Estate Planning

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Estate losses – turning bad into good.

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Capital losses sustained by an estate when assets go down in value after death are of little use. This can be frustrating particularly when the deceased has paid tax on capital gains made on the deemed disposition of the same assets on the terminal return. Read on to find out how to turn a bad loss into good tax recovery when action is taken within the first year anniversary of death…..

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Estate Planning, Executors, Wills

Probate Tax Planning – Joint Tenancy May Not Always Be the Best Option

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In Ontario, property that a deceased owns as a joint tenant with another person does not form part of his estate for probate tax calculation purposes. As a result, significant attention is now being paid to the use of joint ownership as an estate planning technique to reduce or avoid probate taxes for both real and personal property. However, when property is transferred into joint ownership there are many issues that should be considered other than the potential probate tax savings. ….

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Estate Planning, Joint Tenancy, Probate Tax

Are Trusts Going to the Dogs ?

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As some of you may know the late Leona Helmsley, a billionare, left her pet Maltese, Trouble, a $12 million trust fund. Her choice to leave this sum to her pet, was branded 3rd in Fortune’s “101 Dumbest Moments in Business” of 2007. In 2008 a court ruling reduced the trust fund for Trouble from $12 million to $2 million with the $10 million going to Helmsley’s charitable foundation. For….

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Estate Planning
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