The Canada Revenue Agency was recently asked if income or capital from a proposed spousal trust that was to be used to pay life insurance premiums on a spouse’s life would disqualify the trust from ever being a spousal trust eligible for rollover of property upon creation of the trust.
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Spousal trust and life insurance Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Insurance, Spouse, TrusteeAs winter finally sets in for us Canadians and our Canadian snowbirds begin to head south, we often see an increase in interest among our clients with the concept of owning a home in the southern USA. While the Canadian dollar may make this somewhat unattractive at the moment and perhaps for the foreseeable future given some recent forecasts, there will always be deals to be had and emotional decisions to be made. As a result, I take this blog as an opportunity to remind readers of the implications of owning a US vacation property…..
FLYING SOUTH FOR THE WINTER Continue Reading »
Estate Planning, Real Estate, United States, US TaxesShould we be suspicious of friendly neighbours who offer a helping hand to a senior? What may start out innocently and with good intent does not always stay that way…..
When the Best of Intentions becomes Financial Abuse Continue Reading »
Compensation, Elder Care, Family Conflict, Undue influenceResearch in the United States has consistently shown that the vast majority of parents intend to divide their estates equally among their children (there appears to be far less research on the topic in Canada). Intriguingly, this is in contrast with inter vivos transfers – research has shown that children are less likely to be treated equally by their parents while they are still alive. The theory for this discrepancy is….
Are unequal bequests in wills becoming more common? Continue Reading »
Estate Administration, Estate Litigation, Estate Planning, Family Conflict, WillsIf you have been a regular reader of our blogs, then I am hoping you have learnt more than a few things about estates and trusts. At the very least, I expect that you now have a will if you didn’t before with executor(s) appointed and beneficiary (ies) designated and so on. What if someone you know or know of dies intestate i.e. without a will and you are asked….
DYING INTESTATE AND TAX FILINGS Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Tax Issues, Trustee, Wills