Estate Planning

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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

Mutual Wills versus Reciprocal Wills

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In the Ontario Superior Court decision, Lavoie and Trudel, 2016 ONSC 4141 (“Lavoie and Trudel”), the court was tasked with determining the validity of a will made on December 5, 2007 (the “2007 Will”) by the deceased, Lucien Trudel (“Lucien”), following his wife, Madeleine Denis’ (“Madeleine”) death.  Among the issues concerning the validity of the 2007 Will was whether the wills made on March 30, 1983 (the “1983 Wills”) by….

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Estate Planning, Wills

MULTIPLE WILLS: PART 3

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In this installment of my blogs on multiple wills (for probate planning) I will focus on the important issue of defining the assets that will be governed by the Primary and Secondary Wills. As in my prior blogs, I will use the term “Primary Will” to refer to the will that is intended to be probated and “Secondary Will” to refer to the will that is not intended to be probated…..

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Estate Planning, 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

VERY MODERN FAMILY PROBLEMS FOR “MODERN FAMILY” ACTRESS – DO FROZEN EMBRYOS’ HAVE RIGHTS?

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An interesting case has begun in the state of Louisiana involving “Modern Family” actress Sofia Vergara. For the past year, Ms. Vergara has been battling her former husband for custody of her fertilized eggs. The proceedings took a complicated turn this month when her husband filed an action on behalf of the embryos, arguing that the frozen embryos have a right to life. As the action suggests, the husband would like to take steps to unfreeze the embryos and bring them to term. In the proceedings, he argues on behalf of the embryos that keeping them frozen, which Ms. Vergara allegedly wishes to do, would be “tantamount to killing them”…..

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Estate Planning

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
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