May 2016

ESTATE PLANNING REFRESHER: TRANSFER OF LIFE INSURANCE

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From time to time, we are asked about the tax consequences of transferring life insurance policies particularly in the context of some common (or not-so common) estate and trust planning scenarios involving transfers. As most people know, when a transfer of ownership of a life insurance policy occurs, the transferor reports a taxable gain, which is essentially the proceeds of disposal less the transferor’s’ adjusted cost basis (ACB) in the….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Guardianship, Insurance, Spouse, Tax Issues, Trusts

Are Charities Second-Class Beneficiaries?

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Charities face a bizarre challenge when administering gifts by will.   It should be simple.   After the donor’s death, a charity named as a recipient of an estate donation becomes the beneficiary of a trust.   The money is owed to the charity and the interest in the trust is legally enforceable.   Charities, however, are often considered to be second-class beneficiaries. What does it mean to be a “second-class beneficiary”?   The idea….

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Charitable Giving, Estate Administration, Philanthropy/Charitable Giving

A Beneficiary By Any Other Name

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I have previously blogged about the new “qualified disability trust” (“QDT”), which is one of two exceptions to the new rule, effective January 1, 2016, that income accumulated in a testamentary trust is taxed at the highest marginal rate. In this blog I will focus on the requirement that a QDT have at least one “electing beneficiary” who is named in the trust (and qualifies for the disability tax credit….

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Estate Planning

A Failure to Compensate: What is a Quantum Meruit Claim and How Can It Be Proven in Court?

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A claim in quantum meruit is sometimes made in the estates litigation context by a disappointed beneficiary. The words quantum meruit literally mean “as much as deserved.” The claimant argues that he or she deserved compensation from the deceased for work that was done but was not properly compensated for under the deceased’s will. In order to succeed, a plaintiff must establish that the services were not rendered gratuitously and….

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Estate Litigation
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