Total 1065 Posts
Assume Mr. X died in early 2016. Mr. X’s estate appears to meet all of the requirements to be a graduated rate estate (“GRE”), except the 1st return has not been filed as yet to formally designate it a GRE. The estate made a charitable donation in early 2017; at the time of the donation, the estate had not met all the requirements of the GRE definition in the Income….
Today’s blog was written by Jenna Ward, Articling Student, Fasken Martineau DuMoulin LLP. When clients plan engagement parties, weddings, baby showers or divorce parties (yes, divorce parties are becoming increasingly common) they may not think to invite their estate lawyer. Understandable. However, the unfortunate result may be that such life events impact estate planning in an undesirable way or even revoke estate plans completely. We recently encountered such a situation….
Estate Lawyers: Did our Invitation Get Lost in the Mail?! Continue Reading »
Estate Planning, Family Conflict, WillsAs we head toward another federal budget to be released on March 22, there is much speculation about a change in the capital gain inclusion rate from 50% to 66.67% or 75%. Current Capital Gain Tax As the rules are currently written, only 50% of a capital gain is subject to tax in Canada. For an Ontario resident, the combined Federal and Ontario tax rate applicable to a high rate….
Unrealized Capital Gains: Take Action Now? Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Investments, Property, Real Estate, Tax Issues, Trusts, UncategorizedGenerally speaking, a personal trust is deemed to have disposed of its entire capital property and land inventory on the 21st anniversary of the creation of the trust and every 21 years thereafter for proceeds equal to its fair market value and to have required the same property immediately thereafter for an amount equal to that fair market value. This means trusts may be required to realize and pay tax….
The 21-Year Deemed Disposition Rule Continue Reading »
Estate Planning, Trusts
Unhappy beneficiaries often challenge the validity of a loved one’s will on the grounds that the testator lacked the capacity to execute a will. Applicants use evidence of the testator’s dementia or Alzheimer’s disease (and other mental disorders) to establish that the testator lacked capacity to execute a will. However, it is important to keep in mind that capacity is time specific. A diagnosis of dementia or Alzheimer’s disease, for….
Dementia does not Preclude Testamentary Capacity Continue Reading »
Capacity Law, Elder Law, Estate Litigation, Estate Planning, Power of Attorney, Powers Of Attorney and Guardianship Disputes, Succession Planning, Testamentary Capacity, Wills
The recent Court of Appeal (“ONCA”) decision of Meehan v. Good, 2017 ONCA 103 (“Meehan”), reminds lawyers that the duty of care owed to their clients is extensive, and may operate beyond a limited-scope retainer. In Meehan, the plaintiffs, Michael and Anne Meehan, brought a claim against their lawyer, John Cardill, who they initially retained to pursue an assessment of the accounts of their previous counsel. The Meehans sued Mr…..
Limited Retainers, Lawyer Liability and Limitation Periods Continue Reading »
Dependant Support, Estate Administration, Estate Litigation, Estate Planning, Liability, Power of Attorney, Powers Of Attorney and Guardianship Disputes, Testamentary Capacity, Undue influence, Wills