July 2019 – Page 2 – All About Estates

Inherited assets and TOSI

Derek de Gannes • July 23, 2019 • 0 Comments

While it has been over 18 months since its implementation, we are still learning more about the application of the tax on split income (TOSI) rules. The Canada Revenue Agency (CRA) provided guidance where shares of a private company are passed on to the children of the deceased. The CRA was asked to comment on how the TOSI rules would apply when the deceased, Mrs. A, the co-owner of a….

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Hot Stuff!

Audrey Miller • July 22, 2019 • 0 Comments

It is hot out there. We have had heat advisories and I hope we have been paying attention. I called my elderly client to see how she was doing and she told me she was not feeling well. I spoke with her caregiver and asked if her AC was working. The caregiver said it had not been turned on and they were only using a fan. Yikes! It was 39….

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Elder Care

Neuroimaging and Capacity

Brittany Sud • July 19, 2019 • 1 Comment

Neuroimaging and Dementia
Technology has increasingly allowed us to peek into the brain, and medical professionals, scientists, lawyers, and laypeople increasingly form opinions of what these images tell us. When it comes to understanding the human mind, humans are more likely to trust brain imaging data as more authoritative and credible than behavioural data…..

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Elder Care, Estate Planning, In the News, Wills

Revival Trusts: Dead on Arrival?

Scotiatrust • July 18, 2019 • 0 Comments

This blog was written by Lara Besharat Benjamin Franklin famously wrote that “in this world nothing can be said to be certain, except death and taxes.” A hundred and seventy-eight years later, the Alcor Life Extension Foundation undertook to disprove this generally accepted inevitability. In 1967, James Bedford became the first person to be cryonically preserved after death in the hopes of someday being brought back to life. For up to $200,000 (not including….

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Estate Planning, In the News, Uncategorized

Celebrity Estate Battles

Anna Alizadeh • July 17, 2019 • 0 Comments

Families fight. Celebrities are no different. If anything, it is always interesting to read how the ultra-wealthy handle their estate planning and what issues arise on their deaths (particularly as there is usually a string of ex-spouses and multiple children involved). In today’s blog, I discuss some of the legal battles that arose as a result of a celebrity’s poor estate planning. Jimi Hendrix Jimi was a legendary guitarist. Sadly,….

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Uncategorized

SHAREHOLDERS AGREEMENTS, EXIT PROVISIONS AND THE IMPACT OF CONTROL

Steven Frye • July 16, 2019 • 0 Comments

Control is an important concept for applying certain income tax rules and valuation issues (amongst others) when dealing with corporations, with serious implications to current and future (and estate) planning scenarios. De jure control refers to legal control of a corporation, which requires a look at shareholdings. Control in fact, or “de facto control”, (“DFC”) is a broader concept that focuses on influence rather than legal control. As a result,….

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Business Succession Planning, Canada Revenue Agency, Contracts, Estate Planning, Investments, Property, Small Business, Succession Planning, Tax Issues, Uncategorized