All About Estates

Steven Frye

Total 140 Posts Website
Baker Tilly WM LLP is a leading, independent audit, tax, and business advisory firm based in Vancouver and Toronto, serving clients across Canada. Drawing on well-trained teams across a variety of disciplines, we ensure the alignment of our professional’s skills and experience with client requirements, resulting in exceptional service and business outcomes.

Time to Refreeze: Redux

The freezing of current share value so that your chosen successors can easily participate in the future growth of your enterprise is a common estate planning technique. What if the value of the frozen shares now exceeds the value of the enterprise as a whole? I wrote about this sometime…

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Clearance Certificates

An executor, as the legal representative of the estate, is required to obtain a clearance certificate before distributing property that they control. Where the executor fails to obtain a clearance certificate, they are liable for any unpaid amounts in respect of any property distributed. Some will argue that not every…

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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…

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Revocation of Wills

In the recent case of Sokalski Estate (Re), 2019 ABQB 285, the deceased left two wills one in 2011 and the other 2017, without expressly revoking the earlier one. The estate applied to the Court for a determination regarding which document or documents form the deceased Mr. Sokalski’s last will….

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A note on Crypto Currency

Wikipedia defines cryptocurrency (or crypto currency) as a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central…

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Secret Trusts

Secret and trusts are essentially trust arrangements made between a testator and a trustee, without written disclosure or agreement of the terms of the arrangement, but where an understanding exists between the parties. Based on precedent in case law, the essential elements of a secret trust are: • An intent…

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Can You be Removed as a Trustee Without a Replacement?

The recent case of Novak v. McDougall, (2019 SKQB 261), confirms that when you have accepted an appointment to be trustee, you may not be able to have yourself removed from that appointment without a suitable replacement. The applicant in this case, a beneficiary of a “Henson” trust (basically defined…

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When is a Dividend Not a Dividend?

In Trower v. the Queen, 2019 TCC 77, the Company was privately held by the taxpayer and her spouse (49% and 51% respectively) until the taxpayer ceased to be shareholder in the Fall of 2016, pursuant to a separation agreement between the spouses. The company prepared and filed a T5…

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Inadequate Execution of a Will led to Court Dispute

In Bayford v. Boese 2019 ONSC 5663 the deceased Mr. Boese was the sole owner of a farm in Eastern Ontario he inherited from his parents. He never married and had no children. For two decades prior to his death, Mr. Boese was assisted in the operation of the farm…

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Transferring Wealth During Your Lifetime

I was reading recently that approximately $30-trillion in assets will be shifting from one generation to the next across North America in the next few decades, according to consulting firm Accenture. A couple of years ago, I wrote about gifting cash or assets during one’s lifetime as an alternative method…

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