Estate Planning

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Henson Trusts

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Qualifying for support under various government disability programs in the form of cash payments or benefits often means that a recipient must have income and assets below a certain level. Without careful planning an intended inheritance may unintentionally serve to cut off a beneficiary’s government support. A Henson Trust allows for the assets of the deceased to pass to a special trust, and not be counted in the disabled assets….

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Canada Revenue Agency, Estate Litigation, Estate Planning, Executors, Tax Issues, Wills

Donations from Spousal and Other Trusts

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[caption id="attachment_11560" align="aligncenter" width="480"] Operation, Christian Schad, Lenbachhaus, Munich[/caption] To paraphrase the common law, a gift must be “freely given without consideration”. “Consideration” means without expectation of benefit, which eliminates contractual or other binding rights. This concept was addressed by my colleague Darren Lund in a recent All About Estates blog on charitable donations from alter ego and spousal trusts. Tax Credit or Certainty? The issue: how can a testamentary….

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

Joint Retainers and Estate Planning

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Lawyers in Ontario are regulated by the Law Society of Ontario, and the Rules of Professional Conduct set out the professional and ethical obligations to which lawyers must adhere. One of the duties relates to avoiding conflicts of interest, except in certain circumstances. Rule 3.4-5 of the Law Society of Ontario Rules of Professional Conduct sets out the rule for joint retainers and provides as follows….

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Estate Planning

Transferring Wealth During Your Lifetime

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I was reading recently that approximately $30-trillion in assets will be shifting from one generation to the next across North America in the next few decades, according to consulting firm Accenture. A couple of years ago, I wrote about gifting cash or assets during one’s lifetime as an alternative method of distributing your wealth and possibly avoid taxes at time of death. Though there is no inheritance tax in Canada….

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Business Succession Planning, Estate Planning, Investments, Loans, Philanthropy/Charitable Giving, Probate Tax, Real Estate, Succession Planning, Tax Issues, Trusts, Uncategorized

“Death be not proud, though some have called thee mighty and dreadful, for thou are not so…” – John Donne

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It is never easy when a loved one dies. Only adding to one’s grief is the fact that the administrative tasks to deal with a death can be complicated. There is any number of loose-ends to address and specific steps to take to bring finality to a life well-lived…..

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Caregiving, Elder Care, Estate Administration, Estate Planning, Executors, Funeral Planning, Geriatric Care Management, Spouse, Succession Planning

Best Laid Plans: The Sculpture Fund

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[caption id="attachment_11235" align="aligncenter" width="800"] Florence Wyle and Frances Loring, 1919.  Photo by Robert Flaherty[/caption]   Frances Loring (1887–1968) and Florence Wyle (1881–1968) were Canadian sculptors and life partners. In 1963 they prepared mirror wills to “assist and encourage Canadian Sculpture” through a testamentary trust, The Sculpture Fund.  Their beloved home, a Victorian church in mid-town Toronto, was to become a meeting place for sculptors and artists.  But after their deaths,….

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