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What Will Your Will Say?

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A last will and testament can often provide insight into a person’s final fortunes, thoughts, and wishes, right down to who should receive his or her hair strands.  For today’s blog, I decided to research fascinating (and sometimes questionable) provisions in last wills and testaments.  I share with you some of the most intriguing requests and bequests in the last two hundred years: Happy birthday, Mr. President Marilyn Monroe left….

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JOINT TENANCY AND PROBATE AVOIDANCE – A QUICK REVISIT

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When developing estate plans for clients with property of a capital nature (real estate, marketable securities being a couple of examples), one of the questions I get asked more often than not is: How can I avoid probate? Can I just put someone else’s name on a document so it transfers to that person when I pass away? Are there any implications? Technically speaking, “putting someone else’s name on a….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Interest, Investments, Joint Tenancy, Probate Tax, Property, Real Estate, Resulting Trust, Tax Issues, Trusts, Uncategorized, Wills

Elder Orphans

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You may already be familiar with the terms. It refers to older individuals who do not have any family to provide care for them. They have either outlived their family or are estranged from them. With our aging demographics we are working with many single women who do not have any children. Society has shifted and traditional models of care that were supported by nuclear and extended families and communities….

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Elder Care, Geriatric Care Management, Power of Attorney, Uncategorized

Caution Required: Gift by a Graduated Rate Estate of a Capital Interest in a Residual Trust

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The CRA was recently asked to consider whether subsection 118.1(5.1) of the Income Tax Act would apply to a gift made to a qualified donee of a capital interest in a testamentary charitable residual trust. Subsection 118.1(5.1), if applicable to charitable gift, allows the tax credit in respect of the gift to be claimed by the testator in either or his or her last two taxation years or by testator’s….

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Knowledge: The Inheritors’ Perspective

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RBC recently released their Wealth Transfer Report 2017. Some of results confirm what we have read for years about the percentage of people who have proper Wealth Transfer Plans in place. What caught my eye, were the survey results about the inheritor experience and educating the next generation. By way of context, this survey was comprised of 3,105 respondents from across Canada, U.S.A. and the U.K. with average investible assets….

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Estate Planning, In the News, Uncategorized

Multiple Wills – the West Coast version

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This Blog was written by: Natalie Rouse Most of us are familiar with the 1998 decision of Granovsky Estate v Ontario. The case has been the leading authority to permit planning with multiple Wills in Ontario. The use of multiple Wills is now an integral part of the estate planning process for business owners and professionals. It is a frequently used and effective strategy in order to save (and in….

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Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Probate Tax, Uncategorized, Wills
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