Trustees – it’s time to start gathering information

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With 6 weeks until the end of 2023, it is a good time to remind trustees of their obligations in respect of the trusts that they are responsible for managing and administering. Last year, I wrote a blog where I reminded trustees of discretionary trusts of the importance of documenting income payment decisions before the end of the year. Trustees should start considering what they plan on doing with the….

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Canada Revenue Agency, Estate Administration, Tax Issues, Trustee, Trusts

Scholarships and Other Educational Awards

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[caption id="attachment_20501" align="aligncenter" width="413"] CHRIS MEYER/INDIANA UNIVERSITY — Wikipedia[/caption] Student awards are one of the most popular charitable purposes, especially in estates.  Donors often strongly identify with the life changing benefit of direct educational funding to students.  Named scholarship funds are often named and constitute part of the donor’s legacy. Educational awards are such a popular purpose that there are numerous providers.  Of course, there are schools, colleges and universities….

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

Non-Resident Beneficiary and Part XII.2 Tax

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It’s not uncommon for a trust or an estate to have a non-resident beneficiary. When such a situation arises, trustees should consider whether Part XII.2 tax applies. Essentially, Part XII.2 imposes a 40% tax on the non-resident beneficiary if the trust or estate earns designated income that would, if earned directly by a non-resident, be taxed under Part I of the Income Tax Act (the “Act”). Its purpose is to….

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Tax Issues, Trusts, Uncategorized

The time has come to say thank you and l’hitratot

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Some myosotis flowers, colloquially known as "forget-me-nots". I thought these would be appropriate for this blog post.

After 408 blogs, I have decided to stop blogging with allaboutestates.  I want to thank the wonderful readers for all of your thoughtful comments and appreciation for the many years I have been contributing. The work we do at Elder Caring is wonderful, meaningful, challenging and I can say, from the bottom of my heart,  our team truly makes a positive difference in people’s lives, on a daily basis.  Thank….

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Elder Care

Will We Need to Start Remembering the “Right to be Forgotten”?

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Some myosotis flowers, colloquially known as "forget-me-nots". I thought these would be appropriate for this blog post.

Pictured: Some myosotis flowers; colloquially known as “forget-me-nots”. I thought these would be appropriate for this blog post. In the estate planning world, we often see clients who want to be remembered for generations to come. For example, this could be through establishing a charitable gift, trust or foundation in their will; some people even find value in having some sort of organization, space or physical object named after them…..

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Courts, Estate Administration, Estate Planning, Executors, In the News

Does your Will reflect your wealth transfer wishes?

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A sepia-toned scene photographed from above shows a magnifying glass, some photographs, a camera and lens, and an open notebook with a pencil laid across it. A pair of glasses lie in front of the notebook.

Today’s post was written by Diana Leopardi – Estate and Trust Consultant at Scotiatrust. What can be worse than having a Will that does not reflect your wealth transfer wishes…that is, not having a Will at all! Suppose you have a Will in place, it is prudent to ensure that your Will properly reflects your wealth transfer wishes. As a best practise we encourage our clients to review their Wills….

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Estate Planning, Separation, Wills
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