Barbara Kimmitt participated in a panel at the STEP Canada-USA 2024 Cross-Border Conference, discussing the advantages of using trusts in wealth planning for ultra-high-net-worth individuals.
In cross-border planning, trusts can serve as an optimal vehicle for managing wealth. However, with the variety of trusts available, selecting the right one can be complex. Understanding the relevant terms to meet cross-border requirements is crucial for developing a successful strategy. The panelists discussed the main types of trusts in Canada and the United States—including revocable and irrevocable trusts, grantor and non-grantor trusts, family trusts, and testamentary trusts. They also highlighted potential pitfalls associated with using these trusts in a cross-border context.