February 2020

The Use of Primary, Secondary, Tertiary, Quaternary etc. Wills in Estate Planning

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Today’s blog is being brought to you by guest blogger, Fatima Husnain, Articling Student at Fasken LLP. The use of multiple wills in estate planning is not a new concept for estate practitioners. To explain briefly, multiple wills are often created as an estate administration tax (“probate tax”) planning mechanism. One will (the “Primary Will”) governs assets that require a certificate of appointment of estate trustee (“probate”) to administer, one….

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Estate Planning, Wills

Tax Shelters and Charitable Intent

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In early February, the Tax Court of Canada put another nail in the coffin of “one of the biggest tax scams in Canadian history.” The case involved the Global Learning Gift Initiative, a charitable tax shelter that attracted 40,000 investors who – through a complex structure with no clear public benefit – made money by giving it away. The disqualified tax benefits from 2004/5 totaled $400 million. The Tax Court,….

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Uncategorized

No Passing of Accounts Unless “Significant Concern”

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Emerson and Marie Lewis appointed two of their six adult children, Donald and Douglas Lewis, as their attorneys for property. Their remaining four children (the “non-attorney siblings”) commenced an application pursuant to ss. 42(1) and (4) of the Substitute Decisions Act, 1992, S.O. 1992, c.30 (the “SDA”) for leave to require Donald and Douglas to pass their accounts as their parents’ attorneys for property. The application judge dismissed their application,….

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Attorney Compensation, Capacity Law, Elder Care, Elder Law, Family Conflict, Fiduciary Professions, Geriatric Care Management, Guardianship, Passing Of Trustees’ and Executors’ Accounts, Power of Attorney, Powers Of Attorney and Guardianship Disputes

Forensic Profile of Perpetrators of Financial Elder Abuse

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Financial elder abuse is defined by the World Health Organisation as the illegal or improper exploitation or use of funds or resources of the older person.[i] The misuse of a senior’s funds and assets involves the use of the senior’s funds without that senior’s knowledge and/or full consent, or, in the case of a senior who is not mentally capable, when the use of funds is not in that senior’s….

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Capacity Law, Elder Care, Elder Law, Estate Litigation, Family Conflict, Fiduciary Professions, Geriatric Care Management, Guardianship, Powers Of Attorney and Guardianship Disputes, Testamentary Capacity

HOME BUYER’S PLAN AND TAX CREDITS AFTER THE DEATH OF A SPOUSE

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During her marriage, a spouse inhabited a home wholly owned by her husband. He passed away and the house became an asset of the estate. Subsequent to her husband’s passing, the spouse purchased a new property. She had not re-married or entered into any common law partnership. Is the spouse (taxpayer) be eligible for the home buyers plan and the first-time home buyers’ tax credit? In a recent technical interpretation….

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Canada Revenue Agency, Estate Administration, Investments, Joint Tenancy, Real Estate, Tax Issues, Uncategorized

Family time, less than it used to be…..

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Recently I had the pleasure of taking a vacation with my mother and husband. As it turned out, it was a family oriented resort which put us in the middle of young parents and young children. Now while several of our friends have grandchildren, my boys are not there yet.  So…..we spent several days enjoying inter generational families  (grandparents and grandchildren) enjoying each other’s company. This ‘family time’ reminded me….

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Elder Law
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