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Atypical Asset Administration (Part 2)

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This blog has been written by Sandra Arsenault, Law Clerk at Fasken LLP Welcome back! This is Part 2 of a two-part series on unusual assets and estate administration. For part one, please see my blog post here. Typical assets in an estate consist of real property, automobiles, corporations, investments, cash, jewellery and artwork. What I would call the “easy” stuff. But sometimes there are collections, specialized equipment, intangible assets….

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Estate Administration, Estate Litigation, Estate Planning, Executors, Tax Issues, Uncategorized, Wills

May the 4th be with you and your estate

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I’m nerdy about my fair share of things. Star Wars isn’t one of them. But this is an estates blog and arrangements need to be made to take care of Baby Yoda should anything happen. Truth is, whenever the AAE schedule comes out, the first thing I do is sign up for any Thursdays that fall on special days. April Fools’, Halloween, the 4th of July. I’ve done them all…..

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Proper Support Within The Wide Range Of Options

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Determining proper support in dependants’ relief claims is notoriously difficult and highly fact-driven. A recent decision of the Ontario Superior Court of Justice is a helpful summary of the applicable law in dependants’ relief claims. It also includes an analysis of why the deceased’s framework and structure for her son’s support was appropriate in the circumstances, albeit falling short on quantum. In Shafman v Shafman, 2023 ONSC 1391 (CanLII), the….

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Don’t Forget the T1141s and T1142s!

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Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto My last blog post was very early in the year.  In that post, I outlined — and generally responded to — certain common questions posed by newcomers to Canada.  As the year progresses, Canada continues to draw in large numbers of immigrants (with many more arrivals anticipated in the coming years).  For many newcomers, their first or second Canadian….

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Canada Revenue Agency, Canadian and US Tax Treaty, International, Tax Issues, Trusts, U.S. Citizen, Uncategorized, United States

Artist Inventory and Estate Donations

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[caption id="attachment_20100" align="aligncenter" width="658"] James Wilson Morrice, The Regatta, c. 1902-1907, oil on panel, 23.4 x 32.8 cm. Gift of A.K. Prakash, J.W. Morrice Collection, 2015, National Gallery of Canada, Ottawa. Photo: NGC[/caption] In estates, the tax rules governing professional artists and their art are both enabling and complex.  On the enabling side of the ledger, art is treated as inventory for tax purposes, which means works can have a….

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Pass Your Accounts, Or Risk Jail Time

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In the Estate of Nordby, 2023 ONSC 821, an executor was committed to prison for contempt of court for breaching a court order to pass accounts. Facts:  Jennifer Lynn Nordby died on January 23, 2013. Her Will appointed her father, Harold Nordby, as estate trustee and named her two children, one of whom was a minor, as beneficiaries. Mr. Norby obtained probate on October 30, 2013. The value of the….

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