Individual Pension Plans Revisited (Again) – What about Pension Transfers?

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When a member of an employer sponsored pension plan ceases employment, the member may receive a lump sum payment for the commuted value of their pension rights, exposing that member to a significant tax bill, as only a limited amount of the payment can be transferred to an RRSP. There exists the possibility of using the pension payout to fund an IPP. Under the right circumstances this may permit the….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Property, Small Business, Tax Issues, Uncategorized

Thinking About Comfort Care

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The sun is finally shining,  we are having double digit temperatures and it is the start of the week.  While today’s blog topic on end of life treatment  may sound like a downer, thinking, talking and preparing for it,  I feel is positive. The New York Times article, ‘How to Make Doctors Think About Death’ is a well written piece by Theresa Brown, a hospice nurse.  It discusses the need….

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Elder Care

Advantages and Disadvantages of Charitable Remainder Trusts[1]

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A charitable remainder trust is an underutilized philanthropic tool where a charity is given a future monetary benefit, while the donor receives immediate tax relief in respect of the charitable contribution. Typically, a donor irrevocably contributes property to a trust for the lifetime of a beneficiary, with a charity being the residual capital beneficiary upon the death of the lifetime beneficiary. The lifetime beneficiary has the right to the income….

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Charitable Giving, Trusts

Undue Influence in Estate Planning

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This Blog was written by: Alicia Godin, Estate and Trust Consultant, Scotiatrust Historically the area of estates was not particularly litigious, but as families and financial circumstances become more complex, litigation involving estates has become more frequent. Frequently touted, but notoriously difficult to prove, is the allegation of someone being unduly influenced in making their Will. A client of mine (let’s call him Derek) passed away leaving behind his (younger)….

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Capacity Law, Estate Litigation, Uncategorized, Undue influence

It Ain’t Over Til It’s Over*

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A “passing of accounts” refers to the process of formally preparing and presenting accounts to the beneficiaries and the court. The accounts are either approved (i.e., “passed”) in the form presented, amended by court order and passed in revised form, or not passed because the court is not satisfied with the accounts or some aspect of the administration of the estate or property being managed by a fiduciary. Pursuant to….

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Capacity Law, Caregiving, Costs, Elder Care, Elder Law, Estate Litigation, Executors, Family Conflict, Fiduciary Professions, Passing Of Trustees’ and Executors’ Accounts, Power of Attorney, Powers Of Attorney and Guardianship Disputes, Trustee, Trustee Disputes

Butterfly, Eden Alternative and Green House Project coming to Toronto funded Long Term Care homes- sometime down the road.

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 As you know we have had a crisis in our Long Term Care homes. Not enough beds and not enough staff. I have blogged extensively on the subject.  However there is some light starting to shine through.  As you may know the City of Toronto operates 10 long term care homes (2,600 beds), including: Bendale AcresCarefree LodgeCastleview WychwoodCummer LodgeFudger HouseKipling AcresLakeshore LodgeSeven OaksTrue Davidson Acres andWesburn Manor Councillor Josh Matlow….

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Elder Care, Uncategorized
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