Trustee

Total 151 Posts

Strategies for Distributions for Young Beneficiaries

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This Blog was written by: Daniel Watts, Estate and Trust Consultant, Scotiatrust I wrote in a previous post about determining an appropriate age for a beneficiary to receive an inheritance (Choosing an Appropriate Age for Young Beneficiaries to Inherit, February 7, 2019). Below, we take that idea a bit further by considering additional approaches rather than a simple, single distribution of all the funds when a beneficiary attains a certain….

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Estate Planning, Trustee, Trusts, Uncategorized, Wills

It Ain’t Over Til It’s Over*

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A “passing of accounts” refers to the process of formally preparing and presenting accounts to the beneficiaries and the court. The accounts are either approved (i.e., “passed”) in the form presented, amended by court order and passed in revised form, or not passed because the court is not satisfied with the accounts or some aspect of the administration of the estate or property being managed by a fiduciary. Pursuant to….

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Capacity Law, Caregiving, Costs, Elder Care, Elder Law, Estate Litigation, Executors, Family Conflict, Fiduciary Professions, Passing Of Trustees’ and Executors’ Accounts, Power of Attorney, Powers Of Attorney and Guardianship Disputes, Trustee, Trustee Disputes

Significant Tax Re-Assessment Due to An Estate Valuation Gone Wrong

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I have been writing about valuations for estate plan agreements, highlighting that they should be based on fair and reasonable methods, prepared in good faith, properly supported and documented at the time of valuation. In Lewin v. the Queen 2019 TCC 21, The Lewin Estate was appealing a significant tax reassessment of the deceased’s terminal return issued some five years after the original assessment. The issue to be decided is….

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Canada Revenue Agency, Estate Administration, Estate Litigation, Executors, Investments, Tax Issues, Trustee, Uncategorized

SPOUSAL TRUSTS : COUPLE OF UPDATES

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Life insurance policy – rollover at cost? In a recent technical interpretation, the Canada Revenue Agency (“CRA”) confirmed that where a spousal trust is required to pay the life insurance premiums on a policy it owns and is the beneficiary of the policy, a rollover at cost pursuant to the relevant section of the Income tax Act (“ITA”) is not available on the original transfer of assets to the trust…..

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Canada Revenue Agency, Estate Administration, Insurance, Interest, Investments, Spouse, Tax Issues, Trustee, Trusts, Uncategorized

Passing of Accounts –Made to Measure (Law)Suits

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A passing of accounts is the process whereby an estate trustee (or other fiduciary) provides the beneficiaries with a summary of all estate assets, liabilities, and transactions, in a given period. A passing of accounts can be done informally or through a court application. It provides transparency to the beneficiaries and protection to the estate trustee. Because the role of estate trustee is often filled by family members with little….

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Estate Administration, Estate Litigation, Family Conflict, Passing Of Trustees’ and Executors’ Accounts, Trustee, Trustee Disputes, Wills

When Cash is not King?

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Most people keep their cash in bank accounts. However, to my surprise, some people still don’t, and for estate planning and administration purposes, this can be a real problem. Take the case of Temple v. Peddle, 2019 NLCA 2 in Newfoundland Labrador. Mrs. Peddle kept cash in a safe deposit box under a joint account with Mrs. Peddle’s son Leo, who was ultimately appointed guardian of her estate. Leo claimed….

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Estate Administration, Estate Planning, Executors, Family Conflict, Geriatric Care Management, Investments, Trustee
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