All About Estates

Category: Property

Total 88 Posts

BARE TRUSTS

A bare trust, also referred to as a naked trust, exists where a person, the trustee, is merely vested with the legal title to property and has no other duty to perform or responsibilities to carry out as trustee, in relation to the property vested in the trust. The sole…

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LIFE INSURANCE IN THE COVID-19 ERA

As someone who has been around the life insurance industry in a professional and personal capacity for several decades, I am always curious about what motivates people to buy or not buy life insurance. I understand that few people spend time thinking about the consequences of low-probability events and are…

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TFSA’s and Survivor Payments: Impact of Fair Market Value.

In this space, sometime ago, a fellow blogger wrote about how survivor payments made out of a deceased’s tax free savings account (TFSA)  to the deceased’s spouse TFSA would qualify as an “exempt contribution” (i.e. the contribution room in the surviving spouse’s TFSA would not be affected by the addition…

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ON A PAPER NAPKIN, DID YOU SAY?

The Queen’s Bench for Saskatchewan was recently asked (in the case of Gust vs. Langan et al., 2020 SKQB 42) whether a will handwritten on a paper napkin created by the deceased sometime before his death met the requirements of being a valid will under the relevant Act to permit…

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Low- Interest Environment: Time To Take Advantage Again.

In past blogs, we discussed income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such as marketable securities,…

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How to Provide for Your Island in Animal Crossing: New Horizons After Your Death: Part I

This is a three-part blog series that seeks to explore the manner in which one can conduct estate planning with respect to their copy of the popular 2020 Nintendo Switch video game Animal Crossing: New Horizons. Part I will discuss the importance of this topic and describe the applicability of…

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Estates Law and Privacy Law: An Incomplete Intersection (Part III)

This is the third and final entry in a three-part blog series about the current state of estates law vis-à-vis privacy law. Part I focused on the relevant federal and provincial privacy legislation. Part II examined significant court decisions relating to this area. Part III will look at solutions for…

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Elder Financial Abuse During COVID-19

A few weeks ago, I came across a media article about elder financial abuse involving the use of a power of attorney. In my view, this issue has even greater relevance today in light of the current COVID-19 lockdown, and the resulting physical isolation of our vulnerable seniors. The Story…

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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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Actions Have Consequences – They May Sever Joint Tenancy

Leaving aside other means of severance, including that which occurs on bankruptcy or by judicial sale, there are three main ways to sever a joint tenancy: Unilaterally acting on one’s own share, such as selling or encumbering it; A mutual agreement between the co-owners to sever the joint tenancy; and…

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