Total 671 Posts
You are in your mid to late twenties, you may or may not be married, you may or may not own property, and you probably feel that you do not need a Will since you “don’t have anything”. While that may be true, there are many other benefits to a Will that do not relate to the quantum of assets you might own. Easing your family’s burden: Regardless of whether….
Why Should Young People Have a Will? [1] Continue Reading »
UncategorizedFrequently, I am reminded how careful one has to be with making sure that tax-free inheritances generally maintain their status throughout all steps to liquidate and realize the proceeds. Here is a case in point. In Owen v The Queen (2018 TCC 90), the taxpayer’s father resided in the United States of America and had a US individual retirement account (“IRA”). The taxpayer’s father passed away. The taxpayer and his….
Inheritances and Taxes – Be Careful Where you Step? Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Investments, IRS, Property, Tax Issues, Uncategorized, United States, US Taxes
This Blog was written by Liz Bozek, The recent claim filed by Renata Ford challenging the executors of the estate of her late husband, Rob Ford, and the subsequent election of her former brother-in-law (and the subject of that claim), Doug Ford, got me thinking about some of the similarities between being a politician and acting as an estate trustee. Credentials – interestingly, there are no mandatory credentials for either….
Politicians and executors: two sides of the same coin Continue Reading »
Executors, In the News, Uncategorized
It is imperative to make a will. Too often lawyers come across files where an individual dies without a will (i.e. “intestate”), leaving behind a messy estate to be wrapped up and distributed. People often wonder who inherits an intestate person’s estate. When a person dies intestate in Ontario, the distribution of his or her estate is governed by the intestacy rules set out at Part II of the Succession….
And the Estate Goes to… Continue Reading »
UncategorizedWe have blogged 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….
Income Splitting Loans: What’s the Use? Continue Reading »
Canada Revenue Agency, Estate Planning, Interest, Investments, Property, Spouse, Tax Issues, UncategorizedAs a “millennial” (an imprecise demographic term which describes those born between 1980 and somewhere in the late 1990s), I often hear about the ways in which my generation is doing things differently (often worse) than those generations before us: we live on our smartphones[1], we can’t seem to get out of our parents’ houses and in to our own places[2], and we are delaying getting married and having families….
Estate Planning for Millennials Continue Reading »
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