Succession Planning

Total 150 Posts

ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER

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When an individual taxpayer transfers or loans directly or indirectly property to a corporation, certain provisions of the Income tax Act (“the Act’) may deem the transferor to have received annual interest income on the property at the prescribed rate as set out in the Regulations of the Act. The deemed income will fluctuate with the prescribed rate and the rate is not locked in at the time of transfer…..

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Loans, Property, Real Estate, Small Business, Succession Planning, Tax Issues, Trustee

Sale of Ferrari Highlights an Estate Tax Avoidance Method

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The sale of a 1957 Ferrari 335 Sport Scaglietti for 32 million euros (about $35.8 million US, or $50.2 million Canadian) earlier this month set the record for the most expensive car ever sold at an auction, the New York Times reported. It also made waves for what the Times reports as a new method of reducing estate taxes – using selective data to undervalue precious collectibles and vintage cars….

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Estate Administration, Estate Administration and Probate Applications, Estate Planning, Succession Planning

Which Comes First: Preferential Share or Mortgages?

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The Succession Law Reform Act (“SLRA”) provides that if a married person dies intestate, the first $200,000 (called the “preferential share”) of the deceased’s net estate goes to the married spouse[i]. Any funds remaining after the payment of the preferential share is shared among the spouse and children. In Re Estate of Richard Lewis Crane (“Crane”), the deceased died intestate. He left a second wife and two sons from a previous marriage.  The….

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Estate Administration, Estate Administration and Probate Applications, Real Estate, Spouse, Succession Planning

INCOME DISTRIBUTIONS AND CHARITABLE GIVING AND THE NEW PERSONAL TAX RATES

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If you are like most individuals at this time of the year, you probably don’t give too much thought to your taxes and perhaps putting it off until the filing deadline for tax returns approaches being in the spring of each year for most. For those who are beneficiaries of a trust for instance and expect to receive income distributions, or in a separate context, those who are developing a….

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Charitable Giving, Estate Administration, Estate Planning, Executors, Investments, Property, Succession Planning, Tax Issues, Trustee Compensation

More on Graduated Rate Estates

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At a recent conference of the Society of Trust and Estate Practitioners, the Canada Revenue Agency (“CRA”) was asked to respond to certain questions regarding Graduated Rate Estates (GRE’s), in particular around the actual definition of a GRE and its application to a situation where the deceased has more than one will. Definition of a GRE The CRA was asked that while an estate is under administration during its first….

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Business Succession Planning, Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Probate Tax, Succession Planning, Tax Issues, Trustee, Trusts, Wills

Gifting and Incapacity – A Cautionary Tale

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Parents are living longer and gifting money to their children before they die or by way of a last minute will. Distrust and disbelieve inevitably arise. The courts are called upon more and more to settle family disputes with all of the attendant rancor and costs. The case of Foley v. McIntyre helps sorts out some of the legal issues. ….

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Estate Litigation, Estate Planning, Joint Tenancy, Succession Planning, Testamentary Capacity
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