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,…
Tag: estate & trust
Total 131 Posts
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…
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…
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…
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….
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…
Since 2018, the tax on split income (TOSI) rules have impacted common estate planning practices. While much of the TOSI focus is on planning during one’s lifetime, post-mortem planning strategies have also been affected. It follows that a post-mortem planning strategy must now be considered in light of TOSI, as…
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…
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…
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…