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Snowbirds and the tangled web of cross-border estates

Wednesday, February 07, 2018 @ 11:19 AM | By Darren Coleman

A Toronto executive was responsible for administering the estate of his uncle who had retired to Florida. The uncle died and held investment accounts worth millions with two U.S. brokerage firms. The nephew, recognized by the state of Florida as executor for the estate, worked with his uncle’s lawyer to file for probate in Florida under the formal administration process. Then he and his lawyer received a surprise — those U.S. investment firms wouldn’t take instructions from him.

Regulations in both countries generally prohibit a financial...