Estate Administration

Total 493 Posts

Estate Planning – A Lesson in Communication

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So I was meeting with the beneficiaries of an estate to finalize some of the tax filings to be made. The tax filings reflected a series of transactions completed to eliminate double taxation on the disposition of some of the estate’s assets. What was causing the possibility of double taxation was the fact that my client (now deceased) had purchased a property thru a holding company, which was in effect….

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Canada Revenue Agency, Credibility, Estate Administration, Estate Planning, Family Conflict, Fiduciary Professions, Property, Real Estate, Uncategorized, Wills

Robert and Signe McMichael’s Complicated Legacy

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[caption id="attachment_5842" align="aligncenter" width="477"] Robert and Signe McMichael signing Gift Agreement with Ontario Premier John Robarts .18 November 1965. Credit CBC[/caption] Robert and Signe McMichael, the namesake of the McMichael Canadian Art Collection, were savvy art collectors who made some painful philanthropic and estate planning mistakes.  Visionary Collectors     Starting in 1955, when they were in their early 30s, they started buying landscape paintings by the Group of Seven….

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

Lost Wills – More Complicated than Losing Your Keys

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Nobody is perfect – sometimes you lose your keys. Other times you lose your will. The problem is, by the time your estate trustee realizes the will is gone, you won’t be around to help look for it. The inability to find a testator’s will does not automatically result in the deceased’s estate being distributed on intestacy. In certain circumstances, a lost or destroyed will may be admitted for probate….

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Contested wills, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Wills

Contributor/settlor Taxable Income and T3 Reporting Requirements

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As most trust and tax practitioners know, The Income Tax Act (“ITA”) will attribute trust income, losses, capital gains and capital losses to the contributor / settlor if certain conditions are met. The 2016 T3 Guide states the following: Certain related amounts, including taxable capital gains and allowable capital losses from that property or the substituted property, are considered to belong to the contributor during the contributor’s life or existence….

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Canada Revenue Agency, Estate Administration, Tax Issues, Trusts, Uncategorized

Protecting Charitable Interests

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[caption id="attachment_5768" align="aligncenter" width="377"] Charities may struggle with a lack of resources and expertise when defending an interest in an estate.[/caption] Are charities in a will easier to challenge when there are more than five entities named?   This topic came up at a recent lunch with estate planning and litigation colleagues.  One told a cautionary tale of a large estate that was litigated away from a dozen named charities.  The….

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Estate Administration, Estate Donations, Estate Litigation, Philanthropy/Charitable Giving, Uncategorized

Control in the Valuation of Business Interests for Estate Planning

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From time to time, I am asked to prepare, review or comment on structures for estate planning purposes with a mind to valuation issues. A common valuation issue is control and whether or not the value of the business interest(s) in the estate plan should be discounted for lack of control or should have premium attached to it because the holder of the business interest(s) do(es) have control. Valuators rely….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized, Wills
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