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When a Modern Relationship and the Traditional Family Clash: a Lesson for Estate Planners

Guest written by Jessica Nolan, student-at-law at Fasken. A recent case out of British Columbia offers a number of lessons for estate planning. Robledano v. Jacinto (2018 BCSC 152) involved the estate of Barbara Jacinto who died unexpectedly. Barbara had been in a relationship with Maria Robledano on and off for just over 30 years. In the final years before Barbara’s death, they were primarily living under separate roofs but….

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Donate to Eliminate Clauses

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!

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]

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?

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

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
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