Estate Planning

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Restricted gifts of real estate

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When I was a young charitable gift planner, my charity was offered a cluster of islands on Georgian Bay.  Surrounding the 100-year-old family cottage were sheds, cabins and boat houses.  The donors had a vision: it would be a children’s camp. It was a stunning property.  Valuable, despite the sagging, mouse-infested buildings.  But this gift by will was contingent and restricted.  It would be a children’s camp, or nothing at….

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

Use of Cottage By Children of Settlor of an Alter Ego/Joint Partner Trust

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Both alter ego and joint partner trusts (the trust) allow a settlor to transfer capital assets into the trust on a tax-deferred basis if the following conditions are met: The trust is created after 1999. The settlor is at least 65 at the time of creation. In the case of an alter ego trust, the settlor must be entitled to receive all the trust’s income that arises before death. In….

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Canada Revenue Agency, Cottage, Estate Administration and Probate Applications, Estate Planning, Executors, Property, Real Estate, Succession Planning, Tax Issues, Trustee

Section 16(b) of the Succession Law Reform Act: A Different Kind of Spousal Election

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In Ontario, s. 15 of the Succession Law Reform Act (the “SLRA”) provides that a Will is revoked by a subsequent marriage of the testator. Practitioners who are meeting with a client in the weeks leading up to his or her marriage will often prepare a Will that contains a statement that the Will was made “in contemplation of the marriage”, which will ‘save’ the Will from revocation by the….

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Estate Planning, Wills

Bequeathing qualifying shares: to trust or not to trust

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Use of spousal trust or common-law partner trusts Setting up a spousal or common-law partner trust is a very important decision that generally results from non-tax reasons. One of the common reasons for setting up this type of trust is to protect the surviving spouse from influencers who might try to gain access to the surviving spouse’s inherited assets. The set-up of a spousal or common-law partner trust can provide….

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Business Succession Planning, Estate Planning, Small Business, Spouse, Succession Planning, Trusts

You’ve Got Mail – Part Three

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In my final blog post of my three part series [link to Part one and Part two], I’ll look at what to consider when a parent or guardian is notified that their minor child has an interest in an estate. Such interest, as discussed in my other blogs, may be a legacy (i.e. specific gifts of personal property or cash gifts) or an interest in the residue of the estate…..

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Estate Planning, Family Conflict, Wills

Talking to Your Beneficiaries About Your Estate Plan

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This blog was written by Emily Rosen Having conversations with beneficiaries and being honest about your intentions will set expectations early on and minimize any surprises during an already difficult time. According to a study conducted by Nielson (2014), 46% of Canadians have not spoken to their family about their intentions for their Will. Of those 46%, the top reasons for not doing so are: they haven’t thought about it….

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Estate Planning, Uncategorized
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