Insurance

Total 34 Posts

When One Clause or Designation Derails an Estate Plan

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Scotiatrust

This blog post was written by: Dave Madan, Senior Manager, Scotiatrust Recent decisions from the British Columbia Court of Appeal have underscored how fragile an estate plan can become when a Will is ambiguous, or when life insurance and beneficiary designations conflict with the testator’s broader intentions. These cases remind us that estate planning isn’t just about having a Will, it’s about making sure the pieces are consistent, coherent, and….

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Appeals, Contested wills, Courts, Estate Litigation, Insurance, Wills

Can insurers insist on probate to release life insurance funds?

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Written by Kelsey Buchmayer, associate with the Ottawa office of Gowling WLG (Canada) LLP An insurer should not necessarily require a probated Will to release the proceeds of a life insurance policy. Section 203 of the Insurance Act[1] sets out that upon receipt of “sufficient evidence”, an insurance company should pay the insurance money to the person entitled thereto, and within thirty days of receiving the evidence: 203 (1) Where an….

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Estate Administration, Estate Administration and Probate Applications, Insurance

Can the CRA seize the proceeds of life insurance?

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An existing tax debt at the time of death can wreak havoc on the administration of an estate and can jeopardize the estate and insurance planning. This is because the Canada Revenue Agency (“CRA”) is not your typical creditor and has statutory powers to seize assets of the estate beyond what other creditors may seize. Personal Insurance If the insurance proceeds are payable to the designated beneficiary(ies) under the insurance….

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Estate Planning, Insurance, Tax Issues, US Taxes

To Gift or Not to Gift?

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This blog post was written by: Diana Leopardi, Estate and Trust Consultant, Scotiatrust Montreal Many people would have their cake and eat it too. Meaning, many people want to enjoy their retirement years while also plan for a lasting legacy to their next generation. How can this be done? What are some options? An insured annuity is a tax efficient strategy that produces a guaranteed income stream for the duration….

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Estate Planning, Insurance

Cross-Border Insurance Planning – Some Basics

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Cross-border insurance planning is tricky but understanding the basics can go a long way in assisting clients. This short article will review some of the key questions to consider in order to avoid potential pitfalls in life insurance planning. Who is the Owner, the Insured and the Beneficiary In the context of personal insurance planning, it is important to appreciate that there are always three (3) parties involved; the owner,….

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Estate Planning, Insurance, International, IRS, Succession Planning, Tax Issues, U.S. Citizen, US Taxes

ILIT – An Estate Planning Vehicle for the U.S. Person

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An irrevocable life insurance trust (ILIT) is an estate planning vehicle worth some consideration for U.S. citizens living in Canada.  Many estate advisors are unaware that U.S. citizens subscribing to life insurance on their life will have the death benefits included in the value of their taxable estate for U.S. estate tax purposes.  An ILIT may provide an opportunity to avoid such an outcome. What is an ILIT? An ILIT….

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Canadian and US Tax Treaty, Estate Planning, Insurance, Succession Planning, Tax Issues, U.S. Citizen, US Taxes
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