estate

When Chattels Breathe: The Challenge of Inheriting Horses

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This blog has been written by Caroline Caron, Law Clerk at Fasken LLP At first glance, inheriting a horse may seem no different from inheriting any other personal asset. In law, that is partly true: a horse is generally classified as a chattel, a form of tangible personal property, much like a vehicle or piece of artwork. However, this classification quickly reveals its limits. Unlike most chattels, horses are living….

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Estate Administration, Estate Administration and Probate Applications

SALE OF PERSONAL RESIDENCE AFTER DEATH

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Can an estate claim a loss for tax purposes if the estate sells the property for less than what it was valued for at time of death? Hard to imagine such circumstances in this current real estate environment but in the unlikely event it does occur, what are the rules?The Income Tax Act (“ITA”) deems a person to have disposed of their principal residence for proceeds equal to its fair….

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Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Investments, Property, Real Estate, Tax Issues, Uncategorized

Cats, the T.S. Eliot Estate and the Gift that May Save the Brontes’ House

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Earlier this year, my colleague Justin de Vries blogged about the post-mortem release of dueling love letters from T.S. Eliot and his friend/inamorata Emily Hale. However, there is now a happier news story regarding the impact of Mr. Eliot from beyond the grave. The Bronte Parsonage, in England, is a museum of the family home of the Bronte sisters that usually attracts 70,000 visitors per year. Due to the restrictions….

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Charitable Giving, Estate Administration, Estate Donations, In the News

Robert and Signe McMichael’s Complicated Legacy

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[caption id="attachment_5842" align="aligncenter" width="477"] Robert and Signe McMichael signing Gift Agreement with Ontario Premier John Robarts .18 November 1965. Credit CBC[/caption] Robert and Signe McMichael, the namesake of the McMichael Canadian Art Collection, were savvy art collectors who made some painful philanthropic and estate planning mistakes.  Visionary Collectors     Starting in 1955, when they were in their early 30s, they started buying landscape paintings by the Group of Seven….

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

Abatement: What to do if there are insufficient assets in the estate to follow the testators wishes; a cautionary tale

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A review of abatement and how it can affect estate planning…..

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Elder Law, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Joint Tenancy, Succession Planning, Wills
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