Succession Planning

Total 156 Posts

The Substance Rule: Lang-Newlands v Newlands

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This blog has been written by Darren Lund, Partner at Fasken LLP I previously blogged about the trial level decision Newlands: A New Interpretation of Estate Freezes in the Family Courts? and a subsequent motion Newlands Revisited: Moving to the Appeal in Lang-Newlands v. Newlands, a family law case that dealt extensively with equalization claims in the context of intergenerational wealth planning involving multiple estate freeze transactions. The Ontario Court of Appeal….

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Family Conflict, Separation, Succession Planning, Trusts, Uncategorized

The Great Wealth Transfer Is Female: Why Estate Planning Professionals Must Adapt

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Scotiatrust

This blog post was written by: Jo-Anne Stark, Practice Lead, Scotiatrust Western Region   Reports indicate that by 2028, women in Canada will control nearly $4 trillion in assets.[1] In just the past decade, that figure will have doubled. The implications for estate planning professionals are profound. The most significant wealth transfer in Canadian history is already underway as assets pass from one generation to the next and surviving spouses….

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Estate Planning, Succession Planning

U.S. Estate Planning & Step-Up in Basis: A Key Rule for Inherited Assets

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When advising Canadian clients with cross-border estate planning considerations involving U.S. beneficiaries, the step-up in basis is an important tax concept that can materially affect the beneficiary’s after-tax outcome. A step-up in basis is a significant U.S. tax rule that may affect the capital gains tax payable when inherited assets are later sold. In general, an asset’s tax basis begins with its original purchase price and may be adjusted for….

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

Co-ownership Agreements: Another Tool in the Planner’s Toolkit

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I wrote last summer about the use of cottage trusts as a planning tool. As cottage season is upon us again, I thought I’d write about another useful tool in the planner’s toolkit, particularly where several members of a generation are likely to share ownership of a cottage property: the co-ownership agreement. While it’s important to consider the mechanics of transferring a family property to the next generation, it’s equally….

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Cottage, Estate Planning, Property, Real Estate, Succession Planning, Trusts

Life Insurance & U.S. Citizens

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Scotiatrust

When considering life insurance, it’s important to ask: are you a U.S. citizen? The reason for this question is that U.S. citizens who own foreign life insurance policies face a surprisingly complex tax landscape. Unlike domestic policies—which generally enjoy favorable tax deferral and simplified reporting—foreign life insurance contracts (i.e. non-U.S. life insurance) are subject to increased scrutiny, more extensive reporting requirements, and in some cases, U.S. excise taxes. What is….

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Estate Administration, Insurance, Succession Planning, Tax Issues, U.S. Citizen, United States, US Taxes

Finality Matters: Smith v. Bechtel in the Evolving Jurisprudence on Substantial Compliance

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This blog was co-authored by Latoya Brown, Associate and Ciaran Sheahan, Student-at-Law at Fasken LLP Ontario courts have, in recent years, considered a growing number of cases addressing the scope of their curative jurisdiction under s. 21.1 of the Succession Law Reform Act (the “SLRA”), following the amendment empowering them to do so. These decisions continue to refine the doctrine of substantial compliance and to provide clarity on what constitutes….

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Charitable Giving, Contested wills, Estate Administration, Estate Litigation, Estate Planning, Succession Planning, Wills
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