October 2017

Latin Terms, “Per Stirpes” and “Per Capita”, Still Present in Wills

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Estate planners commonly use the Latin term, “per stirpes”, when drafting wills, but most lay people have no idea what the term even means. This arcane term differs from the less commonly used, but still present, Latin term, “per capita”.  It is important to understand the difference between these two terms in order to draft a will in accordance with a testator’s intention, as well as be able to explain….

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Estate Planning, Uncategorized, Wills

The Living Hands that Control the Graves

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As a law student, my trust law professor brought in a “dead hand” to help us remember the rule against perpetuities. The prop was effective: I have not forgotten that the rule stops trust property from being governed indefinitely from “beyond the grave.” While principles of trust law helpfully prevent the living from being controlled by the dead, they also apply to govern the living in charge of the dead…..

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Estate Litigation, Funeral Planning, Trustee, Trustee Disputes, Trusts

55(2) and Pipeline Planning

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The Canada Revenue Agency (CRA) was asked to comment on the application of subsection 55(2) of the Income Tax Act to a hypothetical pipeline plan implemented on or after the date of death.  Their answer was both comforting and not surprising. When engaged, subsection 55(2) has the effect of converting a tax-free dividend received by a private company to proceeds of disposition for capital gain purposes – in other words,….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

Technology Aids and Aging At Home

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If you ask anyone where they would like to live when older, most would say that they want to remain living in their own homes- for as long as possible. What does ‘for as long as possible’ mean? Most times in means that the older individual is able to remain living safely and is able to afford whatever care may be needed to help them maintain their independence and safety…..

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Elder Care

Enhancing the Succession Process – Engaging a Family Business Facilitator

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In my last blog I spoke about one of the biggest risks to the successful transition of a family business – poor communication among family members. Related to this is family dynamics.  It is often thought that one of the best ways to address this risk, is to involve the inactive spouse and all of the business owner’s children in the succession planning process. The challenge of a family business….

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Business Succession Planning

A True Heartbreaker

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This Blog was written by: Liz Bozek   As you have undoubtedly heard, Tom Petty died on October 2nd after suffering a massive heart attack. He was rushed to hospital and placed on life support but, after doctors discovered no signs of brain activity, the decision was made to remove life support. Petty died shortly after at the age of 66 years. Petty was looking forward to a well-deserved retirement and….

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Estate Planning, In the News, Uncategorized
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