Estate Planning

Last week I had the pleasure of presenting as part of a panel at an Estate Planning Workshop organized by Mr. Christian Steinbock from Dominion Securities. I was joined by Ms. Indra Bharat, Financial Planning Consultant with RBC and Mr. Ismail Barmania, Estates and Trust lawyer at Barmania-Lawyers. It was an informative evening and as discussions continued regarding elder care issues and the importance of having Powers of Attorney in….

Do you wonder why many seniors are reluctant to discuss estate planning with their children? There is the obvious awkwardness of talking about death but also the potential for financial vulnerability. A recent Ipsos Reid survey, commissioned by HomEquity Bank, says 35 per cent of Canadians are “waiting” for money left behind in a will to fund their retirement. Another 45 per cent are not expecting an inheritance, while the….

I was recently asked how parents can ensure that the guardian of their choice takes custody of their minor child or children in the event that both parents die simultaneously. In Ontario, parents (or any other person with custody of the child) can nominate someone to assume custody of their child immediately following their death, but the ultimate determination of custody is reserved to the court. Section 61 of the….

The Canada Revenue Agency (CRA) was asked to consider a situation where a testamentary trust (the trust) disposed of qualified small business corporation shares (QSBCS) in 2013 during its taxation year ending on January 31, 2014. The trust allocated the taxable capital gain to its beneficiary. The CRA was asked to confirm when the net taxable capital gain would be considered a taxable capital gain a taxable capital gain resulting….

A recent decision of the Ontario Court of Appeal, Verch Estate v. Weckwerth, reaffirms the autonomy of Ontario testators to distribute their estates as they wish provided that their statutory obligations are fulfilled. In this case, which was brought to my attention by a post on Lynne Butler’s Estate Law Canada blog site, a testator had executed a will that left nothing to his adult independent children but instead left….

I had the pleasure of touring a new facility that ‘gets it’. One Kenton is a state of the art residence designed exclusively for those with dementia. Demographics indicate that one in three persons over age 85 will develop a dementia. There is a shortage of appropriate residences that cater exclusively to this clientele. I am not referring to the secured floor of retirement residences where individuals are often tucked….