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Donate to Eliminate Clauses

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Last week I received a call from a client who wished to include a “donate to eliminate” clause in his will. His goal is to wipe-out all taxes in his estate by giving just the right amount to his favorite charities. A few years ago, this planning idea was all the rage in gift planning circles. It turned on a model clause that directed the executor to calculate the value of….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving, Uncategorized

Graduated rate estate – don’t lose it!

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A graduated rate estate (GRE) is an estate that arises as the result of the death of a person on or after December 31, 2015, and no more than 36 months after the person’s death. The estate at that time must be a testamentary trust. The GRE designation brings with key benefits such as access to the lower marginal tax rates and simpler and more flexible donation rules.  Perhaps more important in….

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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, Uncategorized, Wills

Why Should Young People Have a Will? [1]

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You are in your mid to late twenties, you may or may not be married, you may or may not own property, and you probably feel that you do not need a Will since you “don’t have anything”. While that may be true, there are many other benefits to a Will that do not relate to the quantum of assets you might own. Easing your family’s burden: Regardless of whether….

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Inheritances and Taxes – Be Careful Where you Step?

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Frequently, I am reminded how careful one has to be with making sure that tax-free inheritances generally maintain their status throughout all steps to liquidate and realize the proceeds. Here is a case in point. In Owen v The Queen (2018 TCC 90), the taxpayer’s father resided in the United States of America and had a US individual retirement account (“IRA”). The taxpayer’s father passed away. The taxpayer and his….

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Canada Revenue Agency, Estate Administration, Estate Planning, Investments, IRS, Property, Tax Issues, Uncategorized, United States, US Taxes

Politicians and executors: two sides of the same coin

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This Blog was written by Liz Bozek, The recent claim filed by Renata Ford challenging the executors of the estate of her late husband, Rob Ford, and the subsequent election of her former brother-in-law (and the subject of that claim), Doug Ford, got me thinking about some of the similarities between being a politician and acting as an estate trustee. Credentials – interestingly, there are no mandatory credentials for either….

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Executors, In the News, Uncategorized

And the Estate Goes to…

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It is imperative to make a will.  Too often lawyers come across files where an individual dies without a will (i.e. “intestate”), leaving behind a messy estate to be wrapped up and distributed.   People often wonder who inherits an intestate person’s estate. When a person dies intestate in Ontario, the distribution of his or her estate is governed by the intestacy rules set out at Part II of the Succession….

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