Total 150 Posts
McGoey (Re), 2019 ONSC 80 (CanLII) is a fun case which reminds readers of the law surrounding sham trusts, but also demonstrates that the most convincing evidence can sometimes be found right on the (type)face of a document, the validity of which is in issue. In this motion, the trustee of the bankrupt estate of Gerald McGoey sought a declaration that Mr. McGoey’s interest in two properties held in joint….
Sham(e) on You! Continue Reading »
Joint Tenancy, Trustee, Trusts
Undue influence results in benefits to a beneficiary/donee which would not have occurred except for the undue influence imposed by the beneficiary/donee upon the testator/donor. Undue influence can be conceptualized into two distinct types: (1) “actual” undue influence and (2) “presumed” undue influence. Actual undue influence is concerned with coercive or deceptive behaviour. As explained by Lord Justice Lindley in the seminal case of Allcard v. Skinner,[i] actual undue influence….
Undue Influence by “Unwitting Proxy” Continue Reading »
Capacity Law, Elder Law, Guardianship, Power of Attorney, Powers Of Attorney and Guardianship Disputes, Resulting Trust, Testamentary Capacity, Trustee, Trustee Disputes, Undue influenceIn the work I do, I am asked to provide expert testimony to support litigation. In some cases, I am often quite surprised to what extent parties will continue to litigate matters that appear to be “no-wins” or for small dollar amounts. Depending on the circumstances, parties have taken the personal brunt of litigation costs that may far exceed the amount in question, due primarily to their own intransigence. A….
Estate Trustees and Costs of Litigation: Try not to take it personally? Continue Reading »
Attorney Compensation, Contested wills, Costs, Estate Administration, Executors, Family Conflict, Liability, Property, Trustee, Trustee Disputes, Uncategorized, WillsRecently, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you can make withdrawals. What if in a scenario recently presented in a round table discussion with the Canada Revenue Agency (“CRA”), the CRA….
TFSA’s and Residency Continue Reading »
Canada Revenue Agency, Estate Planning, Investments, Property, Trustee, Trusts, United StatesUnder the current rules, a trust only needs to file an annual tax return but generally does not need to file the return if it does not earn an income or make any distributions in the year. (Notwithstanding that the Canada Revenue Agency has increased its demand for “nil returns” to be filed under certain circumstances). Further, there is currently no requirement for the trust to report the specific identity….
TRUST REPORTING: NEW REQUIREMENTS COMING SOON! Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Tax Issues, Trustee, Trusts, Uncategorized, United StatesThe Canada Revenue Agency provided its views regarding the income tax implications of a gift made by executors of an estate of a deceased individual. The taxpayer died in 2016. His Will named his three sons as equal beneficiaries and co-executors, with no designation of amounts to be given to charitable organizations but giving the co-executors the flexibility to make donations if they wish. His assets at the time of….
Gift of securities by executors of a will Continue Reading »
Canada Revenue Agency, Charitable Giving, Estate Planning, Executors, Tax Issues, Trustee, Uncategorized, Wills