Compensation

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Inheritance and Tax

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There is renewed discussion on whether Canada will become another jurisdiction where specific gift or estate taxes will be imposed on inheritances. There is speculation that the discussion will lead to something concrete as early as next week’s Federal Budget. In the meantime, there are situations where inheritances can come with a tax burden, such as the one described in a recent Tax Court of Canada case (Goldman v. the….

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Attorney Compensation, Canada Revenue Agency, Compensation, Costs, Courts, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Investments, Liability, Tax Issues, Trustee, Trustee Compensation, Trusts, Uncategorized

CPP: TO DEFER OR NOT DEFER

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For several years now, clients and contacts (with more frequency of late, and that’s no accident) have been asking me: “Hey Steve, I am turning 65 shortly, do I apply for CPP now or do I wait – what makes more sense financially” Based on analysis provided by experts in the financial planning sector (and more recently, published articles on the subject) my answer usually takes the form of “it….

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Canada Revenue Agency, Compensation, Estate Planning, In the News, Insurance, Investments, Tax Issues, Uncategorized

WHAT ABOUT A CORPORATE EXECUTOR?

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A lot has been written about how should choose an executor, and some of it in this blog place. A couple of years ago, fellow boggler Emily Hubling wrote eloquently about the risk and rewards of appointing a professional advisor as executor. I would like to revisit some of the points made in the context of appointing a corporate executor, some who is specifically skilled and trained for the role…..

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Attorney Compensation, Compensation, Credibility, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Fiduciary Professions, Trustee Compensation, Trusts, Uncategorized, Wills

Hidden Fees – A Breach of Trust

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Registered accounts are often set up as express trust accounts, with the bank acting as trustee and the account holder as beneficiary. In these cases, banks are subject to all the same fiduciary duties and responsibilities that apply to all trustees – meaning they cannot charge hidden fees…..

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Compensation, Contracts, Estate Litigation, Fiduciary Professions, Passing Of Trustees’ and Executors’ Accounts, Trustee, Trustee Compensation, Trusts

Resulting Trusts and Summary Judgment Motions

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With its sandy beaches, hiking trails, canoe routes, and wildlife, the Town of Wasaga Beach is a well-loved Ontario vacation destination. However, no town, however idyllic, is immune to lengthy property disputes, especially when the two people fighting are related to each other. Brother A and Brother B were at odds with each other over the beneficial ownership of a house in Wasaga Beach. Brother A was on title to….

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Compensation, Cottage, Family Conflict, Loans, Probate Tax, Property, Real Estate, Resulting Trust, Tax Issues, Trustee Compensation, Trusts

The $100 Million Executor Fee: Unexpected but not Unreasonable

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This blog was written by Paula Lester – Estate and Trust Consultant with Scotia Wealth Management When the four executors of Leona Helmsley’s $5 billion estate asked for payment of $100 million for their services, it was touted as being astronomical by the challenging Attorney General. Still, Manhattan Surrogate’s Court Judge Nora Anderson recently ruled to allow the fees, which, although admittedly enormous, were considered justified based on the complexity….

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Compensation, Estate Administration, Executors, In the News, United States
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