TRUSTEE DISCRETION PART I

In my last blog of August 14, 2015 I referred to the discretionary family trust as being one of the key tools in the estate planner’s toolbox. I made this statement given the flexible nature of this tool. I also, however, noted that it is often the case that little time is spent with the creator of the trust to detail their intent as to the circumstances for when the trustee is to make a distribution to a beneficiary…..

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Estate Planning

Caring and Paying in 2 Directions

As we prepare for the return to school year, you might be in the process of paying your child’s tuition or living expenses. Do you know what raising a child cost? Contrary to the figures below, it doesn’t stop when they reach 18 years of age. In 2011, the average cost of raising a child to 18, was $243,660* or $1,070 per month. For those of us in the sandwich….

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Elder Care, Geriatric Care Management

Donations of Existing Life Insurance Policies

In 2008, Canada Revenue Agency changed the valuation rules for donations of existing life insurance policies to registered charities. Previously, policy donations were receipted for cash surrender value, which many policies don’t contain. Now, policy donations are receipted for the appraised fair market value (FMV), which may exist regardless of the existence of cash or equity in the policy. What have we learned about these gifts so far? 1. Supply….

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Charitable Giving, Estate Planning, Philanthropy/Charitable Giving

Suicide notes and holograph Wills

The relationship between suicide and mental disorder has been well explored.  The recent death of Robin Williams has brought this issue into the public eye. Most studies (especially in later life) find that the majority of suicides are associated with clinically significant psychiatric illness, particularly mood disorders such as Depression.  Moreover, suicide notes are left by about 25% of people who die from suicide.  How many of those notes contain….

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Estate Planning

Philanthropic Ghosts

Some donors want their wishes understood and spirit felt long after they are gone. This impulse is part of a long tradition that has found expression in restricted gifts, charitable trusts and private foundations. It’s Halloween. Let’s review three approaches to philanthropic haunting. 1. Donor Recognition Many medieval European churches have records of gifts made, often by will, on the condition that prayers are offered in the memory of the….

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Estate Planning, Home-Right, Philanthropy/Charitable Giving

Testamentary Freedom & The Charter of Rights and Freedoms

Today’s blog is written by William Lim, a law student at Western University and research assistant to Professor Adam Parachin, associate professor of law at Western University. As discussed in a recent blog by Professor Adam Parachin, the Court in McCorkill v. Streed 2014 NBQB 148 took the unusual step of striking an unconditional bequest to the National Alliance, a white supremacist organization, on the basis of public policy. The….

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Estate Planning
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