My blogging colleagues have described many estate and trust issues resulting from subsequent marriages. However today’s blog acknowledges that older individuals can enjoy another meaningful, satisfying and loving relationship after the death of a significant other…..
When WW finally received a copy of her father’s will, after more than a year of chasing her father’s second wife to produce it, she read these words: I have equally considered my two children and leave them absolutely nothing. [WW] is entirely without morality and who ‘did not know’ if she could tell the truth in a Court. She is less a person than her mother. G-d help anyone….
Deceased’s Will So Hateful it is Suspicious Continue Reading »
Contested wills, Estate Litigation, Family Conflict, Testamentary Capacity, Undue influence, WillsFrom time to time, we are asked about the tax consequences of transferring life insurance policies particularly in the context of some common (or not-so common) estate and trust planning scenarios involving transfers. As most people know, when a transfer of ownership of a life insurance policy occurs, the transferor reports a taxable gain, which is essentially the proceeds of disposal less the transferor’s’ adjusted cost basis (ACB) in the….
ESTATE PLANNING REFRESHER: TRANSFER OF LIFE INSURANCE Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Guardianship, Insurance, Spouse, Tax Issues, TrustsCharities face a bizarre challenge when administering gifts by will. It should be simple. After the donor’s death, a charity named as a recipient of an estate donation becomes the beneficiary of a trust. The money is owed to the charity and the interest in the trust is legally enforceable. Charities, however, are often considered to be second-class beneficiaries. What does it mean to be a “second-class beneficiary”? The idea….
Are Charities Second-Class Beneficiaries? Continue Reading »
Charitable Giving, Estate Administration, Philanthropy/Charitable GivingI have previously blogged about the new “qualified disability trust” (“QDT”), which is one of two exceptions to the new rule, effective January 1, 2016, that income accumulated in a testamentary trust is taxed at the highest marginal rate. In this blog I will focus on the requirement that a QDT have at least one “electing beneficiary” who is named in the trust (and qualifies for the disability tax credit….
A Beneficiary By Any Other Name Continue Reading »
Estate PlanningDorothy was correct, there is no place like home…. and sometimes the powers that be (a strong advocate, a support team and the courts) can get you back there…..
There is no place like home. Continue Reading »
Costs, Elder Care, Estate Planning, Geriatric Care Management, Guardianship