Estate Planning

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When a Financial Plan meets an Estate Plan

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Our lives were upended a few years ago by the pandemic, and things since then have been anything but typical.  From elevated inflation to skyrocketing interest rates, our expectations for the future and our perceptions of what is normal have been challenged.  The word “unprecedented” may be overused, but it does articulate the point that we never know what might happen with our daily lives or our financial situations.  That….

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Estate Planning, Investments

Tax Considerations for Gifts of Art in Canada

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Gwenyth Stadig, Associate and Upama Poudyal, Articling Student  – Gowling WLG (Canada) LLP An increasing number of Canadian taxpayers are interested in giving pieces of art to charities or other qualified donees as part of their estate plans. Some of these Canadian taxpayers are choosing to make decisions to give such art during their lifetimes, while others are setting down a plan for their gifts of art to occur at….

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Charitable Giving, Estate Donations, Estate Planning, Uncategorized, valuation, Wills

Using a trust? Watch out for attribution!

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Part II – Trust Attribution This blog has been written by Pritika Deepak /Associate at Fasken LLP This is Part II of a three-part blog series which provides an overview of the ‘attribution rules’ contained in the Income Tax Act (Canada)[1] (the “Act”). Part I, which summarizes the scope and application of the personal attribution rules, can be found here: https://allaboutestates.ca/no-good-deed-goes-unpunished-by-the-cra/ Part II of the blog addresses the application of the attribution….

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Estate Planning, Tax Issues

U.S. Gift Tax – It May Apply To Canadians

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The U.S. gift tax is often overlooked by Canadians and their advisors. Most U.S. citizens living in Canada are aware of the U.S. estate tax and gift tax application. However, when it comes to Canadian residents who are not U.S. persons, only a minority are aware of the potential application of the U.S. gift tax. The author admits, the U.S. gift tax rarely applies to Canadian residents and this blog….

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Estate Planning, IRS, Tax Issues, United States, US Taxes

New Year, New Will – and Other Important Moments to Revisit Planning

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Happy 2024  everyone! The start of a new year is often the impetus for individuals to revisit their estate plan.[1]  While this is a worthwhile exercise, it’s important to remember that there are several other key moments that may occur at any point during a given year that should give rise to a review of an estate plan. These events or change in circumstance may not necessarily warrant a new….

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Estate Planning, Executors, Guardianship, Spouse, Trustee, Wills

It’s About Time: When to Review Your Will and Estate Plan

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It’s About Time: When to Review Your Will and Estate Plan Living our daily lives, we are not constantly thinking about our wills and our estate plans. There are usually certain events which bring these subjects top of mind. There are certain events or times in our lives that should make you look at your estate plan once more to make sure that it is still reflective of your wishes….

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Estate Planning
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