Estate Planning

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Intergenerational business transfers

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Since the introduction of the draft legislation for intergenerational business transfers (IBT) on March 28, 2023, the National tax services team at Baker Tilly Canada has reviewed the IBT rules in detail.  For a convenient summary of the proposed IBT rules, please refer to the following document prepared by the team – Genuine intergenerational transfers – comparison of the rules.  The objective of this blog is to provide an analysis….

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Business Succession Planning, Estate Planning, Succession Planning

Analog Art, Analog Assets

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For my last blog post, I discussed the potential financial value of an individual’s “personalty” and clauses in wills governing such personalty. While an individual’s more traditional assets may include bank accounts, real estate or vehicles, there may also be some other personal items (e.g. collections) that may have significant financial value for an estate. I’d like to discuss “physical” assets a bit more, this time focusing on assets they….

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Estate Administration, Estate Planning, Uncategorized, valuation

Atypical Asset Administration (Part 2)

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This blog has been written by Sandra Arsenault, Law Clerk at Fasken LLP Welcome back! This is Part 2 of a two-part series on unusual assets and estate administration. For part one, please see my blog post here. Typical assets in an estate consist of real property, automobiles, corporations, investments, cash, jewellery and artwork. What I would call the “easy” stuff. But sometimes there are collections, specialized equipment, intangible assets….

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Estate Administration, Estate Litigation, Estate Planning, Executors, Tax Issues, Uncategorized, Wills

Jam Needs a Plan: Estate Planning for Pets

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A dog in a red sweater sitting on autumn leaves.

Estate planning for pets has made for some very wealthy animals. Remember the US hotel heiress Leona Hemsley? Known as the Queen of Mean, she left $12 million out of her estimated $5 billion estate to her Maltese lap dog, Trouble. The dog’s inheritance was reduced to $2 million, but still. That was more than enough for the $100,000 spent on Trouble’s care each year. Today’s richest dog is the….

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Elder Care, Elder Management, Estate Planning, Smart Ageing

Cremation and the Burial or Scattering of Ashes – Things to Consider

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I am an avid reader and always learn something new, even when reading for pleasure. The novel I recently finished, Cold, Cold Bones, by Kathy Reichs was no exception. This is the paragraph that piqued my interest: “A woman in Mount Holly was struck by a falling object while wrapping burlap around shrubs in her yard. The object was a small sack. The woman opened the sack. Inside were charred….

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Estate Administration, Estate Planning, Executors, Funeral Planning, Wills

Wedding Season is Here: The Impact of Marriage on Estate Planning

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As we turn the corner from winter to spring, we also enter into another important time of year: wedding season. With the start of this season, estate planners should remind themselves, and their clients, of a few of the critical intersections between family law and estate law that specifically impact married (as opposed to cohabiting) couples: As of January 2022, following the passage of the Accelerating Access to Justice Act,….

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Estate Planning, Property, Spouse, Wills
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