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Endowment Variations

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COVID-19 has hit the charitable sector hard, and arts organizations face particular challenges. A recent article in The Globe and Mail about the Banff Centre described closed facilities, lost fundraising, cancelled programs, layoffs, deficits, resignations, and protests. The article also mentioned a request to endowment donors for “permission” to use annual payout of “their” funds for operations, not the designated purpose. One donor, Myra Davis, refused. The money was for….

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Philanthropy/Charitable Giving, Powers Of Attorney and Guardianship Disputes, Uncategorized

Age 40 Trusts – Income-Splitting is Alive and Well!

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This Blog was written by Joanna Mazin, Estate and Trust Planning Lead at MD Financial Management Inc. which is part of Scotia Wealth Management In an age when it is becoming increasingly difficult to income-split, here is a planning strategy that could be available to high-income earners who are looking to provide tax-efficient financial support to a low-income child for private school tuition, post-secondary school fees, lessons, camps, or other expenses benefiting the….

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New Year’s Resolutions: “creating yourself” and your estate plan in 2021

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This Blog was written by: Anne McFarlane, Estate and Trust Consultant, Scotia Wealth Management  I have always loved celebrating the New Year. On top of the fancy attire, sparkly decorations, and fizzy drinks, it’s a time of reflection and reinvention. To think back to what went well in the year prior and decide how our next rotation around the Sun will look. Given how 2020 treated us (don’t worry –….

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When Are You Married?

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Most know that you don’t have to be legally married to have a “spouse” for income tax purposes, although legal marriage will work. If you have been living with someone in a conjugal relationship for 12 months or more regardless of your sex at birth, you will be considered spouses for tax purposes. You can ignore the 12 month requirement if you are living together and you are both parents….

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Contested wills, Courts, Estate Administration, Estate Litigation, Estate Planning, Family Conflict, Spouse, Testamentary Capacity, Uncategorized, Wills

Residual Interest Gifts of Homes

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Can you donate the residual interest of a principal residence to charity?  Absolutely!  The question, however, is not can it be done, but should it be done.  In most cases, the answer is no – especially for the charity. Structuring Options Let me address the structuring options first.  It is possible to donate a home to charity with an intervening life (or term) interest.  This means one or more persons….

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Estate Planning, Philanthropy/Charitable Giving, Trusts, Uncategorized

A Change of Heart Does Not Create a Resulting Trust

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In the recent decision of Hertendy v. Gault, 2020 ONSC 7555, the Court considered a mother’s summary judgment motion to set aside the transfer of her property to her daughter for no consideration. Facts: On October 28, 2011, Marian Hertendy appointed her daughter, Beverly Ann Gault, as her attorney for property and personal care. That same year, Marian signed a Will transferring her property at 837 Poonamalie Road in Smiths….

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