Wealth without Borders
The purpose of this quarterly newsletter is to share cross-border wealth management news and insights with our cross border clients and colleagues.
U.S. retirement accounts, such as IRAs and Roth IRAs, are excellent wealth-building and tax minimization tools that we use at Steele Wealth Management for planning with our cross-border clients. Our cross-border IRA account owners can name beneficiaries to inherit an IRA after they pass away, similar to naming beneficiaries for Canadian registered plans. There are significant benefits to having named beneficiaries on these accounts. However, the complexity involved with transferring an IRA at death can be a nightmare for non-residents of the U.S. without proper planning. This article discusses the implications of the IRS transfer certificate requirements and the extended wait time to access the funds.
