Property

Total 147 Posts

A Gift is a Gift

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We often write about the benefits (and some pitfalls) of gifting, before and after death. Personally, when I recommend gifting, I assume that unless there are specific outcomes required to realize on the gift, a gift is exactly that, a gift – something transferred voluntarily without expectation of getting it back because you changed your mind.  A recent court case appears to support this assumption. According to Johnston v. Song, 2018….

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Charitable Giving, Estate Planning, Family Conflict, Investments, Probate Tax, Property, Real Estate, Separation, Spouse, Uncategorized

Trust Allocations and Gifts to Family Members

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A common estate planning technique is to structure a family trust which owns the shares of a small business corporation in such a way that allows each beneficiary (most commonly being members of the taxpayer’s immediate family – spouse and/or children) to participate in the sale or disposition of the business, thereby utilizing their life time capital gains exemption and potentially saving several hundred thousand dollars in taxes payable on….

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

Estate and Trusts with Foreign Properties and/or Transactions: Update on Reporting Implications

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Sometime ago, I wrote that the Income Tax Act requires persons and partnerships to file information returns in respect of foreign property ownership (specified foreign property in excess $100,000) and transactions with non-residents . This extends to trusts and estates. Those who file such a return late or do not file one on demand are liable to a penalty or penalties. Generally speaking, a penalty starts at a minimum of….

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Canada Revenue Agency, Estate Administration, Executors, In the News, International, Investments, Property, Real Estate, Tax Issues, Trustee, Trusts, Uncategorized, United States

Estate Planning – A Lesson in Communication

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So I was meeting with the beneficiaries of an estate to finalize some of the tax filings to be made. The tax filings reflected a series of transactions completed to eliminate double taxation on the disposition of some of the estate’s assets. What was causing the possibility of double taxation was the fact that my client (now deceased) had purchased a property thru a holding company, which was in effect….

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Canada Revenue Agency, Credibility, Estate Administration, Estate Planning, Family Conflict, Fiduciary Professions, Property, Real Estate, Uncategorized, Wills

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

Control in the Valuation of Business Interests for Estate Planning

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From time to time, I am asked to prepare, review or comment on structures for estate planning purposes with a mind to valuation issues. A common valuation issue is control and whether or not the value of the business interest(s) in the estate plan should be discounted for lack of control or should have premium attached to it because the holder of the business interest(s) do(es) have control. Valuators rely….

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