All About Estates

Month: May 2016

Total 19 Posts

ESTATE PLANNING REFRESHER: TRANSFER OF LIFE INSURANCE

From time to time, we are asked about the tax consequences of transferring life insurance policies particularly in the context of some common (or not-so common) estate and trust planning scenarios involving transfers. As most people know, when a transfer of ownership of a life insurance policy occurs, the transferor…

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Are Charities Second-Class Beneficiaries?

Charities face a bizarre challenge when administering gifts by will.   It should be simple.   After the donor’s death, a charity named as a recipient of an estate donation becomes the beneficiary of a trust.   The money is owed to the charity and the interest in the trust is legally enforceable.  …

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A Beneficiary By Any Other Name

I have previously blogged about the new “qualified disability trust” (“QDT”), which is one of two exceptions to the new rule, effective January 1, 2016, that income accumulated in a testamentary trust is taxed at the highest marginal rate. In this blog I will focus on the requirement that a…

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There is no place like home.

Dorothy was correct, there is no place like home…. and sometimes the powers that be (a strong advocate, a support team and the courts) can get you back there.

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A Failure to Compensate: What is a Quantum Meruit Claim and How Can It Be Proven in Court?

A claim in quantum meruit is sometimes made in the estates litigation context by a disappointed beneficiary. The words quantum meruit literally mean “as much as deserved.” The claimant argues that he or she deserved compensation from the deceased for work that was done but was not properly compensated for…

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CANADIAN RESP – IS THIS A GOOD ASSET FOR A US TAXPAYER

In the past I have blogged about the challenges of being a US citizen taxpayer. See ‘Keeping Your “Accidentally American” Status’ dated May 3, 2015. I’d like to revisit this topic in today’s blog. Let me provide some background.

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Keith’s Life Interrupted- Part 2

Last week I told Keith’s story. Today’s blog provides some direction and support for Keith and employed carers who may also be reading or sharing this blog!

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Does the Timing of their Father’s Death Disinherit Them?

In Royston et al v Alkerton et al, 2016 ONSC 2986 (CanLII) the estate trustees of Recia’s estate sought the court’s advice and direction to interpret her will. Recia had five children. Two of them, Alan and John, predeceased her. Alan had two children; John had none. Subsequent to Alan…

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PERSONAL TAX SYSTEM FOR SENIORS: A PERSPECTIVE FROM THE CRA

Last month, a fellow blogger Audrey Miller wrote on care expenses and services in general which may be eligible for a tax credit in one form or another. Co-incidentally the Canada Revenue Agency (“CRA”) was recently asked to comment on the tax system overall as it applies to seniors and…

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DNR Order Confirmation Form – A Directive is Not Enough

Clients who have strong preferences regarding their personal care sometimes include wishes or directions for their attorney to follow in making health care decisions on their behalf. These wishes or directions may include the client’s desire that the hospital refrain from administering CPR or other resuscitation. In addition or alternatively,…

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