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Residual Interest Gifts of Homes

Can you donate the residual interest of a principal residence to charity?  Absolutely!  The question, however, is not can it be done, but should it be done.  In most cases, the answer is no – especially for the charity. Structuring Options Let me address the structuring options first.  It is possible to donate a home to charity with an intervening life (or term) interest.  This means one or more persons….

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Estate Planning, Philanthropy/Charitable Giving, Trusts, Uncategorized

A Change of Heart Does Not Create a Resulting Trust

In the recent decision of Hertendy v. Gault, 2020 ONSC 7555, the Court considered a mother’s summary judgment motion to set aside the transfer of her property to her daughter for no consideration. Facts: On October 28, 2011, Marian Hertendy appointed her daughter, Beverly Ann Gault, as her attorney for property and personal care. That same year, Marian signed a Will transferring her property at 837 Poonamalie Road in Smiths….

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Sleigh Bells and Slayers … the “Slayer Law” in Canada, Naughty Executors and Beneficiaries

This Blog was written by: Alicia Mossington (Godin), Estate and Trust Consultant, Scotia Wealth Management  To paraphrase a popular song this time of year: He’s making a list He’s checking it twice He’s going to find out whose naughty or nice …  Santa Claus is coming to town He knows when you’ve been bad or good, so be good for goodness sake. Episodes 60-62 of the Canadian True Crime Podcast[1]….

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Estate Administration, In the News, Uncategorized

Dealing with Real Property in Wills – There’s more to consider here than meets the eye!!

Generally speaking, real property (“property”) is often not specifically dealt with in a Will and therefore, it forms part of the residue of an estate.  In this case, the executor is generally required to sell the property for cash as soon as possible, but this may not be the best strategy and other options should be considered. First things first, occasionally a client’s recollection is imperfect, so confirming how legal….

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Goodbye November

This past weekend was the American Thanksgiving.  In Canada we knew it was their Thanksgiving because advertising for  Black Friday sales was everywhere.   First it was on Friday, then it included Saturday and Sunday and now we have Cyber Monday.   Enough shopping!- especially as most of it is on line and for those of us who are ‘in the red zone’, it is a bit more challenging to support our….

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POST MORTEM PLANNING: AGAIN MORE GOOD NEWS

CRA will allow post-mortem pipeline transactions to continue, which will allow individuals to avoid double tax on disposition of certain assets…..

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Executors, In the News, Investments, Property, Real Estate, Small Business, Succession Planning, Tax Issues, Uncategorized, Wills
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