July 2024

ILIT – An Estate Planning Vehicle for the U.S. Person

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An irrevocable life insurance trust (ILIT) is an estate planning vehicle worth some consideration for U.S. citizens living in Canada.  Many estate advisors are unaware that U.S. citizens subscribing to life insurance on their life will have the death benefits included in the value of their taxable estate for U.S. estate tax purposes.  An ILIT may provide an opportunity to avoid such an outcome. What is an ILIT? An ILIT….

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Canadian and US Tax Treaty, Estate Planning, Insurance, Succession Planning, Tax Issues, U.S. Citizen, US Taxes

Can You Trust This Purpose? (And Some Local Rugby History)

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This blog post was written by Darren G. Lund, a Partner at Fasken LLP I recently had occasion to work with a type of trust that is less common for estate planners than the typical testamentary or inter vivos family trusts we see every day: the non-charitable purpose trust. Coincidentally, there is a relatively recent decision of the Ontario Superior Court of Justice that provides a succinct summary of the….

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Trusts, Uncategorized

When Can Estate Trustees Sell Real Property?

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In Sheffield (Estate) v. Sheffield, 2024 ONSC 3627, the Court considered an executor’s authority to sell real property subject to a life interest. Katherine Markolefas and Bradley Sheffield were brother and sister. Katherine and Bradley were the children Gary and Donna Sheffield. Gary owned a residential property in Picton, Ontario. In Gary’s Will, he named Katherine as his estate trustee. Under Gary’s Will, Donna, his wife, was granted a right….

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How Can a Guardian or an Attorney for Property Enter Into a Domestic Contract on Behalf of a Mentally Incapable Person?

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Anna Chen, Associate, Gowling WLG (Canada) LLP An interesting question arose recently on how an attorney for property can enter into a domestic contract on behalf of the mentally incapable person. Part IV of the Family Law Act, R.S.O. 1990, c. F. 3 (“FLA”), sets out the provisions respecting “domestic contracts”, which is defined by section 51 of the FLA as “marriage contract, separation agreement, cohabitation agreement, paternity agreement or….

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Family Conflict, Spouse

Retirement Home Options – Choose Carefully to Avoid Costly Errors

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Cheerful seniors having fun while taking selfie at retirement community. stock photo

People are living longer, so we need to consider that they may not be able to live at home alone because of poor mobility or diminished capacity. So, planning where one wants to live should be at the core of one’s lifestyle plan. Families often suggest retirement home living when a person needs increasing assistance making meals, housekeeping, and looking after their day-to-day needs. It is crucial to choose suitable….

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Elder Management, Smart Ageing

Cross-Border Estate Planning for Immigrant Families

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This blog has been written by Mohena Singh, Associate at Fasken LLP. Last week I had the opportunity to attend the South Asian Bar Association North America Conference here in Toronto. The conference included three days of programming, meeting lawyers from across the continent and participating in conversations revolving around issues concerning the South Asian community. As a part of the programming, I moderated a panel on cross-border estate and….

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