Trusts

Part II: Taxation of Trusts in Canada – The Flow-Through Nature of Trusts

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This blog has been written by Pritika Deepak, Associate at Fasken LLP. As we leave another year behind, it’s a fitting time to reflect on what tax and trust practitioners may often perceive as a period that often raises questions about the distribution of income from trusts to beneficiaries. To better understand this, it’s helpful to review the role trusts play as conduits or flow-through entities. Part I of this….

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Trusts

Estate Freezes and a Spouse’s ILA

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Estate freezes can raise important questions—like whether the freezor’s spouse should seek independent legal advice (“ILA”). This blog unpacks why that recommendation matters. Estate Freeze Consider the following estate freeze, which intentionally is explained in a “bare bones” manner. A spouse (“Freezor”) is exchanging their common shares in a Canadian controlled private corporation (“Family Corp.”) for fixed value preference shares. A new discretionary family trust is settled for the benefit….

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Interest, Separation, Spouse, Succession Planning, Trustee, Trusts

Part I: Taxation of Trusts in Canada – A Broad Overview

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This blog has been written by Pritika Deepak, Associate at Fasken LLP. Trusts play a significant role in wealth management and tax and estate planning. This blog post is not intended to supplant the important role played by the various and excellent texts written and published on the taxation of trusts.  Rather, this blog post skims the surface of some important points to consider when dealing with trust taxation. Trusts….

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Estate Planning, Trusts

Cottage Trust Planning – Points for Consideration

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Fall officially arrives on Monday. School has started, the leaves are turning colour, and for many families, it’s time to think about closing the cottage for the year. As estate planners know, the cottage is not an ordinary asset. It’s a special place where memories are made and traditions are passed down, and as a result, planning for its succession can be challenging. Often, individuals will include a trust in….

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Cottage, Estate Planning, Property, Succession Planning, Trustee, Trusts, Wills

The Limits of Pour-Over Clauses in Ontario (And What to Do Instead)

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    Today’s blog was written by Karen La Caprara, Counsel, at Fasken LLP. Pour-over clauses in wills are a staple in U.S. estate planning, used to direct estate assets into an existing trust. But in Ontario and British Columbia, these clauses can lead to invalid testamentary gifts, intestacy, and costly litigation. What Is a Pour-Over Clause—and Why Is It Problematic? A pour-over clause is a provision in a will that….

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Estate Administration, Estate Planning, Succession Planning, Tax Issues, Trusts, United States, Wills

Marriage Contracts: Process Over (okay, at least equal to) Substance

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This blog has been written by Darren Lund, Partner at Fasken LLP.   In several of my previous blogs, I have written about marriage contracts, and why they are an important element of estate planning. From a substantive perspective, there are many reasons why these agreements are relevant and may be needed to support a comprehensive estate plan.[1] If a family business owner has implemented an estate freeze that includes….

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Estate Planning, Spouse
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