July 2018

Not All “Trump Bumpf” is Bluster

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As part of the ‘Donald’s’ post-election “promises” we heard rumours that US gift and estate taxes were going to be repealed. While we did not see a repeal, we did see a significant change to the rules related to US gift and estate tax. The particular change came forward in the US Tax Cuts and Jobs Act (“TCJA”) which was signed into law on December 22, 2017. Specifically, the amendment….

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Estate Planning, IRS, Tax Issues, United States, US Taxes

Art Copyright and Estates

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[caption id="attachment_6654" align="aligncenter" width="640"] The Derby Day (1856-58), William Powell Firth – The Tate Britain, Public Domain[/caption] Copyright & Art Ernest Gambart was a pioneering art dealer and showman in Victorian England who uncovered the value of art copyright.  His specialty was a triple play.  First, he mounted an exhibition (typically a single painting such as William Powell Firth’s The Derby Day); second, the sold the work; and third, he produced prints for….

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Estate Administration, Estate Planning

TFSA’s and Residency

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Recently, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you can make withdrawals. What if in a scenario recently presented in a round table discussion with the Canada Revenue Agency (“CRA”), the CRA….

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Canada Revenue Agency, Estate Planning, Investments, Property, Trustee, Trusts, United States

Grey area: The fragile frontier of dementia, intimacy and sexual consent

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Originally posted for allaboutestates.ca Grey area: The fragile frontier of dementia, intimacy and sexual consent was the Saturday July 14, 2018 front page headline in the Globe and Mail. Seniors and sexuality finally makes the front page of a national newspaper. However It is much more than that and the focus of the article is on consent and how it is (not) defined for those whose capacity may be questionable….

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Elder Care, In the News

Estate Planning and Family Law: The Matrimonial Home Part I

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A marriage contract is often an important component of an integrated estate plan. Frequently the discussion arises when the children of the first or second generation in a successful family business begin to marry, particularly where those children are beneficiaries of a discretionary family trust that holds common shares in the family business. The generation(s) that built the family wealth understandably wish to protect it from claims by the spouses….

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Uncategorized

Court of Appeal Weighs In On Alcoholism and Testamentary Capacity

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In the recent decision of Dujardin v. Dujardin, 2018 ONCA 597, the Court of Appeal for Ontario considered the validity of wills executed by a testator suffering from chronic alcoholism. Background: Jack and Noel Dujardin (“Jack” and “Noel”) were brothers who jointly owned a farm property that had been in their family since 1958. The brothers lived on the farm together and ran the farming business as a partnership. In….

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Capacity Law, Wills
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