Executors

Total 353 Posts

The $100 Million Executor Fee: Unexpected but not Unreasonable

• • 0 Comments

This blog was written by Paula Lester – Estate and Trust Consultant with Scotia Wealth Management When the four executors of Leona Helmsley’s $5 billion estate asked for payment of $100 million for their services, it was touted as being astronomical by the challenging Attorney General. Still, Manhattan Surrogate’s Court Judge Nora Anderson recently ruled to allow the fees, which, although admittedly enormous, were considered justified based on the complexity….

The $100 Million Executor Fee: Unexpected but not Unreasonable Continue Reading »

Compensation, Estate Administration, Executors, In the News, United States

Fraudulent Conveyances and Your Estate

• • 0 Comments

It is well known that Ontario testators enjoy the freedom to distribute their estates as they wish (provided their statutory obligations are met); however, the recent case of RBC v. Scarborough, 2019 ONSC 3369, reminds readers to be cognizant of the impact of debts and liabilities upon those who may stand to benefit from an estate, as well as the ramifications of taking steps to deal with one’s estate in….

Fraudulent Conveyances and Your Estate Continue Reading »

Estate Administration, Estate Litigation, Estate Planning, Executors, Joint Tenancy, Loans, Wills

Changes to a Trust Agreement

• • 0 Comments

The Canada Revenue Agency recently responded to a ruling request as to whether or not a proposed amendment to a trust agreement could be so significant to cause a resettlement of the trust, or a disposition of a beneficiary’s interest in the trust Before the enactment of variation of trusts legislation, trustees were generally bound to administer the trust according to its terms.  Unless specifically allowed in the trust deed,….

Changes to a Trust Agreement Continue Reading »

Canada Revenue Agency, Estate Administration, Executors, Tax Issues

Trusts and Trust Resettlements – Variations and Circumstances

• • 0 Comments

Variation(s) of a trust agreement, after it is settled, does carry the risk of causing a resettlement of a trust or a disposition of a beneficiary’s interest in the trust, with serious tax consequences. But not all variations lead to resettlement, fortunately. Recently in an advance ruling, the Canada revenue Agency (“CRA”) was asked to consider whether a trustee seeking to amend a trust agreement for the appointment of the….

Trusts and Trust Resettlements – Variations and Circumstances Continue Reading »

Canada Revenue Agency, Disability, Estate Administration, Executors, Guardianship, Spouse, Tax Issues, Testamentary Capacity, Trustee, Trusts, Uncategorized

A TFSA loses its tax exempt status

• • 0 Comments

The income tax treatment of a trust and its beneficiary where the trust lost its status as a tax-free savings account (TFSA) because it contravened the registration restriction on borrowing money was the subject of a recent Canada Revenue Agency(CRA) technical interpretation. The trust continued to exist for several years after the borrowing occurred and was administered during that time by the TFSA issuer as though it were a TFSA…..

A TFSA loses its tax exempt status Continue Reading »

Canada Revenue Agency, Estate Administration, Executors, Tax Issues

Probate and the Humans Rights Tribunal of Ontario

• • 0 Comments

On June 29, 2019, the Human Rights Tribunal of Ontario (the “HRTO”) released an interim decision which impacts upon estate trustees and which calls for some friendly scrutiny from estate solicitors and litigators. My colleague, Jacob Kaufman, blogged about a previous and related HRTO 2017 case which required that a certificate of appointment of estate trustee (probate) be obtained – both where there is and is not a will – in order….

Probate and the Humans Rights Tribunal of Ontario Continue Reading »

Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Wills
Scroll to Top