Estate Planning

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Estate Planning & The Changes to the Capital Gain Inclusion Rate

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Will the change in the capital gain inclusion rate have any implications to estate planning?  For taxation years that end after June 24, 2024, the capital gains inclusion rate increased from one-half to two-thirds and the change will have some implications in estate planning. Advisors will need to adjust some of their advice and recommendations in light of the changes.  This article will highlight some of the implications resulting from….

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Estate Planning, Tax Issues

From Estate to Heir: Who Foots the Bill for Shipping Expenses?

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One of the main duties of an executor is to distribute the assets of an estate according to the terms of the Will. Typically, it is easy to pay a cash legacy to a beneficiary or to deliver a specific bequest if the beneficiary lives nearby. But what happens if you have to send large pieces of furniture, an expensive art collection, or a prized collector car to a beneficiary….

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Estate Administration, Estate Planning, Executors, Trustee, Wills

I am Ready and Willing – When do I Start? Activating a Power of Attorney for Property

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This article is written by Alicia Mossington, Estate and Trust Consultant with Scotiatrust.   A Power of Attorney for Property is a document which allows an individual (grantor) to appoint and authorize a substitute decision maker. In Ontario, the substitute decision maker is referred to as an “attorney.” The named attorney or attorneys typically have a broad scope of power and under section 7(2) of the Substitute Decisions Act (the….

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Estate Planning, Power of Attorney, Property, Uncategorized

Revisiting the “Granny Trust”

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This blog has been written by Rahul Sharma, Partner, Fasken Martineau DuMoulin LLP, Toronto The world is ever-changing.  The UK non-domiciliary regime is ending, although with what appear to be potentially helpful tax measures available to new residents for a four-year period.  Certain favourable golden visa programmes in European countries are also ending or otherwise changing.  And Italy just now doubled its flat tax for ex-patriots from €100,000 to €200,000 per….

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Estate Planning, International, Tax Issues, Trusts

Dear Parents of Young Children, please don’t delay your will planning because you can’t choose a guardian for your minor children

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This blog has been written by Karen La Caprara, Counsel at Fasken LLP When I speak with parents of young children who don’t have wills in place, the most common reason I hear for their delinquency is not that they’re too busy, that it’s too expensive or that they don’t have significant assets. It’s that they can’t decide or agree on who would be the guardian[i] of their minor children….

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Estate Planning, Guardianship, Trustee, Wills

ILIT – An Estate Planning Vehicle for the U.S. Person

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An irrevocable life insurance trust (ILIT) is an estate planning vehicle worth some consideration for U.S. citizens living in Canada.  Many estate advisors are unaware that U.S. citizens subscribing to life insurance on their life will have the death benefits included in the value of their taxable estate for U.S. estate tax purposes.  An ILIT may provide an opportunity to avoid such an outcome. What is an ILIT? An ILIT….

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Canadian and US Tax Treaty, Estate Planning, Insurance, Succession Planning, Tax Issues, U.S. Citizen, US Taxes
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