August 2019

Trusts and Trust Resettlements – Variations and Circumstances

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Variation(s) of a trust agreement, after it is settled, does carry the risk of causing a resettlement of a trust or a disposition of a beneficiary’s interest in the trust, with serious tax consequences. But not all variations lead to resettlement, fortunately. Recently in an advance ruling, the Canada revenue Agency (“CRA”) was asked to consider whether a trustee seeking to amend a trust agreement for the appointment of the….

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Canada Revenue Agency, Disability, Estate Administration, Executors, Guardianship, Spouse, Tax Issues, Testamentary Capacity, Trustee, Trusts, Uncategorized

Ignorance is Bliss

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Our friend recently told us that his sister had done a DNA genetic test with one of the companies that provides ancestry and  health information.  What she found out was not what she was expecting at all.  No, she does not have ‘royal’ roots but she does have twin half brothers that she did not know existed.  It turns out that my friend’s mom had, before she married his father,….

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Contested wills, Estate Administration, Estate Litigation

R.E.S.P.E.C.T…..the handwriting analysis?

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The Aretha Franklin estate saga has taken another interesting turn this week, with a Michigan Probate Court making an order for a handwriting analyst to review one of her holograph Wills. As Lara Besharat explained in her detailed blog post on May 23rd, Aretha died in August of 2018, leaving behind three handwritten Wills, two of which were dated 2010, and one of which was dated 2014. The two Wills….

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Estate Administration

Providing for Beneficiaries living with Addictions and Substance Abuse

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This Blog was written by: Alicia Godin, Estate and Trust Consultant, Scotiatrust  I recently had the opportunity to participate in the estate planning process for two sets of clients facing similar challenges. Both clients are in their mid to late 60’s, and they each have two children. It was their intention to leave their respective estates to each of their children, in a fair and equal manner. Previous blog posts….

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Uncategorized

To Boldly Go Where No Estate Litigation Has Gone Before

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Even if you have never seen an episode of Star Trek you are probably familiar with “Beam me up, Scotty”[1] or Mr. Spock’s ears. The judges of our Superior Court frequently mine the show for metaphors.[2] Gene Roddenberry is widely known as the mind behind Star Trek but less well known is his ugly estate litigation fight that centered around the definition of “Star Trek.” Mr. Roddenberry and his first….

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Estate Litigation

A TFSA loses its tax exempt status

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The income tax treatment of a trust and its beneficiary where the trust lost its status as a tax-free savings account (TFSA) because it contravened the registration restriction on borrowing money was the subject of a recent Canada Revenue Agency(CRA) technical interpretation. The trust continued to exist for several years after the borrowing occurred and was administered during that time by the TFSA issuer as though it were a TFSA…..

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Canada Revenue Agency, Estate Administration, Executors, Tax Issues
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