All About Estates

Month: February 2020

Total 20 Posts

The Use of Primary, Secondary, Tertiary, Quaternary etc. Wills in Estate Planning

Today’s blog is being brought to you by guest blogger, Fatima Husnain, Articling Student at Fasken LLP. The use of multiple wills in estate planning is not a new concept for estate practitioners. To explain briefly, multiple wills are often created as an estate administration tax (“probate tax”) planning mechanism….

Continue Reading

Tax Shelters and Charitable Intent

In early February, the Tax Court of Canada put another nail in the coffin of “one of the biggest tax scams in Canadian history.” The case involved the Global Learning Gift Initiative, a charitable tax shelter that attracted 40,000 investors who – through a complex structure with no clear public…

Continue Reading

No Passing of Accounts Unless “Significant Concern”

Emerson and Marie Lewis appointed two of their six adult children, Donald and Douglas Lewis, as their attorneys for property. Their remaining four children (the “non-attorney siblings”) commenced an application pursuant to ss. 42(1) and (4) of the Substitute Decisions Act, 1992, S.O. 1992, c.30 (the “SDA”) for leave to…

Continue Reading

Forensic Profile of Perpetrators of Financial Elder Abuse

Financial elder abuse is defined by the World Health Organisation as the illegal or improper exploitation or use of funds or resources of the older person.[i] The misuse of a senior’s funds and assets involves the use of the senior’s funds without that senior’s knowledge and/or full consent, or, in…

Continue Reading

HOME BUYER’S PLAN AND TAX CREDITS AFTER THE DEATH OF A SPOUSE

During her marriage, a spouse inhabited a home wholly owned by her husband. He passed away and the house became an asset of the estate. Subsequent to her husband’s passing, the spouse purchased a new property. She had not re-married or entered into any common law partnership. Is the spouse…

Continue Reading

Family time, less than it used to be…..

Recently I had the pleasure of taking a vacation with my mother and husband. As it turned out, it was a family oriented resort which put us in the middle of young parents and young children. Now while several of our friends have grandchildren, my boys are not there yet. …

Continue Reading

Some Things Are Not Forever!

Today’s blog was written by guest blogger, Giancarlo Mignardi, Articling Student at Fasken LLP. The rule against remoteness of vesting, more frequently referred to as the rule against perpetuities, is often viewed as one of the most notoriously difficult legal rules to apply. Its application presents such a challenge that,…

Continue Reading

A Taxing Decision for Estate Planners

This Blog was written by Mélina Konzak, Estate and Trust Consultant, Scotiatrust  Like most new case law delivered right before the holiday season, the decision rendered by the Superior Court judgment of The Estate of Caron v. Malenfant appeared at first to be swept under the rug. However being the controversial…

Continue Reading

Dueling Love Letters from the Grave

“The Naming of Cats is a difficult matter, It isn’t just one of your holiday games; You may think at first I’m as mad as a hatter When I tell you, a cat must have THREE DIFFERENT NAMES.” T.S. Eliot died in 1965. However, the great American/English poet has been…

Continue Reading

TOSI and the estate planning – pension splitting

The pension splitting exception will allow a spouse who is 65 years of age to split income with his or her spouse or common law partner if the split income would be an excluded amount of the spouse who is 65 years old. These deeming provisions provide an opportunity to…

Continue Reading