Estate Planning

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Capital Gains Exemption Purification before a Share Sale: Be Careful about Timing

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Assume a family trust (“Trust”) which has a December year end owns 100% of an operating company (“opco”). A separate corporation (“holdco”), owned by the founders of opco, is a corporate beneficiary of the Trust. Opco is up for sale. Opco has excess funds which may affect the Trust’s and its beneficiaries’ ability to claim the capital gains exemption. A common technique to purify opco for capital gains exemption purposes….

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Canada Revenue Agency, Estate Planning, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts

Dead People Who Make More Money Than You

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Imagine this – You’re front row center in your red leather jacket. The King of Pop is thrilling the crowd. He moonwalks so close to your seat that you can touch him. But you can’t. It’s a Michael Jackson hologram. You spent half your paycheck to watch a hologram perform. This is why my post today is all about dead celebrities that made wayyyy more money than you last year…..

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Estate Administration, Estate Planning, In the News, Wills

Common Pitfalls in Estate Planning for Blended Families

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Common Pitfalls in Estate Planning for Blended Families[1] The traditional concept of the nuclear family (i.e., mother, father and one or more children of a single relationship) has evolved over the years. The modern family is more complicated and may consist of parents who are in second or third relationships and who bring into a relationship  children from one or more prior relationships.  To further complicate the familial structure, there….

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Estate Planning, Wills

Art and Fair Market Value

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[caption id="attachment_7127" align="aligncenter" width="550"] Sir Frederick Grant Banting, 1891 – 1941, The Lab[/caption] Fall art auction week in Toronto is just past. The biggest is run by Heffel Fine Art Auction. The results for the two Heffel auctions illustrate the challenge of determining fair market value in art. The auction catalogue listed a number of estates and charitable foundation as consignors. Clearly art valuation issues affect estate planning. Heffel offered 135….

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Estate Administration, Estate Donations, Estate Planning, Uncategorized

Milne Estate (Re)visited

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Today’s blog was co-authored by Joanna Lindenberg and Ronald Neal The decision of Milne Estate (Re) (“Milne”) caused a stir among the members of the estates bar and solicitors who draft wills, going so far as to illicit an alert from LawPRO. While the Milne decision (which is under appeal) has garnered a great deal of attention and commentary from lawyers (including Justin de Vries’ blog, which you can read….

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Contested wills, Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Succession Planning, Trusts, Wills

Source of Income and the TOSI Rules: Clarification?

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Since the Tax on Split Income (“TOSI”) legislation was released, there has been considerable consternation amongst professionals as to how the rules apply. Even the most sophisticated readers of the legislation agree that it contains provisions that are both ambiguous and somewhat complicated. Somewhat out of exasperation, many deal with the TOSI rules on the assumption that all income amounts received by shareholders, beneficiaries, and partners are subject to TOSI,….

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Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Real Estate, Small Business, Tax Issues, Trusts
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