Succession Planning

Total 154 Posts

Planning for the People You Love

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This blog has been written by Latoya Brown, Associate at Fasken LLP Valentine’s Day is often associated with flowers, cards, and grand gestures. But beyond the chocolates and celebrations, February also offers a quieter reminder of what truly matters: the people we care about. It’s an opportunity to pause and reflect on how we show care, not just through gestures or words, but through thoughtful planning and intention for the….

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Estate Administration, Estate Planning, Family Conflict, Power of Attorney, Succession Planning, Wills

Gifting Farmland, an Estate Strategy?

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Gifting property to the next generation is an estate strategy at its simplest form. For farming families, farm succession planning can often be complex considering the difficulties associated with “equalizing” a farmer’s estate between their children in circumstances where a child is actively involved in the farming business while the other is not. An equalization option that is sometimes considered by the farmer is to sever the farmland with the….

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Farm, Property, Real Estate, Succession Planning, Tax Issues

Love, Marriage and U.S. Tax…

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Love knows no boundaries and neither do the U.S. tax rules. Marrying a U.S. citizen will result in U.S. tax implications for the couple that should not be ignored. This article will review a few U.S. tax considerations for married couples (that include a U.S. citizen). Proper Tax Filing Contrary to Canada, the U.S. tax filing requires an individual taxpayer to file their tax return as “single” or “married filing….

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

Estate Freezes and a Spouse’s ILA

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Estate freezes can raise important questions—like whether the freezor’s spouse should seek independent legal advice (“ILA”). This blog unpacks why that recommendation matters. Estate Freeze Consider the following estate freeze, which intentionally is explained in a “bare bones” manner. A spouse (“Freezor”) is exchanging their common shares in a Canadian controlled private corporation (“Family Corp.”) for fixed value preference shares. A new discretionary family trust is settled for the benefit….

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Interest, Separation, Spouse, Succession Planning, Trustee, Trusts

Review or Update Your Will Every Few Years—Your Beneficiaries Will Thank You

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This blog has been written by JOSEPH STONEHOUSE, litigation associate at Fasken LLP (Toronto) In a recent decision, Justice Myers of the Superior Court of Justice dismissed claims by beneficiaries under a will against the drafter because those claims were brought more than 15 years after the defendant drafted the will. The court determined that, despite the perceived unfairness, the legislative intent behind the Limitations Act necessitated striking the plaintiffs’ claims…..

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Contested wills, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, Limitation periods, Succession Planning, Wills

Plan Today, Protect Tomorrow: Why You Shouldn’t Wait to Make or Update Your Will

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November is Make a Will Month, an annual initiative designed to raise awareness about the importance of having a Will. A Will is one of the most critical legal documents you can have, as it ensures that your wishes are respected and your loved ones are provided for after your passing. Despite its significance, many Canadians delay creating a Will, often due to misconceptions about its necessity, the belief that….

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Estate Planning, Succession Planning, Wills
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