Estate Administration

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RRIF rollovers and grandchildren.

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Can RRIF proceeds paid after death to a testamentary trust, and used to purchase an annuity for the deceased’s grandson, qualify for a tax deferred rollover? The Canada Revenue Agency (“CRA”) was recently asked to rule on the following set of circumstances and facts. The grandson’s parents were incapable of caring for him and he was placed in the annuitant’s custody. He lived with the annuitant and she provided financially for all his needs. The….

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Canada Revenue Agency, Dependant Support, Estate Administration, Estate Planning, In the News, Investments, Resulting Trust, Tax Issues, Trustee, Trusts, Wills

The Estate Donation Loop

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It is one year after the new estate donation rules were introduced and the practical implementations are beginning to emerge. With the post-2016 rules, a twist arises when the residue of the estate is split between charity and individual beneficiaries. This scenario creates a gift that keeps giving. A gift by will, which is a type of estate donation, is now a gift of the estate. Legally the gift occurs….

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Estate Administration, Estate Donations, Estate Planning

When is a Settlement Considered Binding and Enforceable?

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In the recent decision of Prince v Nytschyk Estate, 2016 ONSC 7459, the Ontario Superior Court of Justice enforced a settlement despite the lack of signed minutes of settlement at the time of death of one of the parties. In this case, Cherie Lewicki (“Cherie”) and Joseph Nytschyk (“Joseph”) were in a common-law relationship for about 15 years, during which time they lived together in a house in Joseph’s name alone. Joseph died intestate (without a Will) in 2013 and Cherie continued to live in the house until her death in 2015. Before her death, Cherie commenced a claim for dependent’s relief against Joseph’s estate. As part of her claim, Cherie sought a declaration that the house was held in trust for her based on a resulting or constructive trust. With the estate’s potentially significant exposure to a dependant’s support claim, the parties agreed to a settlement whereby the house would be transferred to Cherie. However, prior to the completion of any signed minutes of settlement, Cherie unexpectedly died…..

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Contracts, Estate Administration, Estate Litigation, Wills

Taxable Income of an Estate: Can it be Distributed?

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Suppose a straightforward will with very simple instructions to the executor: The executor is to pay the debts and expenses of the deceased, execute certain specific bequests of property and with some general instructions, distribute the residue of the estate to the named beneficiaries. During the administration of an estate, taxable income is generated during the course of paying all the debts and executing the specific bequests. Because it might….

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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, Trusts, Wills

TO ADVERTISE, OR NOT TO ADVERTISE – THAT IS THE BLOG FOR TODAY

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When an individual dies with debts, it is the obligation of the executor to determine the extent and veracity of those debts and to take steps to satisfy them. If an executor distributes the assets of the estate without taking appropriate steps to address outstanding debts, s/he may be personally liable to satisfy them. ….

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Estate Administration, Executors

TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX

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Recently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving the transfer of a RRSP and a capital asset between ex-spouses, and one the spouses dies before the rollover can be effected: Do the tax free rollover provisions found in the Income Tax Act (“ITA”) still apply? In the scenario presented to the CRA, Mr and Mrs. Z are ex-spouses. They have a written separation agreement….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Real Estate, Tax Issues, Trustee, Trusts
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