Trusts

Total 216 Posts

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

Is This a Bare Trust?

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Andrew Coates, Associate, Gowling WLG (Canada) LLP Today was supposed to be the due date for untold numbers of T3 returns and Schedule 15s for trusts known as “bare” trusts in existence on December 30, 2023. Not only was it going to be the first year that the Canada Revenue Agency (the “CRA”) required bare trusts to report their existence through the filing of a T3 return, but also the….

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Canada Revenue Agency, Estate Planning, Joint Tenancy, Tax Issues, Trusts, Uncategorized

Tainting The Spousal Trust?

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Corporately-owned life insurance is viewed as a key strategic option in tax and estate planning, notably for business owners.  There are several strategic reasons to consider corporately-owned insurance as part of the estate plan, such as equalization among the beneficiaries of their estate or to fund the taxes triggered on death. Essentially, corporate life insurance plays a role in the wealth preservation plan. Another goal of wealth planning is to….

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Estate Planning, Insurance, Trusts
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