Total 1068 Posts
Of all the questions I am asked about the administration of estates, the ones that come up the most frequently are: “what is probate?”; “how do I know if I need probate?”; and “what’s involved in applying for probate?” Herein – the answers…..
The Mysteries of Probate, Revealed Continue Reading »
Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Practice Management, Probate Tax, Succession PlanningThis Blog was written by Emily Racine, Estate and Trust Consultant with Scotia Wealth Management Recently, the Ontario government announced changes to some important areas of estate law. One of these changes, which I would like to touch on, is a change to the rules which govern wills and marriages. Under the current rules, if you were to get married tomorrow, your will would be automatically revoked unless it is….
Wills and Marriage: Should they go together like a horse and carriage? Continue Reading »
Estate Planning, In the News, Wills
The tax reform of 1987 introduced the term “taxable preferred shares”[1] to curtail the tax advantage for non-taxpaying corporations using preferred share financing over debt financing. The result of this reform subjected the non-taxpaying corporation to a (current) 25 per cent tax on dividends that were paid on taxable preferred shares in excess of a specified dividend allowance. This tax imposed under the Income Tax Act is referred to as….
Taxable preferred shares and estates – say what? Continue Reading »
Estate Planning, Tax Issues, TrustsWhen 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….
Restricted gifts of real estate Continue Reading »
Estate Donations, Estate Planning, Philanthropy/Charitable Giving, UncategorizedBoth 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….
Use of Cottage By Children of Settlor of an Alter Ego/Joint Partner Trust Continue Reading »
Canada Revenue Agency, Cottage, Estate Administration and Probate Applications, Estate Planning, Executors, Property, Real Estate, Succession Planning, Tax Issues, TrusteeIn 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….
