Canadian Snowbirds Buying U.S. Property

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Canadian snowbirds flock to Florida to assess the damages caused to their vacation homes following Hurricane Irma. For those who find their homes destroyed by the powerful storm, they may wish to buy new properties altogether.  There are various ways to buy a vacation property in the U.S. and things to keep in mind. Canadian residents who are Non-Resident Aliens of the U.S. (individuals who are not U.S. citizens or….

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In the News, Real Estate

The Endowment Effect

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[caption id="attachment_5640" align="aligncenter" width="463"] St Miguel and the Dragon, 14th Century, Museu Nacional d’Art de Catalunya, Barcelona, Spain[/caption] People value objects more when they own or possess them – or at least when they presume ownership.   In cognitive psychology this phenomenon is called the “endowment effect”.    It’s a concept that was seemingly invented to describe a lot of behaviour related to estates, philanthropy and foundations.   It’s time to give it….

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Estate Administration, Estate Litigation, Family Conflict, Philanthropy/Charitable Giving

What Will your Will Say? Part II

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In a previous post, I shared with you a number of interesting (often odd) requests and bequests in a last will and testament.  Today, I share part two of some of the most interesting last wills and testaments in the last few centuries: Can we communicate with the dead? Harry Houdini is known for his magic tricks and illusions.  He died on October 31, 1926, at the young age of….

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Uncategorized

Will Planning for Beneficiaries

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In what might be one of the last pipeline transactions my office will advise on (depending on the outcome of the Government of Canada tax proposals), I ran into an unfortunate situation which served to highlight a fundamental aspect of estate planning: Planning for your beneficiaries. Recently, I reached out to the beneficiaries of the estate I am working on to determine their personal tax positions for this current year…..

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Business Succession Planning, Disability, Estate Administration, Estate Planning, Tax Issues, Trusts, Uncategorized, Wills

The Balancing Act Continues

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Labour Day signifies back to school and for many parents, having their children return to school is a great relief. However for many of those ‘sandwiched’ between working full time and providing caregiving assistance to older family members, a return to school may mean less time for themselves. Helping with homework, driving to afterschool activities, getting lunches made and dinner on the table makes me appreciate how many roles and….

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Caregiving, Elder Care

Morneau Stands Firm on Tax Proposals

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Minister of Finance Bill Morneau (“Morneau”) met with small-business owners in British Columbia earlier this week to hear their complaints about and concerns with the tax proposals which were launched on July 18, 2017. With a consultation process of only 75 days, doctors, farmers, small business advocacy groups and various professional associations have been quickly digesting the significant proposed changes and making their views known about the negative impact these….

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Tax Issues
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