Total 679 Posts
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….
What Will your Will Say? Part II Continue Reading »
UncategorizedIn 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…..
Will Planning for Beneficiaries Continue Reading »
Business Succession Planning, Disability, Estate Administration, Estate Planning, Tax Issues, Trusts, Uncategorized, Wills
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….
Schizophrenia in Late Life and Impact on Decision-Making Capacity Continue Reading »
Disability, Elder Care, UncategorizedRecently, I wrote about the gifting of cash or assets during one’s lifetime as an alternative method of distributing your wealth (beyond what you need to live on comfortably) and possibly avoid taxes (probate, income etc.) at time of death. I suggested that your heirs could use the funds in a manner that will likely cost less tax: For example pay down some personal debt, apply it as a deposit….
GIFTS – Some Additional Thougths Continue Reading »
Canada Revenue Agency, Charitable Giving, Estate Litigation, Estate Planning, Family Conflict, Investments, Joint Tenancy, Loans, Philanthropy/Charitable Giving, Probate Tax, Property, Real Estate, Tax Issues, Trusts, UncategorizedThe Canada Revenue Agency (CRA) was asked to comment on the availability of the principal residence exemption (PRE) when a previously occupied property is destroyed by fire and a decision is made to sell the property in a later year. The taxpayer purchased a house in 2010 which was ordinarily inhabited as a principal residence. In 2016, the house was completely destroyed by a fire and the taxpayer decided to move….
Principal residence exemption and fire loss Continue Reading »
Canada Revenue Agency, Cottage, Executors, Property, Real Estate, Tax Issues, UncategorizedI mentioned in my last blog that the government is proposing measures to limit the application of the lifetime capital gains exemption (“LCGE”) to owners of eligible small business corporations, based on age and “reasonableness”. Subject to certain exceptions, the proposals ensure that property held by a trust will no longer be eligible for the LCGE. Under the current proposals, there are transition rules which will permit a one-time multiplication….
Valuators – 2018 Might be a Very Good Year Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized