As part of the estate planning process an assessment ought to made of how the income taxes and other liabilities of the client will be met on his or her passing. Often clients will ask whether any of their family members can become liable for their income taxes and other liabilities on their death. The answer is “yes” a beneficiary of an estate who has received property in priority to the satisfaction of the deceased’s liabilities can be called upon to return property received from the estate. This position is subject to the beneficiary having any equitable defenses available to a claim by a creditor or to any statutory protections available.
Month: September 2016
Total 21 Posts
Live in care arrangements can take many forms. How about the exchange of room and board for a student living in with granny and helping her with shopping ?
The legal test for testamentary capacity is well-established in Ontario. In making a determination of whether or not an individual had the capacity to make a will, the evidence of a certified capacity assessor is often given great deal of weight. However, scientific developments have led to a new type of assessor of a person’s…
The Canada Revenue Agency made several interesting yet not surprising comments on corrective payments received by an estate.
In 1905 Milton Hershey founded the Hershey Trust Company, which has been the majority owner of the Hershey Company. The primary purpose of the $12.3 billion Trust Company is to act as Trustee and support the Milton Hershey School in Hershey, Pennsylvania
Since February 6, 2015 when the Supreme Court of Canada decided in Carter v Canada, 2015 SCC 5 to strike down the ban on assisted dying in the Criminal Code, RSC 1985, c C-46 as being unconstitutional, the government was obligated to legislate who would be eligible to obtain medical assistance in dying, what safeguards ought to be followed to ensure that vulnerable individuals would be protected and to create a system that would monitor accountability, transparency and public trust. After much discussion and consultation on the controversial legislation, on June 17, 2016, Bill C-14 received Royal Assent.
Do you know that $2.2 million is spent daily on patients staying in Ontario hospitals who don’t need to be there? These are our ALC patients….
Family feuds are routinely unpleasant and usually ugly. Unfortunately, estate disputes prove the rule. Passions and emotions are inflamed and sound judgment is often in short supply. However, warring litigants who look to the court for absolution or vindication are often sorely disappointed.
As I mentioned in a previous blog, the capital dividend account (“CDA”) is often a central feature of tax planning for individuals with private corporations with the opportunity to make tax-free distributions to shareholders on the disposition of certain capital assets. It gains particular focus in estate planning scenarios and…
The potential pitfalls of using joint ownership of property between parent and adult child as a means of reducing exposure to estate administration tax has received increased attention in recent years, in particular since the Pecore decision. Nevertheless, it is still common (likely the norm) to see parent-adult child joint…