Total 1065 Posts
Although the title of this blog is largely tongue-in- cheek, there is some validity to exploring how trusts can be used to incentivise or encourage the next generation to be successful or at the very least contributing to society in a positive way…..
Incenting From Beyond the Grave!! Continue Reading »
Estate Planning, Family Conflict, Succession Planning, Trusts, WillsElizabeth Ann McLaughlin died at the ripe old age of 98. She was predeceased by her husband. Together they had six children, including Daniel. Daniel, as estate trustee, sought to rectify what he characterized as a solicitor’s mistake in his mother’s secondary will. For many years prior to her death, Mrs. McLaughlin had no relationship with her son, Thomas, or her daughter, Judith. She had previously instructed her long time….
Correcting a Mistake in a Will – What did the Testator Intend Continue Reading »
Estate Planning, Home-Right, Practice ManagementClinicians and lawyers are regularly exposed to a score on the Mini-Mental State Exam (MMSE) also known as the ‘Folstein test’ after the developer of the most widely used cognitive screening tool in the world. Yet it is one of the most misunderstood and misinterpreted tests in Medicine, not to mention estate matters. The score of the MMSE is often cited as indicative of the presence of dementia and hence….
What if I can’t spell ‘WORLD’ backwards? Continue Reading »
Elder Law, Estate Planning, Home-RightThe number 21 figures prominently in estate planning and administration – at least three separate rules feature the number. Having been involved in estate and trust education for a number of years, I can attest to the fact that the three rules can be confusing on their own and may spell real trouble when applied in combination. The three rules govern: when capital/gains losses generated by trust property must be….
21 x 3 = confusion Continue Reading »
Estate PlanningReciprocal wills contain terms that mirror one another and are frequently prepared for couples. Mutual Wills are reciprocal Wills that the testators have agreed cannot be changed, at least without the consent of the other. Where there is no written agreement, the question arises: when do reciprocal Wills become mutual ones? The answer of the recent decision of the Ontario Superior Court of Justice in Rammage v. Estate of Roussel….
Mutual Wills – May Require Less than You’d Think Continue Reading »
Estate Planning, WillsFrom time to time, we are asked about the tax consequences of transferring life insurance policies particularly in the context of some common (or not-so common) estate and trust planning scenarios involving transfers. As most people know, when a transfer of ownership of a life insurance policy occurs, the transferor reports a taxable gain, which is essentially the proceeds of disposal less the transferor’s’ adjusted cost basis (ACB) in the….
ESTATE PLANNING REFRESHER: TRANSFER OF LIFE INSURANCE Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Guardianship, Insurance, Spouse, Tax Issues, Trusts