In my previous blog post, I discussed the “what” and “why” of a passing of accounts. In this blog, I will provide a quick refresher on the technical process for a passing of accounts….
PASSING OF ACCOUNTS – PART II “HOW IS IT DONE?” Continue Reading »
Estate Administration, Passing Of Trustees’ and Executors’ AccountsAn incredibly useful and sometimes overlooked tool in planning for a client with a disabled loved one is the Registered Disability Savings Plan (“RDSP”). Here are a few key facts to know in discussing RDSPs with your client:[1] To qualify for an RDSP, the beneficiary must be eligible for the disability tax credit (“DTC” ). A person will be eligible for the DTC only if a medical practitioner (usually the….
Registered Disability Savings Plans – Don’t Overlook Them! Continue Reading »
Estate PlanningThe leading case on testamentary capacity for almost 150 years has been that of Banks v Goodfellow – a judgment written on appeal by Chief Justice Cockburn of the English High Court in 1870. The four broad criteria that emerged from his judgment have formed the basis of virtually every Will challenge case since that time – this, despite the fact that a few things have changed since 1870. This….
The 1870 Test for Testamentary Capacity: time for an update Continue Reading »
Capacity Law, Estate Litigation
“A resulting trust arises when title to property is in one party’s name, but that party, because he or she is a fiduciary or gave no value for the property, is under an obligation to return it to the original title owner.” Pecore v Pecore (SCC). In 1969, Luisa immigrated from Portugal to Canada. By 1972, all of Louisa’s seven children had joined her (spanning in ages from 20 to….
Don’t Look a Gift House in the Mouth Continue Reading »
Estate Litigation, Property, Real Estate, Resulting Trust, TrustsThe CRA was asked whether, in the case of the death of a spouse, the other spouse would have the right to split the eligible pension income that he or she receives in a taxation year with the deceased…..
Splitting Pension Income in Case of Death Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Spouse, Tax IssuesCombining estate plans and lifetime financial plans can be challenging, especially for individuals who have dedicated a significant portion of their estate to charity, for example 50% or more. Wills are often drafted independently of lifetime financial plans. The drafting lawyer may not ask the question “is it prudent and advantageous to start giving major gift during life?”. In certain situations, there are significant tax and philanthropic benefits to start….
Combination Gift Plans Continue Reading »
Estate Donations, Estate Planning, Philanthropy/Charitable Giving