Estate Planning – A Lesson in Communication

• • 0 Comments

So I was meeting with the beneficiaries of an estate to finalize some of the tax filings to be made. The tax filings reflected a series of transactions completed to eliminate double taxation on the disposition of some of the estate’s assets. What was causing the possibility of double taxation was the fact that my client (now deceased) had purchased a property thru a holding company, which was in effect….

Estate Planning – A Lesson in Communication Continue Reading »

Canada Revenue Agency, Credibility, Estate Administration, Estate Planning, Family Conflict, Fiduciary Professions, Property, Real Estate, Uncategorized, Wills

Lest We Forget

• • 0 Comments

In Flanders Fields the poppies grow… Remembrance Day is a significant day in the lives of many who endured the challenges of living during war times. As benefactors of their sacrifice, we sometimes forget that peace is a gift and the high price that was paid for it. Today we have young soldiers who are returning from war, many of whom are returning with a disability. Today I have the….

Lest We Forget Continue Reading »

Dependant Support, Elder Care

New Amendments to the Principal Residence Rules Relating to Trusts

• • 0 Comments

On October 3, 2016 the Minister of Finance announced a series of tax measures relating to the principal residence exemption. The October 3 measures had not been implemented when the government introduced its budget on March 22, 2017. As part of that budget, the government confirmed its intention to move forward with the October 3 measures. The budget implementation bill was released on October 25, 2017, and includes some substantive….

New Amendments to the Principal Residence Rules Relating to Trusts Continue Reading »

Uncategorized

Gifting Personalty

• • 0 Comments

This Blog was written by: Sally Lee, J.D. In an old New York Times article, I read about Jackie Kennedy Onnasis’ personal effects being initially valued at $6 million and later sold at auction for $34.5 million. The IRS, no doubt, went after its share. When I meet clients for estate planning, I often ask if they own something of significant worth that could be featured on “Antiques Roadshow”. Usually,….

Gifting Personalty Continue Reading »

Estate Planning, Property, Uncategorized

You can’t gift what you don’t have

• • 0 Comments

Kindly Arlindo Teixeira took care of his elderly neighbour Mary Markgraf. Mary died shortly after writing a large cheque to Arlindo which could not be cashed due to insufficient funds. In Teixeira v. Markgraf Estate, 2017 ONCA 819, the Court of Appeal upheld the application judge’s ruling that this gift failed for lack of delivery. Arlindo helped Mary for nearly 15 years, with household maintenance, driving her to appointments and….

You can’t gift what you don’t have Continue Reading »

Estate Litigation

Joint accounts – the good and the bad

• • 0 Comments

Earlier this year, my father-in- law left us suddenly.  While my in-laws were careful about planning for this day there was still some Estate Administration Tax (EAT) to be paid on the transfer of assets between spouses.  Armed with that experience, my mother-in-law is determined pay the least amount of EAT and asked about the use of joint accounts. Jointly held property with a spouse or with one or more….

Joint accounts – the good and the bad Continue Reading »

Estate Planning, Executors, Family Conflict, Probate Tax, Tax Issues
Scroll to Top