All About Estates

Category: Estate Planning

Total 575 Posts

Not All “Trump Bumpf” is Bluster

As part of the ‘Donald’s’ post-election “promises” we heard rumours that US gift and estate taxes were going to be repealed. While we did not see a repeal, we did see a significant change to the rules related to US gift and estate tax. The particular change came forward in…

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Art Copyright and Estates

Copyright & Art Ernest Gambart was a pioneering art dealer and showman in Victorian England who uncovered the value of art copyright.  His specialty was a triple play.  First, he mounted an exhibition (typically a single painting such as William Powell Firth’s The Derby Day); second, the sold the work; and third, he…

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TFSA’s and Residency

Recently, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you can make withdrawals….

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Where There’s a Will Kit, Is There’s a Will?

This blog is contributed by Sally Lee LLB,  an Estate & Trust Consultant at Scotiatrust. I once got into a heated argument with my sister who wanted me to validate her decision to make a Will with  a Will Kit.  I vehemently opposed, and we did not speak for about a…

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Life Insurance and Contingent Ownership

Ownership of assets into ‘joint tenancy with right of survivorship” is a mechanism of ownership transfer commonly used for estate planning to address such issues as probate fee and tax avoidance. Recently, this blog site very capably addressed the issues surrounding “joint tenancy” of life insurance in particular (“Life Insurance…

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Donate to Eliminate Clauses

Last week I received a call from a client who wished to include a “donate to eliminate” clause in his will. His goal is to wipe-out all taxes in his estate by giving just the right amount to his favorite charities. A few years ago, this planning idea was all…

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Graduated rate estate – don’t lose it!

A graduated rate estate (GRE) is an estate that arises as the result of the death of a person on or after December 31, 2015, and no more than 36 months after the person’s death. The estate at that time must be a testamentary trust. The GRE designation brings with key…

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Inheritances and Taxes – Be Careful Where you Step?

Frequently, 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…

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The Risk and (Potential) Reward for Acting as an Executor [1]

  For those engaged in thoughtful Will planning there comes a point in the discussion with clients about who should be an executor, what the job of an executor is and whether and how much they should be paid. More often clients want to start the Will planning dialogue by…

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TFSA and the Non-resident

With mobility on the rise, it is expected that a person leaving Canada will have to visit the rules on tax-free savings accounts (TFSA) and Canadian tax residency.   Executors may have to consider the TFSA rules if a deceased’s will calls for the transfer of a TFSA account to a…

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