The recent passing of Aretha Franklin on August 16 means the music industry has lost yet another icon. It also, however, serves a useful reminder – even those who appear to have all the financial success in the world, don’t necessarily ensure their financial affairs are in order. Shortly following the death of Franklin, the world learned she died without a will. See Article. This was despite the fact that….
A Deathly Reminder Continue Reading »
Wills
As part of the ‘Donald’s’ post-election “promises” we heard rumours that US gift and estate taxes were going to be repealed.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….
Not All “Trump Bumpf” is Bluster Continue Reading »
Estate Planning, IRS, Tax Issues, United States, US Taxes
For those engaged in thoughtful Will planning there comes a point in the discussion with clients about who should be an executor, what the job of an executor is and whether and how much they should be paid. More often clients want to start the Will planning dialogue by telling me who they want to name as their executor. Sometimes the choice is coupled with the explanation that “He….
The Risk and (Potential) Reward for Acting as an Executor [1] Continue Reading »
Estate Planning, Executors, Family Conflict, Wills
I think it is fair to say that joint ownership of property[2] is one of the most commonly used strategies for property ownership in the context of developing an estate plan. Like any form of partnership, there are many issues to consider in jointly owning property. In the context of jointly owned life insurance, there are some specific nuances that must be addressed when dealing with jointly owned life insurance,….
Life Insurance Joint Tenants[1] Continue Reading »
Insurance, Joint TenancyFor most businesses they evaluate their success by quarters or perhaps terms described as “short”, “medium” and “long”. For a family business, they measure success by ensuring the company is preserved for the next generation and beyond. And despite the statistics which suggest that successfully transitioning a family business to the next generation is elusive, the goal for a large proportion of family businesses still is to transition the business….
Safe Space: Governance in Action Continue Reading »
Business Succession Planning, Family Conflict, Small Business, Tax Issues
The phrase “No good deed goes unpunished” is often attributed to Clara Boothe Luce, an American Dramatist, who was the first American woman appointed to a significant ambassadorial post abroad. Today it is often used to express the idea that beneficial actions often go unappreciated or are met with hostility. The decision of the Ontario Court of Appeal in Teixeira v. Markgraf Estate, 2017 ONCA 819 no doubt left Arlindo….
No Good Deed Goes Unpunished Continue Reading »
Elder Care, Estate Administration, Estate Litigation, Trustee