“Just in case anything happens while I’m away…”

It’s that time of year again for estate planners: the season of calls from clients about to leave for vacation, who realize that they haven’t updated their Will in years. These clients typically want to make sure they update their documents before departure, “just in case anything happens while I’m away…” I’ve often wondered after working on such a file whether the client’s worry is supported by evidence: are you….

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Estate Planning

Blind Trusts and Fireworks

  “My assets are huge, just huge. If I had to put them into a blind trust, it would be the blindest trust of all time. You would have to stare directly into a solar eclipse to achieve the blindness of my trust.” – President Donald Trump (but not really) What better way to celebrate The Fourth of July than by making fun of politicians? Let the fireworks begin….. Oh,….

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In the News, Trusts

In Whose Best Interests? Estate Planning for Artists

A recent case involving the estate of Canadian artist and figure skating legend, Toller Cranston (“Toller”), highlights the importance of estate planning for artists.  Administering posthumous intellectual property can be complex and without guidance from the testator, disputes will often arise between trustees and the estate’s beneficiaries due to competing interests. Toller died in 2015 while living in Mexico.  He left no will. Toller was a prolific artist and his….

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Estate Planning, Executors, Wills

The Life of Pipeline Transactions: The Beat Goes On

In the past few years, many associated with this blog have written about the benefit of post-mortem pipeline transactions to avoid double tax on disposition of certain assets. Again, and briefly, a pipeline transaction is a form of transaction whereby the assets of a corporation are distributed to shareholders utilizing the high adjusted cost base resulting from the capital gains realized on death, rather than as a distribution in the….

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Canada Revenue Agency, Estate Planning, Investments, Property, Real Estate, Small Business, Tax Issues, Trusts

Happy Birthday: Our Updated Federal Dementia Strategy

A few weeks ago  there was an announcement  that the Federal health minister earmarked $50 million over 5 years to support our new dementia strategy.  You may recall that the National Strategy for Alzheimer’s Disease and Other Dementias Act was passed in June 2017, which at that time, was a great birthday present for our 150th birthday. Following several consultations, 5 principles were established to guide the process. Prioritize quality….

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Elder Care, In the News, Uncategorized

Ontario’s Non-Resident Speculation Tax – A Cautionary (Trust) Tale

This post reviews the Ontario “Non-Resident Speculation Tax” (“NRST”), and draws attention to an important possible effect to be aware of on land conveyances involving trusts in the province.  This post is a refresher and update to Corina Weigl’s post in June, 2017, which was posted shortly after the proposal for the tax was released as part of Ontario’s Fair Housing Plan[1] in April, 2017. THE NON-RESIDENT SPECULATION TAX (“NRST”):….

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Real Estate, Trusts
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