Professional Advice is Key When Administering Estates with a Corporate Component Part 1: Loss Carryback Strategy

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This blog was written by: Craig Coulson, Senior Trust Officer Many professional estate administrators emphasize the emotional toll and time-consuming steps that are reduced or eliminated when a corporate executor is named in one’s will. Sometimes, beneficiaries may be unhappy with corporate executor fees, perhaps thinking if only they were appointed, they would save the estate the cost of administration. What is not frequently mentioned, is how the appointment of….

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Flipped property – estates beware

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Executors generally liquidate the assets of an estate in a timely manner following an individual’s death. This may include the disposition of the deceased’s primary residence, cottage or rental property (herein referred to as a “housing unit”). An estate may realize a gain on a housing unit if it is sold at a price higher than its fair market value on the date the individual died.  Prior to 2023, the….

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Estate Administration, Executors, Real Estate, Tax Issues, Trusts

Revisiting the importance of language when using multiple wills

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This blog contributed by Mohena Singh, Associate @ Fasken LLP A long-time practice of estate planners has been preparing multiple wills for clients to minimize the amount of estate administration tax an estate must pay. The general idea of a primary and secondary will is to exclude property that does not require probate from the primary will so that the total value of assets requiring probate is reduced. However, if….

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Credibility, Estate Planning, Executors, Property, Real Estate, Succession Planning, Uncategorized, Wills

The Overlooked Donor

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In November 2022, The Winnipeg Foundation, announced a $500 million estate donation from a 66-year-old businesswoman named Miriam Bergen.  Ms Bergen is an exceptional example of a common but overlooked donor: the older person without kids. Ms Bergen’s estate is larger and more complicated than most.  She owned a business that was donated (a holding company that owned an operating company with 27 rental apartments).  But her life situation is shared by an….

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The Vexatious Litigant

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Litigation can be ugly. Litigation where family is involved, as is often the case in estate litigation, can bring out the worst in people. According to the court, the worst of himself is what one of the respondents brought in the recent case of Colbert v. Colbert et al, 2023 ONSC 811 (“Colbert”) going so far as to declare the respondent in question a ‘vexatious litigant’. The term ‘vexatious litigant’….

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Estate Litigation

Game Changers in Managing Care: Powers of Attorney for Personal Care (POAPC) & Substitute Decision Making

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It’s Super Bowl Sunday as I write this, and in the lead-up to the game, football fans are debating what game changers may be possible to gain an advantage and win. Why not apply the same breakthrough analogy to address critical issues in managing care? What game changers can we trigger to deliver more productive outcomes for people? The Power of the Powers of Attorney for Personal Care (POAPC) &….

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Capacity Law, Caregiving, Elder Care, Elder Law, Elder Management, Estate Planning, Geriatric Care Management, Smart Ageing
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