Spousal Rollover and Substituted Property

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Suppose the will of a deceased taxpayer provides that certain assets are to be transferred to a spousal or common law partner trust.  Before doing so, and while property of the estate is being administered, certain property might change or be substituted by the Estate.  For example, shares might be converted from one class to another.  If so, is the spousal rollover still available? When a taxpayer dies and certain….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

January is Alzheimers’ 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 (not so) occasional memory lapses but for anyone who lives with dementia- closely impacting their own lives- the devastation it can bring. 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….

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Elder Care

A Joint Tenancy Gone Awry

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Many of my fellow bloggers have blogged about joint tenancies, whether the focus of those blogs was on a case where the facts involved a joint tenancy or was to simply advise of the issues and risks related thereto. (See Brittany Sud’s blog on January 19, 2018, Steven Frye’s blog on June 6, 2017, and my blogs of July 29, 2016 and November 11, 2010). This blog is going to….

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Estate Litigation, Estate Planning, Family Conflict, Property

How to create a legacy

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Lyndsay Green’s new book on legacy, The Well-Lived Life, sets itself an ambitious goal. Its subtitle is “Live with Purpose and be Remembered”. Mixing stories, philosophy and practical tips on estate planning and philanthropy this readable book makes a bold promise. Creating a legacy is hardly a new goal, and each era of history is defined by a ruling philosophy or religion. Green’s guiding philosophy is secular and individualist. She is….

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Estate Planning, Philanthropy/Charitable Giving

Sham(e) on You!

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McGoey (Re), 2019 ONSC 80 (CanLII) is a fun case which reminds readers of the law surrounding sham trusts, but also demonstrates that the most convincing evidence can sometimes be found right on the (type)face of a document, the validity of which is in issue. In this motion, the trustee of the bankrupt estate of Gerald McGoey sought a declaration that Mr. McGoey’s interest in two properties held in joint….

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Joint Tenancy, Trustee, Trusts

Another Resolution for the New Year – Take Advantage of the Low Prescribed Rate

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We have talked about income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such marketable securities, mutual funds, real estate income trusts (to name a few). The income from these properties less the interest paid on the loans….

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Canada Revenue Agency, Estate Planning, Interest, Loans, Property, Real Estate, Tax Issues, Trusts
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