Death of a Beneficiary – Alter Ego and Joint Spousal Trusts

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At a recent tax conference, the Canada Revenue Agency (CRA) shared its view on reporting a post-mortem loss incurred by a trust in the first year following the death of the last life interest beneficiary (the settlor in the case of an alter ego trust, and the last to die of the spouses in the case of a joint spousal trust. Both an alter ego trust and a joint spousal….

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Canada Revenue Agency, Executors, Tax Issues

Until Death Do Us Part- or until we need provincially funded care in a LTC

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Welcome to 2020!  Truly hard to believe that we are in a new decade. Time seems to have flown by.  As I sat down to write this blog, I wanted to start the new year with some good news.  I thought I would update readers about the long awaited spousal unification program.   In fact I blogged about this very topic in January 2017 with the following story: ‘After 70 years….

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Caregiving, Elder Care

Intestacy Reform Overdue in Ontario?

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Saskatchewan recently amended its intestacy rules through the enactment of The Intestate Succession Act, 2019 (the “Act”), replacing the former 1996 statute. “Intestacy rules” are the rules that govern the division of a deceased person’s estate if the person dies without a will, or a portion of an estate if a person dies with a will but the will does not dispose of the entire estate.[1] The Act differs in….

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Uncategorized

Fiduciary Investing Series – Powers of Attorney and Investment Portfolios

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  This blog has been written by Robert Boyd, Director, Scotiatrust. When one assumes the role of power of attorney for property, it is often taken as a duty or even an honour. The fact that someone is willing to bestow the responsibility to take care of their financial affairs in their greatest time of need is a recognition of a trust that you will act in their best interests…..

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Power of Attorney, Uncategorized

Concerns about Consent for Cannabis Prescriptions in LTC

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Last month I wrote about the issue of consent for CPR, explaining that the Court in Wawrzyniak v. Livingstone confirmed that a physician’s duty is to his or her patient and not the interests of the substitute decision-maker (SDM). Treatments that are not believed to be in the interests of the patient and do not meet the standard of care do not need to be offered just because the SDM….

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Capacity Law, Caregiving, Elder Care, Elder Law, Fiduciary Professions, Geriatric Care Management, Guardianship, Healthcare, Power of Attorney

Alter Ego Trusts: Every Rose Has Its Thorns

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This article was first published in STEP Insider. Historically, individuals have taken comfort in the knowledge that their last will and testament is a statement of their final wishes for the disposition of their accumulated wealth. However, in the face of increasing wills litigation and fees payable in connection with obtaining probate, advisers are now seeking planning alternatives to traditional wills. One such alternative is the alter ego trust, a….

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Trusts
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