Total 1082 Posts
The use of multiple wills for probate planning purposes has been part of the estate planning toolbox in Ontario for many years. The basic concept is straightforward. A separate will is prepared that governs those assets of the deceased for which the executors should not, based on current law and practice, require probate to administer (I will use the term “Secondary Will” for this will and “Primary Will” for the….
MULTIPLE WILLS: PART 1 Continue Reading »
Estate PlanningRecently, a fellow blogger wrote about the benefit of post-mortem pipeline transactions to avoid double tax on disposition of certain assets. Briefly, a pipeline transaction is a form of transaction whereby the assets of a corporation are distributed to shareholders utilizing the high adjusted cost base resulting from the capital gains realized on death, rather than as a distribution in the form of a dividend. In this sense, the use….
Post Mortem Pipeline Planning – Business Continuity Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Property, Real Estate, Succession Planning, Tax IssuesA couple of years ago a survey revealed that only 18% of first time executors were aware of the first step in the administration of an Estate – locate the Will….
Where do you look for an original Will and what do you do if you cannot find it?? Continue Reading »
Estate Planning, Executors, WillsAs part of the estate planning process an assessment ought to made of how the income taxes and other liabilities of the client will be met on his or her passing. Often clients will ask whether any of their family members can become liable for their income taxes and other liabilities on their death. The answer is “yes” a beneficiary of an estate who has received property in priority to the satisfaction of the deceased’s liabilities can be called upon to return property received from the estate. This position is subject to the beneficiary having any equitable defenses available to a claim by a creditor or to any statutory protections available…..
JOINT AND SEVERAL LIABILITY FOR TAXES Continue Reading »
Estate PlanningThe Canada Revenue Agency made several interesting yet not surprising comments on corrective payments received by an estate.
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Clearance certificates Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Tax IssuesIn 1905 Milton Hershey founded the Hershey Trust Company, which has been the majority owner of the Hershey Company. The primary purpose of the $12.3 billion Trust Company is to act as Trustee and support the Milton Hershey School in Hershey, Pennsylvania ….
A Chocolate Covered Trust Company Continue Reading »
Estate Planning, In the News, Succession Planning, Trustee, United States