The New 2024 Alternative Minimum Tax and Trusts – The intended target or unintended victim?

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This blog post was written by Melissa Plunkett, Director, Scotiatrust Over my almost twenty-five-year career in the trust industry, I have seen a lot of clients who have settled trusts for protection – protection of assets and protection of the beneficiary.  Over the course of this past year, with all the Alternative minimum tax (AMT) changes, proposed changes, proposed changes that did not go through, and more changes, I’ve waited….

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Tax Issues, Trusts

Undue Influence: A Primer

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Generally, the validity of a last will and testament can be challenged on the basis of: (i) lack of testamentary capacity; (ii) undue influence; (iii) lack of knowledge and approval of the will; and/or (iv) fraud. While allegations relating to undue influence often go hand-in-hand with claims relating to lack of testamentary capacity, it is not always so. In fact, undue influence may exist even where the testator has capacity….

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Contested wills, Courts, Estate Litigation, Undue influence, Wills

Account! Account! Account!

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Anna Chen, associate Gowling WLG (Canada) LLP The importance of a fiduciary (whether a trustee, an attorney for property or an estate trustee) to keep proper books of account cannot be understated.  This is an obligation required of the fiduciary to prove he or she administered the trust, property or estate prudently and honestly.  The importance of keeping accounts and the consequence of not doing so have been addressed again….

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Passing Of Trustees’ and Executors’ Accounts, POA Compensation, Power of Attorney

From Inventory to Distribution: Managing Household Items in an Estate

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Today’s blog was written by Jessica Butler, Law Clerk at Fasken LLP. Managing and distributing household contents in an estate can be a daunting task, filled with both emotional and practical challenges. In this blog, we’ll explore the essential steps and considerations for handling household items in an estate, from creating an inventory and appraising items, to distributing them among beneficiaries, to dealing with sentimental belongings. Whether you’re an estate….

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Estate Administration, Executors, Grief, Property

Donor Advised Funds are not Trusts

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A common misconception about donor advised funds is that they are trusts, charitable purpose trusts.  At times, lawyers, especially those with expertise in trusts and estates, struggle with this distinction, as do donors.  In 2023, this issue came to the forefront when Canadian charities briefly thought they might need to report on certain funds under trust reporting rules.  Although donor advised funds have trust-like features, most are not trusts. This….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving, Trusts

Can the CRA seize the proceeds of life insurance?

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An existing tax debt at the time of death can wreak havoc on the administration of an estate and can jeopardize the estate and insurance planning. This is because the Canada Revenue Agency (“CRA”) is not your typical creditor and has statutory powers to seize assets of the estate beyond what other creditors may seize. Personal Insurance If the insurance proceeds are payable to the designated beneficiary(ies) under the insurance….

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Estate Planning, Insurance, Tax Issues, US Taxes
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