January 2021

Cultural Property Donations Update

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[caption id="attachment_6826" align="aligncenter" width="650"] Iris bleus, jardin du Petit Gennevilliers, 1892, Gustave Caillebotte, Art Gallery of Ontario[/caption] The charitable tax incentives for donations of certified Cultural Property – art and artifacts – is the richest in Canada.  Cultural Property donations are exempt from capital gains tax and can be claimed against 100% of the donor’s net annual income over up to six years. The incentive is part of a complex….

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Estate Donations, Philanthropy/Charitable Giving, Uncategorized

Estate Planning Lessons from “The Dutch House”

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The Dutch House, by Ann Patchett, is an excellent read. However, for those in the estate planning profession, it is also a reflection on what goes wrong when insufficient or no estate planning occurs…..

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Business Succession Planning, Estate Administration, Estate Litigation, Estate Planning, Family Conflict, Fiduciary Professions, In the News, Small Business, Spouse, Succession Planning

FAMILY TRUSTS AND DISTRIBUTIONS OF CAPITAL GAINS

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Capital gain splitting on the sale of business interests, owned by family trusts with several beneficiaries, continues to be a valuable tool for tax planning purposes, including the opportunity under certain circumstances to access the super capital gains exemption more than once in such a transaction. However, the beneficiaries of a trust who are designated an allocation of proceeds from a share sale and stand to benefit from applying the….

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Canada Revenue Agency, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized

January is Alzheimer’s Awareness Month

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There has been so much going on that you may not know that January is Alzheimers Awareness month. Covid has taken over as the lead medical concern world wide. However I feel it important to recognize another major health issue that impacts many of us – which is dementia. I have written extensively about living with dementia primarily from the caregiver/family’s perspective, however the voices of those who have dementia….

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Caregiving, Elder Care

Endowment Variations

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COVID-19 has hit the charitable sector hard, and arts organizations face particular challenges. A recent article in The Globe and Mail about the Banff Centre described closed facilities, lost fundraising, cancelled programs, layoffs, deficits, resignations, and protests. The article also mentioned a request to endowment donors for “permission” to use annual payout of “their” funds for operations, not the designated purpose. One donor, Myra Davis, refused. The money was for….

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Philanthropy/Charitable Giving, Powers Of Attorney and Guardianship Disputes, Uncategorized

Legislative Amendments Proposed in Light of Calmusky

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On March 16, 2020, the Superior Court of Ontario released its decision in Calmusky v Calmusky. In Calmusky, the Court applied the presumption of resulting trust to a RIF that was designated to a particular beneficiary. The beneficiary was unable to rebut the presumption, and the Court ordered that funds from the RIF were to be paid to the estate. For a more detailed discussion on Calmusky, see Demetre Vasilounis’….

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Contested wills, Contracts, Estate Administration, Estate Litigation, Estate Planning, Executors, Investments, Joint Tenancy, Resulting Trust, Trusts
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