All About Estates

Month: November 2021

Total 17 Posts

SALE OF PERSONAL RESIDENCE AFTER DEATH

Can an estate claim a loss for tax purposes if the estate sells the property for less than what it was valued for at time of death? Hard to imagine such circumstances in this current real estate environment but in the unlikely event it does occur, what are the rules?…

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Happy Monday

Yesterday was the first night of Chanukah and it was welcomed along with the first real, ground covering snow fall. Today the sun is shining and I am hopeful that all of the lovely white stuff, that is no longer white today, will melt away. I baked holiday cookies yesterday…

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Software Applications as Aids to the Estates Advisor

Software Applications as Aids to the Estates Advisor For all of us advisors, there are likely certain types of software applications that we use for our day-to-day tasks: perhaps its Microsoft Outlook for sending emails, or a timekeeping software for recording dockets. And although these programs are leaps and bounds…

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Things Left Behind

This blog was written by Suzanne Singh For several years our company had been “D’s” appointed attorney under her POA.  Up until her late-eighties D was independent and occasionally took a bus downtown to drop by our office to invite me for coffee; she would share stories of her youth…

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Please Pass the Turkey

Now that border crossings have opened, many families will be traveling this week for the American Thanksgiving holiday. If you live in a different city than your parents, the time spent together during the holiday can allow you to see how well they are managing. Be aware of the small…

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Think about your Estate Plan before you travel…

Today’s blog was written by Courtney Lanthier, Law Clerk at Fasken LLP With winter sneaking up on us (rather quickly, I might add) and the travel bans slowly being lifted, we’re bound to get an influx of calls and e-mails from clients wanting to update their estate plans or check…

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Name That Charity!

“Name That Charity” sounds like a failed 1960s game show. Instead, it is an approach to estate planning that paradoxically may discourage charitable giving. This is an observation made by Kathy Hawkesworth of the Edmonton Community Foundation in a recent presentation to the Society of Estate and Trust Practitioner (STEP)….

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The executor’s year – taxation “not made” simple

Determining the bearer of the tax burden on income earned in an individual’s estate is not as simple as one might think. There are some basic taxation rules that apply to an estate which result in either the estate or the beneficiaries becoming ultimately liable for the tax. The tax…

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A universal language

All of us have our share of stories, sadness, struggles and hopefully successes. Last night  I was watching one of the Korean series that I have been enjoying and it highlighted the story of a gentleman with dementia who had been abandoned by his family. The scene opens with this…

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Stripping Assets Out of Corporations; Will Drafting Considerations

Imagine you have an interest in a privately held corporation, which corporation’s underlying assets include a valuable art collection. Perhaps on your death you would like the art collection, or certain pieces, to be given to your closest friend, with the remaining assets (represented by the shares in the corporation)…

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