at least not without preparation, it’s insane that you have to figure out inheritance in advance or your descendants get screwed. If you set things up properly then here you can inherit a primary residence tax free, but if you don’t set things up then you’re just shafted.
You’re really not. You can do zero planning and as long as the total amount is <$14M, there are no taxes due.
One big difference, however, is pretax investments (IRA and 401K in the US). Sell or convert to Roth before you die and it won’t be an issue at all. If everything is in regular taxable accounts, the beneficiaries even get a step up in basis, so they will only owe cap gains on growth after your death.
at least not without preparation, it’s insane that you have to figure out inheritance in advance or your descendants get screwed. If you set things up properly then here you can inherit a primary residence tax free, but if you don’t set things up then you’re just shafted.
You’re really not. You can do zero planning and as long as the total amount is <$14M, there are no taxes due.
One big difference, however, is pretax investments (IRA and 401K in the US). Sell or convert to Roth before you die and it won’t be an issue at all. If everything is in regular taxable accounts, the beneficiaries even get a step up in basis, so they will only owe cap gains on growth after your death.
Any third rate tax person could figure that out.