Trusts

Total 218 Posts

When exercising discretion, what factors should a Trustee of a discretionary trust take into account?

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Maddi Thomas, Associate Gowling WLG (Canada) LLP Where a trust holds non-liquid assets that are to be distributed amongst multiple beneficiaries, how can the trustee ensure that their use of discretion was as fair, equitable, and diplomatic as possible? On a related note, when will a court interfere with a trustee’s discretion? Understanding the Scope of Discretion First and foremost, it is important that any trustee understands the scope of….

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Courts, Trustee, Trustee Disputes, Trusts, Uncategorized, Wills

Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part II

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  Happy Friday, everyone. As a reminder, this is Part II of a three-part blog series. Part I can be found at the following link: Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part I – All About Estates and Part III, to be posted August 30, 2024, will discuss estate planning in circumstances wherein there are U.S. beneficiaries…..

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Estate Planning, Tax Issues, Trusts, U.S. Citizen, United States, US Taxes, Wills

Beneficiary of a U.S. Estate – Now What?

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What are the tax implications if you are a beneficiary of a U.S. estate? Rarely do we consider the implications of a Canadian resident inheriting from a U.S. estate. From a Canadian Tax Perspective The general rule is the Canadian beneficiary shall receive their inheritance tax-free since the U.S. estate is deemed to have acquired the assets at fair market value (i.e. cost-base step-up). Further, if the executor is a….

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Estate Planning, International, Succession Planning, Tax Issues, Trusts, United States

Trust Lending to a Beneficiary

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There may be instances where a beneficiary has an immediate need to access funds held in trust yet, the terms of the trust prevent the trustees from proceeding with an income or capital distribution to such beneficiary. In such a situation, if the deed of trust grants the right to the trustees to make a loan, it may be appropriate for the trustees to consider lending an amount to the….

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Loans, Trustee, Trusts

COTTRELL A MUST-READ FOR VALUING THE INTEREST OF A BENEFICIARY IN A DISCRETIONARY TRUST

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This blog has been written by Darren Lund, a partner at Fasken LLP In Ontario, trust law and family law have for some time taken very different approaches to valuing the interest of a beneficiary in a discretionary family trust. For trust lawyers, a beneficiary’s interest in a discretionary family trust is a “mere expectancy”. Beneficiaries who are part of the class of discretionary beneficiaries have a right to be….

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Estate Planning, Family Conflict, Property, Separation, Trusts, Uncategorized

New Arrival, New Will

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Earlier this week, our group gathered to celebrate our colleague’s impending arrival of a new baby. It was a delightful occasion, with cake, presents, and well-wishes. Of course, conversation naturally turned to the preparations that our team member has made for her new addition. Parents-to-be typically spend a lot of time (and money) preparing for the arrival of a child.  They furnish a nursery, fill the freezer with casseroles, test-drive….

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Estate Planning, Guardianship, Trustee, Trusts, Wills
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