trust and estate planning might be perplexing.

A thorough estate plan can help a client avoid future tax obligations at death if implemented in time. Not only will this improve their quality of life when they retire, but it will also provide stability and security for future generations. Raj specializes in trust and estate planning for individuals and companies, with the goal of assisting them in achieving retirement and succession goals.

Raj Pandher can assist with following services but not limited to

Canadian Trusts and Estates Income Tax Compliance Services

• • • Preparation of Canadian T1 personal income tax return (Terminal/Final) for deceased Canadian taxpayers on date of death
    • Preparation of T3 trust income tax and information returns for various trusts and estates, including T3 trust distribution slips
    • Preparation of financial statements for the trusts and estates
    • Assistance in obtaining the T3 trust tax identification number (TIN) for the trusts and estates
    • Representation and Liaison with the Canada Revenue Agency (CRA)
    • Assistance in the administration of the estates and trusts, including bookkeeping services

Canadian Trusts and Estates Tax Planning and Consulting Services

• • • Design of an effective and efficient estate plan to deal with specific client situations
    • Advice and assistance on the setup of various trusts, including family trusts, alter-ego trusts, spousal or common-law partner trusts, charitable remainder trusts, bare trusts, qualified disability trusts (QDT), real estate investment trusts (REIT), and health & welfare trusts (HWT)
    • Post-mortem planning to mitigate the risks of double taxation
    • Probate fee planning
    • 21st-anniversary planning for the trusts
    • Planning for dissolution of trusts and disposition of beneficiary’s interests (capital and income interest) in certain trusts
    • Assistance to the clients in fulfilling the duties of executorship and administration of estates and trusts
    • Advice on charitable giving for estates
    • Analysis of foreign tax credits in Canada for the taxes paid by dual/deemed resident trusts in other countries
    • Succession Planning for a family business with the use of trusts and holding companies
    • Assistance in drafting of the wills with proactive and meticulous tax planning to reduce the amount of tax triggered upon deemed disposition at death

U.S. Trust and Estate Income Tax Compliance Services

• • • Preparation of U.S. 1041 income tax returns for the estates and trusts
    • Preparation of U.S. 706 estate (and generation-skipping transfer) tax returns for the estates
    • Preparation of U.S. 706-NA estate (and generation-skipping transfer) tax returns for non-resident aliens (NRAs) residing in Canada having a Canadian estate with U.S. situs assets over U.S.D $60,000
    • Assistance in obtaining the employer identification number (EIN) for the trusts and estates
    • Representation and liaison with the Internal Revenue Service (IRS) and various state tax authorities (including California Franchise Board (CFB) and New York State Department of Finance & Taxation)

U.S. Trust and Estate Planning and Consulting Services

• • • Proactive planning for U.S. citizens living in Canada to avoid triggering the estate tax through various techniques
    • Planning to avoid double taxation between Canada and U.S.
    • Advice and assistance on the setup of various trusts, including cross-border trusts, revocable/irrevocable trusts, and qualified domestic trust (QDOT)
    • In-depth analysis of the residency of trusts and estates of U.S. citizens living in Canada
    • Advice on charitable giving to reduce the US estate and income taxes for deceased U.S. citizens