All About Estates

Tag: Wills

Total 76 Posts

Common Pitfalls in Estate Planning for Blended Families

Common Pitfalls in Estate Planning for Blended Families[1] The traditional concept of the nuclear family (i.e., mother, father and one or more children of a single relationship) has evolved over the years. The modern family is more complicated and may consist of parents who are in second or third relationships…

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November is ‘ get your stuff’ together!

My fellow bloggers and I write frequently about Powers of Attorney, however my concerns are often focused on the lack of planning when it comes to making Powers of Attorney for both Personal Care and Property. More specifically, although I do not have any statistical data, my subject matter experience…

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Safe Income and an Estate

In a recent technical interpretation, the Canada Revenue Agency (CRA) made the point that safe income of a corporation owned by a person that died did not flow through to the estate of that person.  The reason was not clearly stated but appears to be that the safe income became…

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Creation of a Trust

The Canada Revenue Agency (CRA) provided guidance on when a testamentary trust is considered to have been created for purposes of the 21 year deemed disposition rule. A trust is deemed to have disposed of its capital property for proceeds equal to the fair market value of the property at the…

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Where’s There is a Will (and a Clear One), There is a Way!

In Campbell v Evert 2018 ONSC 593, the deceased had, in the decade prior to her passing, transferred to Mr. Evert (one of the “kids”) the family cottage valued at $145,000. In her will later that year,  she made a specific bequest of $145,000 to Ms. Campbell, the other “kid’,…

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Estate Trustees and Costs of Litigation: Try not to take it personally?

In the work I do, I am asked to provide expert testimony to support litigation. In some cases, I am often quite surprised to what extent parties will continue to litigate matters that appear to be “no-wins” or for small dollar amounts. Depending on the circumstances, parties have taken the…

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PENSION PLAN LUMP SUM PAYOUTS

This fact scenario is based on a situation presented to me recently and I appreciated the opportunity to being “re-educated” on the tax treatment of pension plan lump sum payments. A taxpayer’s spouse retires as a teacher and elects to start receiving her guaranteed pension. A couple of year later,…

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The Risk and (Potential) Reward for Acting as an Executor [1]

  For those engaged in thoughtful Will planning there comes a point in the discussion with clients about who should be an executor, what the job of an executor is and whether and how much they should be paid. More often clients want to start the Will planning dialogue by…

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The Cost of Winning, Sort of….

In my practice, I have been engaged on valuation matters which, on occasion despite the efforts of all those involved, go to trial to have a trial judge settle for the parties. Most trials are expensive and the actual outcome is not always certain, no matter how strong one side…

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The Toronto Maple Leafs and “Pour Over” Clauses have something in Common

With the Toronto Maple Leafs season ending earlier this week, I thought I would take this opportunity to discuss the recent B.C. Supreme Court ruling involving the estate of former Leafs head coach, Pat Quinn (“Pat”). On March 9, 2018, B.C. Supreme Court Justice Funt declared the “pour over” clause…

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