Estate Planning

Total 1074 Posts

Exercise Caution: Different Countries – Different Tax Regimes at Death

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This blog has been written by Rahul Sharma, Partner at Fasken LLP A couple of recent telephone calls reminded me of the perils of estate and tax planning that crosses borders without proper planning. The first case is regrettably quite common.  An entrepreneur in the technology sector (we will call him “John”) is a resident of Ontario.  John partners with other like-minded, and equally talented, entrepreneurs based in the United….

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Estate Planning, Tax Issues, U.S. Citizen, United States, US Taxes

Testamentary Charitable Trusts

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[caption id="attachment_20431" align="aligncenter" width="517"] Morris Minor 1000, 1963  (Source: Wikipedia commons)[/caption] From the 19th century to about 1990, the testamentary charitable trust was an important estate planning structure.  These trusts are part of the will and are funded after death from estate assets.  At one time, testamentary trusts were the primary way for an individual to support one or more charities or charitable purposes after death.  But they have been….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving, Uncategorized

No good deed goes unpunished by the CRA

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Part I – Personal Attribution This blog has been written by Pritika Deepak /Associate at Fasken LLP Gifting property or making loans to family members is a common way for individuals to transfer and share their wealth with their loved ones. There are, however, several rules in the Income Tax Act (Canada)[1] (the “Act”), commonly referred to as the attribution rules, which prevent or restrict an individual from “income splitting”…..

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Canada Revenue Agency, Estate Planning, Real Estate, Tax Issues, Uncategorized

Family Foundations & the Promise of Harmony

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One of the most common philanthropic clichés is that family foundations produce family harmony.  I was recently at a forum of advisors to ultra high net worth clients.  In a moment of candour, someone asked “has anyone used family foundations to promote family harmony, and has it ever worked?”  The answers from the room were uniformly, “yes” and “no”.  Despite the myth of philanthropy as a domestic panacea, the reality….

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Estate Planning, Philanthropy/Charitable Giving

Dearly Departed…or not?

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A recent Toronto Star article[1] highlighted what has become a bit of an interesting viral trend in the modern internet era: “scorched earth” obituaries, written by one or more of a deceased person’s relatives, who do not have anything nice to say in their send-off of the departed. The article provides a few highlights from recent examples, including an obituary prepared by a deceased woman’s children that said “they understand that….

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Estate Administration, Estate Planning, Family Conflict

Joint tenancy: a cost-effective or costly measure to save on probate fees?

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This blog has been written by Mohena Singh, Associate at Fasken LLP As an estate planner, one of the most common questions I am asked is, “How do I transfer my house or cottage to my family without paying estate administration tax?” A common way we have seen individuals attempt to accomplish their goal of transferring real property without paying estate administration tax (also known as “probate fees”) is by….

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Estate Administration, Estate Planning, Joint Tenancy, Probate Tax, Real Estate, Wills
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