With 2016 being a leap year there is an extra day in February which means there is further action required for those responsible for filing trust income tax and information returns…..
Leap Year and the Tax Filing Deadline Continue Reading »
Canada Revenue Agency, Estate Administration, Executors, Liability, Tax IssuesA recent Alberta Court of Queen’s Bench decision in Morrison v. Morrison 2015 CarswellAlta 2249 (Alta.Q.B.) reminds advisors and clients alike of (i) the need to consider the income tax consequences of not only their overall estate plan, but components within it, and (ii) the importance of stating intention expressly and directly, particularly when one child may be benefitted more so than other children. The facts in Morrison were not unusual nor is the fact that, despite the relatively modest dollar amounts involved, the matter went to trial – an unfortunate result for all concerned…..
BEWARE OF HIDDEN TAX CONSEQUENCES Continue Reading »
Estate Litigation, Estate Planning, Family Conflict, WillsDo you think seniors stop having sex once they reach a certain age? Adult children don’t typically want to hear about their parent’s sexuality and vice versa; however professionals need to be comfortable in asking and answering questions. Regardless of your own personal definition of sexuality and what it means for different age groups, it should include an understanding of safe sex and sexually transmitted disease awareness…..
Seniors Do Have Sex Continue Reading »
Disability, Geriatric Care ManagementIn light of the recent decision of the Supreme Court of Canada granting the Federal Government an additional 4 months to draft and pass physician assisted death legislation, the Ontario Superior Court of Justice has released practice directions for the legal profession and the public where a court order is sought allowing a patient to take his/her own life with the help of a doctor. This blog discusses those guidelines. ….
Court Guidelines for Physician Assisted Death Continue Reading »
Capacity Law, Geriatric Care Management, In the NewsLast fall I wrote about the Supreme Court of Newfoundland and Labrador being asked to rule on the specific issue of residency which would have significant tax implications to the trust depending on the Court’s determination. In Discovery Trust vs Canada (National Revenue), 201201G6615, at issue was whether a trust was a resident of Newfoundland and Labrador where the beneficiaries resided or in Alberta where the trustee was a resident…..
A couple of months ago I discussed the purpose of the “30 day survivorship clause” in Wills. In a nutshell, the clause is designed to address the problems that may arise in the situation where the testator and one or more beneficiaries die in a common accident or otherwise within a short period of time of each other. By requiring a beneficiary to survive the testator by the specified period of time, the….
Survival Skills: Testamentary Style Continue Reading »
Estate Planning