Total 686 Posts
I was recently asked about the tax implications of creating a life interest in real property. When I use the term “life interest” in this context I am not referring to a typical scenario in which a property is transferred to trustees and held in a trust, the terms of which provide a beneficiary, often referred to as the lifetime beneficiary, with the exclusive use and enjoyment of the property….
The Time of Your Life (Interest) Continue Reading »
UncategorizedIn this week’s blog I’m going to try to do the impossible; make syntax and legal drafting interesting. Why? One comma can be the difference between life and death. It’s the difference between: Let’s eat Grandma! and Let’s eat, Grandma! Legalese, not so easy In the context of an estate, how do you interpret the following? All of the residue and remainder of my property I give and devise….
Grammar saves lives Continue Reading »
Contested wills, Contracts, Estate Litigation, Uncategorized, Wills
Written by Fatima Husnain, student-at-law at Fasken Martineau DuMoulin LLP Prior to law school, I worked in a hospital inpatient mental health unit. Many of the patients were unable to make their own health care decisions and relied upon other individuals to make decisions on their behalf. If anyone had asked me at that time what a power of attorney for personal care (“POA”) was, I could not have answered…..
Difference Between a POA and an SDM Continue Reading »
UncategorizedI recently went looking for information to assist wine and spirit collectors with their estate planning. To my surprise there is little material online. It’s easy to uncovered truth by drinking wine – “in vivo veritas” – but much harder to find a comprehensive Canadian resource about estate planning for collectors. After meditating on this paucity over a bottle of Okanagan pinot noir that I found in my cellar (well,….
Wine and Estate Planning Continue Reading »
Estate Administration and Probate Applications, Estate Donations, Estate Planning, UncategorizedIn Canada (A.G.) v Nortip Development 2019 NLCA 34, a company fell behind in remitting payroll withholdings and related amounts for several periods over a two-year period to the Canada Revenue Agency (“CRA”). Around the same time, a property with a mortgage owned by the same company, was destroyed by fire. A portion of proceeds of insurance on that property (equal to the amount owed to the CRA) were claimed….
DEEMED TRUST: TAX DEBTS AND PROCEEDS OF INSURANCE Continue Reading »
Canada Revenue Agency, Property, Real Estate, Small Business, Tax Issues, Trusts, Uncategorized
I recently read an article written by Thomas Junkin, David Cieslowski and Vincent Tonietto, all with Fiduciary Trust Canada and published in their Summer 2019 issue of Perspective. The topic was entitled “Stickhandling Sudden Wealth”. In it, the authors discuss the unique investment and estate planning challenges facing younger clients who are suddenly wealthy. While the context of their discussion is professional hockey players, their messages resonate equally with other….
The Weight of (Sudden) Wealth Continue Reading »
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