Total 1067 Posts
This Blog was written by Emily Racine, Estate and Trust Consultant with Scotia Wealth Management As estate planners, we often hear from our clients that they just want a “simple” will. They tell us that they have a “simple” estate and so don’t need any complicated estate planning. Personally, every time I hear this, I begin to tense up. Take it from an estate planner – a simple will does….
Just a “Simple will” Please Continue Reading »
Estate Planning, Wills
Across Canada, the provinces have built safeguards against undue influence into their law regulating wills: if the witness or the witness’ spouse receives a gift of property under the will, that gift is void. Unfortunately, this rule has the potential to disinherit innocent beneficiaries who unwittingly agree to act as witnesses to the will. This was the situation before the Supreme Court of British Columbia in Wolk v Wolk, 2021 BCSC 1881…..
Potential Cost of Witnessing a Will Continue Reading »
Contested wills, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Family Conflict, WillsDo digital assets e.g. cryptocurrencies (such as bitcoin, ethereum) non-fungible tokens, qualify as investments in deferred tax vehicles such as Registered Retirement Savings Plans (RRSP’s), Tax Free Savings Accounts (TFSA’s), Registered Education Savings Plans (RESP’s) and Registered Disability Savings Plan (“RDSP’s). The simple answer is no and maybe. This issue came to my attention recently when a client asked me to assist him with a formal request to reverse a….
Digital Assets and RRSP’s, TFSA’s, RESP’s, etc Continue Reading »
Canada Revenue Agency, Estate Planning, In the News, Investments, RESP, RRSP, Tax Issues, UncategorizedOne of the concerns about the “estate donation” rules when they were introduced in 2016 is illiquid property would be harder to donate and administer. Perhaps the most challenging type of illiquid property is private company shares. Five years of experience with the system has validated some concerns and produced planning solutions. Pre-2016 The “estate donation” rules, which were introduced alongside the graduate rate estate regime, are a significant departure….
Estate Donations of Private Company Shares Continue Reading »
Estate Donations, Estate Planning, Philanthropy/Charitable Giving
Alter-ego and joint-spousal[1] trusts are inter-vivos trusts commonly used in estate plans to hold legal title of assets for the benefit of the individual and/or their spouse, prior to death, accomplishing some of the following benefits: avoiding probate, providing privacy, expediency of inheritance distribution, and minimization of legal challenge on estate assets. Tax deferred transfer The transfer of assets to these trusts are accomplished on a tax-deferred basis by relying….
The Chronicles of an Estate Plan: The Settlor, the Kids and the Cottage Continue Reading »
Canada Revenue Agency, Cottage, Estate Planning, Tax Issues, TrustsThis Blog was written by: Hannah Zip, Estate and Trust Consultant, Scotia Wealth Management (Authors Note: this post was inspired by a presentation delivered by the Queer Seniors of Saskatchewan, and a big thank you goes to that advocacy group for sharing their personal experiences and stories to raise awareness of senior queer issues. The term “queer” is used interchangeably with “LGBTQ2S+” for brevity purposes only.) Some of us might….
Understanding the Unique Issues Facing the Older Queer Generations Continue Reading »
Estate Planning