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Control in the Valuation of Business Interests for Estate Planning

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From time to time, I am asked to prepare, review or comment on structures for estate planning purposes with a mind to valuation issues. A common valuation issue is control and whether or not the value of the business interest(s) in the estate plan should be discounted for lack of control or should have premium attached to it because the holder of the business interest(s) do(es) have control. Valuators rely….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized, Wills

“Unlucky But Not Unfair”

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An interesting case recently appeared in the Ontario Reports that highlights a risk in making an inter vivos gift of cash using a cheque, particularly where the donor is near death. In the case, Teixeria v. Estate of Markgraf et al., the donor, Mary Markgraf, was nearing her death. She continued to have capacity to make a will as well as inter vivos gifts. As part of her planning, Mary….

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Taming the Cottage Gremlins with a Non-Profit Organization

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This Blog was written by Carol Willes, One of our family’s favourite pastimes at the cottage is to build a roaring campfire and spend the evenings telling stories, singing along to guitar tunes and roasting the occasional marshmallow. Every so often, however, some unwelcome visitors show up and crash our campfire bliss. This generally happens when the fireside conversation turns to the future of the cottage once mom and dad….

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Cottage, Estate Planning, Family Conflict, Succession Planning, Uncategorized, Wills

What Will your Will Say? Part II

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In a previous post, I shared with you a number of interesting (often odd) requests and bequests in a last will and testament.  Today, I share part two of some of the most interesting last wills and testaments in the last few centuries: Can we communicate with the dead? Harry Houdini is known for his magic tricks and illusions.  He died on October 31, 1926, at the young age of….

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Will Planning for Beneficiaries

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In what might be one of the last pipeline transactions my office will advise on (depending on the outcome of the Government of Canada tax proposals), I ran into an unfortunate situation which served to highlight a fundamental aspect of estate planning: Planning for your beneficiaries. Recently, I reached out to the beneficiaries of the estate I am working on to determine their personal tax positions for this current year…..

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Business Succession Planning, Disability, Estate Administration, Estate Planning, Tax Issues, Trusts, Uncategorized, Wills

Schizophrenia in Late Life and Impact on Decision-Making Capacity

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Schizophrenia in adults is the most common illness causing psychosis (a loss of contact with reality, a lack of ability to tell what is real from what is not real in some way). Schizophrenia generally commences in late adolescence or less commonly after age 40 referred to as late onset schizophrenia in DSM-5. Seniors with schizophrenia will likely have had an early onset of the disease with chronic persistent mental….

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Disability, Elder Care, Uncategorized
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