Estate Planning

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Gifting Personalty

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This Blog was written by: Sally Lee, J.D. In an old New York Times article, I read about Jackie Kennedy Onnasis’ personal effects being initially valued at $6 million and later sold at auction for $34.5 million. The IRS, no doubt, went after its share. When I meet clients for estate planning, I often ask if they own something of significant worth that could be featured on “Antiques Roadshow”. Usually,….

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Estate Planning, Property, Uncategorized

Joint accounts – the good and the bad

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Earlier this year, my father-in- law left us suddenly.  While my in-laws were careful about planning for this day there was still some Estate Administration Tax (EAT) to be paid on the transfer of assets between spouses.  Armed with that experience, my mother-in-law is determined pay the least amount of EAT and asked about the use of joint accounts. Jointly held property with a spouse or with one or more….

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Estate Planning, Executors, Family Conflict, Probate Tax, Tax Issues

Robert and Signe McMichael’s Complicated Legacy

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[caption id="attachment_5842" align="aligncenter" width="477"] Robert and Signe McMichael signing Gift Agreement with Ontario Premier John Robarts .18 November 1965. Credit CBC[/caption] Robert and Signe McMichael, the namesake of the McMichael Canadian Art Collection, were savvy art collectors who made some painful philanthropic and estate planning mistakes.  Visionary Collectors     Starting in 1955, when they were in their early 30s, they started buying landscape paintings by the Group of Seven….

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

Latin Terms, “Per Stirpes” and “Per Capita”, Still Present in Wills

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Estate planners commonly use the Latin term, “per stirpes”, when drafting wills, but most lay people have no idea what the term even means. This arcane term differs from the less commonly used, but still present, Latin term, “per capita”.  It is important to understand the difference between these two terms in order to draft a will in accordance with a testator’s intention, as well as be able to explain….

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Estate Planning, Uncategorized, Wills

55(2) and Pipeline Planning

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The Canada Revenue Agency (CRA) was asked to comment on the application of subsection 55(2) of the Income Tax Act to a hypothetical pipeline plan implemented on or after the date of death.  Their answer was both comforting and not surprising. When engaged, subsection 55(2) has the effect of converting a tax-free dividend received by a private company to proceeds of disposition for capital gain purposes – in other words,….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

A True Heartbreaker

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This Blog was written by: Liz Bozek   As you have undoubtedly heard, Tom Petty died on October 2nd after suffering a massive heart attack. He was rushed to hospital and placed on life support but, after doctors discovered no signs of brain activity, the decision was made to remove life support. Petty died shortly after at the age of 66 years. Petty was looking forward to a well-deserved retirement and….

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Estate Planning, In the News, Uncategorized
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