Trustee

Total 148 Posts

The Living Hands that Control the Graves

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As a law student, my trust law professor brought in a “dead hand” to help us remember the rule against perpetuities. The prop was effective: I have not forgotten that the rule stops trust property from being governed indefinitely from “beyond the grave.” While principles of trust law helpfully prevent the living from being controlled by the dead, they also apply to govern the living in charge of the dead…..

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Estate Litigation, Funeral Planning, Trustee, Trustee Disputes, Trusts

The Honour of Being Named a Trustee?

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When you are appointed to act as a “trustee”, you are being asked to take on the control and management of property, but for the benefit of other persons, called the beneficiaries. The beneficiaries are usually family members of the person who established the trust.  The person who established the trust may have done so during their lifetime, in which case they are called the “settlor” and the trust is….

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Passing Of Trustees’ and Executors’ Accounts, Trustee, Trusts

Family trust and double tax

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The Canada Revenue Agency (CRA) issued a technical interpretation on the tax treatment of trust income where there was a distribution from the trust to beneficiaries who weren’t entitled to the distribution in the first place. The trust was established for the benefit of children who were minors at the time of the trust distribution.  The trust agreement forbid the trustee(s) from making distributions to minor beneficiaries presumably to avoid the application….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues, Trustee

Friends Helping Friends – Then Forgetting About It

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When asking a friend for a financial favour, people often fail to document their actions and decisions as thoroughly as they should – the trust people have in their friends frequently translates into a belief that they do not need to pay attention. Regardless of whether the trust was deserved, disputes may arise. In those circumstances, you can only hope that your spouse was paying attention while you were not…..

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Attorney Compensation, Compensation, Credibility, Property, Real Estate, Spouse, Trustee, Trustee Compensation

QUALIFIED DISABILITY TRUST (“QDT”): HOW TO FILE A JOINT ELECTION?

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Recently, the Canada Revenue Agency (“CRA”) issued a “how to file” the joint election for a trust to be a QDT: http://www.cra-arc.gc.ca/E/pbg/tf/t3qdt/README.html From 2016 forward, this form is to be used if one or more beneficiaries are jointly electing that the trust be designated to be QDT for the year. The form should be filed with the trust return (T3) for the year. The filing of a joint election designates….

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Capacity Law, Disability, Estate Administration, Guardianship, Tax Issues, Testamentary Capacity, Trustee, Trusts, Uncategorized

Taxpayers have rights too!

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As a Canadian taxpayer either alive or their estate, you (or your personal representative) has rights in your dealing with the Canada Revenue Agency (CRA) as follows: To receive entitlements and to pay no more and no less than what is required by law. To service in both official languages. To privacy and confidentiality. To a formal review and a subsequent appeal. To be treated professionally, courteously and fairly. To….

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Canada Revenue Agency, Costs, Estate Administration, In the News, Trustee, Uncategorized
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