All About Estates

Tag: Trusts

Total 96 Posts

When Parent and Child have a Joint Bank Account: Who Receives Funds upon Parent’s Death?

This blog has been written by Lily MacLeod [Associate] at Fasken LLP It is common for an elderly parent to set up a joint bank account with their adult child. This enables the child to help manage the parent’s finances freely and efficiently (either as the parent’s attorney for property…

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Still Feeling Shook Up – Presley Family Back in the News

Last year, I wrote about the death of Lisa Marie Presley (“Lisa Marie”) and the resulting court battle between Riley Keough (“Riley”), Lisa Marie’s daughter and Priscilla Presley, Lisa Marie’s mother[1]. Thankfully, that matter was resolved relatively quickly with Priscilla resigning as a trustee of Lisa Marie’s irrevocable trust, The…

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COTTRELL A MUST-READ FOR VALUING THE INTEREST OF A BENEFICIARY IN A DISCRETIONARY TRUST

This blog has been written by Darren Lund, a partner at Fasken LLP In Ontario, trust law and family law have for some time taken very different approaches to valuing the interest of a beneficiary in a discretionary family trust. For trust lawyers, a beneficiary’s interest in a discretionary family…

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How Separate is “Separate as to Property”?

This blog has been written by Darren Lund a partner at Fasken LLP. Marriage contracts and cohabitation agreements are an increasingly important aspect of estate planning and wealth preservation. They can be used for a number of reasons and in a variety of contexts. Think of the parents wishing to…

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Trustees – it’s time to start gathering information

With 6 weeks until the end of 2023, it is a good time to remind trustees of their obligations in respect of the trusts that they are responsible for managing and administering. Last year, I wrote a blog where I reminded trustees of discretionary trusts of the importance of documenting…

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Failure to plan can leave minor children in “Another World”: Considerations for the Anne Heche estate

Today’s blog is written by Latoya Brown, Articling Student at Fasken LLP. The tragic death of soap opera actress of “Another World” Anne Heche, was an unexpected loss for her fans and family. She succumbed to her injuries on August 11, 2022, a week following a car accident that left…

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How Much Should You Leave To Your Children And When?

This week, I had a great opportunity to sit down with Andy Jeffery, Vice President, Family Office Advisory, at Northwood Family Office,[1] to discuss a question frequently raised by clients; “How much should I leave my children and when?” Below we distill our discussion into five questions, providing you with…

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It’s That “Tax Talk” Time of Year….Again

As the calendar rolls into March and tax slips arrive in the mail, I thought that I would remind blog readers about a provision in the Income Tax Act (the “ITA”) that I think is one of the more insidious ones, namely the so-called “corporate attribution rule” in subsection 74.4…

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Valuation of Interests in Discretionary trusts and Family Law

These days, it is quite common to find intergenerational wealth transfer to consist of property held in a discretionary family trust whose beneficiaries may or may not have been in marital relationships at the time of the time the trusts were created. A siginifcant number of legal and financials issues…

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As You’re ‘Checking Your List’, Don’t Forget Your Year End Tax Planning

As the holidays approach, so too does December 31st or the end of a calendar year.  This date can mean different things to different people.  For those in the business of estate and tax planning, the spectre of December 31st often leads to calls from clients who are looking to:…

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