Designating a successor for the TFSA

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Designating the surviving spouse or common-law partner as the successor holder of the Tax Free Savings Account “TFSA” simplifies the administration of transferring the account upon the death of the decedent.  A successor holder may only be a spouse or common-law partner. All provinces and territories in Canada, except Quebec, recognize the designation of a successor holder of a TFSA in the contract itself although the designation can also be….

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Succession Planning

Please note ‘January is Alzheimer’s Awareness Month’

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Reposted @allaboutestates.ca January is Alzheimer’s Awareness Month. Like many of you, I think about Alzheimers quite often; not only the  occasional word finding challenge but for anyone who lives with dementia- closely impacting their own lives- the changes it brings. Do we need a special awareness month to remind us? Yes we do. Most of us are in denial. We don’t want to acknowledge losses and changes in the behaviour….

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Elder Care

Thank You for Being a Friend – The Legacy of Betty White

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Today’s blog has been written by Jessica J. Butler, Law Clerk at Fasken LLP Betty Marion White was born on January 17, 1922 and passed away at her home on December 31, 2021 – just 17 days shy of her 100th birthday. “I feel like crawling under the covers and eating Velveeta right out of the box” – a quote from one of Betty’s most well-known performances as on The Golden….

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Charitable Giving, Estate Planning, In the News, Philanthropy/Charitable Giving

The Golden Girl’s Estate

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Betty White was one of those rare celebrities that everyone loved. Working in the estate industry, we can’t help but talk about the wills of the rich and famous. You would be surprised to know about the planning considerations that have come up with Betty’s estimated $75 million dollar estate. Golden girl? More like multi-platinum…. One of Betty’s greatest legacies is helping animals through advocacy, volunteering and making generous donations…..

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In the News

Passing of Accounts when the Grantor is Presumed Capable

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In Winkler v. Thompson, the court considered whether a niece who held a power of attorney for property for her uncle (the “Deceased”) but insisted that she never acted in a fiduciary capacity for the Deceased should have to pass her accounts. The Deceased was survived by his estranged spouse (“Ilse”) and his niece (“Crystal”). Crystal agreed to pass her accounts when requested to by Ilse. Crystal, who held a….

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Passing Of Trustees’ and Executors’ Accounts, Power of Attorney

OAS Planning

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The Old Age Security (“OAS”) pension is a monthly payment you can get if you are 65 years of age or older. In many cases, Service Canada will automatically enroll you in the year prior to your 65th birthday. To the occasional surprise of some folks, the receipt of OAS is subject to a claw back if “adjusted” income exceeds a certain threshold ( approximately $78,800 for 2021 income year)….

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Canada Revenue Agency, Estate Planning, Investments, Loans, Tax Issues, Trusts, Uncategorized
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