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This blog has been written by Lily MacLeod [Associate] at Fasken LLP It is common for an elderly parent to set up a joint bank account with their adult child. This enables the child to help manage the parent’s finances freely and efficiently (either as the parent’s attorney for property or more informally). Some families may assume that title to the account funds will pass to the adult child by….
Pictured: A screenshot of a discussion between a Steam user and a Steam Support representative that has taken the internet by storm. Usually, I get my trusts and estates-related news from legal blogs, LinkedIn or emails from colleagues. So, you can imagine my surprise when I stumbled upon a pretty big story in the world of trusts and estates as I was scrolling through the front page of Reddit. For….
Six reasons to start estate planning early! Estate planning is a part of life that, despite best intentions, is often moved to the back burner. It’s not surprising; many individuals struggle to consider or discuss their own mortality and that of their closest loved ones. Nobody is excited to review what happens if their functioning declines, or worse, if they suddenly pass away. However, if these discussions are avoided for….
There’s no better time than the present Continue Reading »
Estate Planning
Advisors understand that on death, a Canadian resident is deemed to dispose of their assets at fair market value, often resulting in capital gains being triggered. However, in some instances, capital losses may result. The legal representative of the estate should seek tax advice early if capital losses are triggered on death or if the deceased has capital losses from previous tax years. There may be a strategic opportunity to….
Taxation at Death & Capital Losses Continue Reading »
Estate Planning, Tax IssuesHappy Friday, everyone. As a reminder, this is Part II of a three-part blog series. Part I can be found at the following link: Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part I – All About Estates and Part III, to be posted August 30, 2024, will discuss estate planning in circumstances wherein there are U.S. beneficiaries…..
What are the tax implications if you are a beneficiary of a U.S. estate? Rarely do we consider the implications of a Canadian resident inheriting from a U.S. estate. From a Canadian Tax Perspective The general rule is the Canadian beneficiary shall receive their inheritance tax-free since the U.S. estate is deemed to have acquired the assets at fair market value (i.e. cost-base step-up). Further, if the executor is a….
Beneficiary of a U.S. Estate – Now What? Continue Reading »
Estate Planning, International, Succession Planning, Tax Issues, Trusts, United States