When is a Family Trust a Family Asset in a Divorce in Ontario?

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Scotiatrust

This blog post was written by: Holly LeValliant, Estate and Trust Consultant, Scotiatrust Toronto   Family Trusts and the Family Law Act Family trusts are popular tools for estate planning, asset protection, and intergenerational wealth transfer in Ontario.  However, during a divorce, they can become contentious:  is the trust an asset that is subject to an equalization between the spouses?  Can the assets in the trust be used to determine….

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Courts, Family Conflict, Trusts

Planning for Diminished Capacity

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This week, we are revisiting a three-blog-post series about planning for diminishing capacity. Diminishing capacity is a very complex topic. It may happen quickly or be a long, slow decline in the ability to make effective decisions. The risks can be devastating, impacting a person’s health and financial well-being. Recent research suggests that certain unusual behaviours in managing finances could be an early warning sign of pre-dementia or dementia. In….

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Uncategorized

Equal or Equitable? A Conversation Every Estate Planner Should Have

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This blog has been written by Pritika Deepak, Associate at Fasken LLP. One of the most common instructions estate planners hear from clients is: “I want to treat all of my children equally.” While that may sound straightforward, it often warrants a deeper discussion. In estate planning, equal and equitable are not the same thing, and they can produce very different outcomes. A planner who fails to explore this distinction….

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Estate Planning, Wills

Donations to Government

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[caption id="attachment_22376" align="aligncenter" width="401"] Queen’s Park, Toronto (Wikipedia)[/caption] The title of this article may provoke laughter, or perhaps, just head-shaking disbelief.  But lifetime and estate donations to various levels of government do happen. The trick is to ensure that the donor’s intentions are carried out. The Crown – i.e. federal and provincial governments – and Canadian municipalities are qualified donees under the Income Tax Act. Agents of the Crown are….

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Philanthropy/Charitable Giving

The Consequences of “Stealing” an Estate

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The Court of Appeal recently released a decision dismissing appeals against conviction of a former Toronto police officer and a former employee of the Public Guardian and Trustee (“PGT”) who fabricated the last will and testament of Heinz Siegfried Sommerfeld to benefit the police officer. In 2023, a police officer, Robert Konashewych, and a PGT employee, Adellene Balgobin, were convicted of defrauding the estate of Mr. Sommerfeld, who was an….

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Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Wills

Co-ownership Agreements: Another Tool in the Planner’s Toolkit

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I wrote last summer about the use of cottage trusts as a planning tool. As cottage season is upon us again, I thought I’d write about another useful tool in the planner’s toolkit, particularly where several members of a generation are likely to share ownership of a cottage property: the co-ownership agreement. While it’s important to consider the mechanics of transferring a family property to the next generation, it’s equally….

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Cottage, Estate Planning, Property, Real Estate, Succession Planning, Trusts
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