While we are all busy with holiday parties and purchases, please remember that spending wisely today and planning ahead for our later years are related. ….
Looking back and planning ahead Continue Reading »
Caregiving, Costs, Elder CareIn what the judge referred to as a “noble gesture”, the deceased ordered that his two scrapbooks setting out his life story be copied and distributed to his family. These instructions were set out in a Codicil to his Will. However, disagreement amongst family members regarding the copying of the scrapbooks and delivery of the books led to court proceedings and over $30,000 in legal fees claimed by the three….
The Case of the $30,000 Scrapbooks Continue Reading »
Estate Litigation, WillsThe CRA was asked if a deceased registered pension plan (“RPP”) member’s pension benefit could be transferred tax-free to the registered disability savings plan of the RPP member’s financially dependent infirm child .
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Registered Disability Savings Plan Rollover – Or Not Continue Reading »
Canada Revenue Agency, Dependant Support, Disability, Estate Planning, Tax IssuesWhen an individual dies with debts, it is the obligation of the executor to determine the extent and veracity of those debts and to take steps to satisfy them. If an executor distributes the assets of the estate without taking appropriate steps to address outstanding debts, s/he may be personally liable to satisfy them. ….
TO ADVERTISE, OR NOT TO ADVERTISE – THAT IS THE BLOG FOR TODAY Continue Reading »
Estate Administration, ExecutorsTravelling with a mobility challenged and/or older family member requires planning and an adjustment in expectations. ….
Saying ‘see you soon rather than goodbye’ Continue Reading »
Caregiving, Disability, Elder CareRecently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving the transfer of a RRSP and a capital asset between ex-spouses, and one the spouses dies before the rollover can be effected: Do the tax free rollover provisions found in the Income Tax Act (“ITA”) still apply? In the scenario presented to the CRA, Mr and Mrs. Z are ex-spouses. They have a written separation agreement….
TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Real Estate, Tax Issues, Trustee, Trusts