Before recommending an estate freeze to a client, advisors should first ask them a simple question: Are you a U.S. citizen? By failing to ask this question, advisors may be overlooking significant cross-border tax implications. While an estate freeze can be an effective tool for succession planning, it can come…
This blog has been written by Pritika Deepak, Associate at Fasken LLP. Last week, I was in sunny Trinidad and Tobago celebrating the wedding of a close friend. We first met years ago when she came to Canada for undergraduate studies and later built a life in Toronto. The wedding…
Much has been written on All About Estates about “missing” elements in an estate administration – missing assets, missing heirs, and even missing estate trustees. In the case of missing heirs, the executors have an obligation to take reasonable steps to locate the beneficiaries of the estate. Executors cannot simply…
It is common to suggest shareholders enter into a shareholders’ agreement, where each shareholder assumes certain rights and obligations relating to the business of the corporation. The shareholders’ agreement typically includes provisions dealing with the management of the business and future transfers of shares upon death or other circumstances. Unfortunately, once the…
Yash Chavda, Articling Student, Gowling WLG (Canada) LLP A career in professional sports can be incredibly lucrative, but those earnings are typically concentrated into a short window, with most athletes reaching their peak earning years in their twenties and early thirties. During this period, athletes may sign major contracts, secure…
This blog post was written by: Ophely Karam, Estate and Trust Consultant, Scotiatrust Montreal There are many ways to complicate your loved ones’ lives after your death. Dying intestate in Québec when you have minor children is one of the most efficient. From the outside, legal devolution under the…
Successful entrepreneurs often view the family business as the crown jewel to their legacy for the next generation(s). As such, succession planning for the family business and preserving the family’s wealth is always a top priority and often encompasses tax and estate planning. Implementing a succession plan that will ensure…
Back in 2019, I wrote a blog about estate planning for younger adults and the importance of addressing this often-overlooked issue. Today, I thought I would revisit and update this topic. Young adults often assume that estate planning is only relevant for older adults or wealthy individuals. When I was…
This blog has been written by Latoya Brown, Associate at Fasken LLP Valentine’s Day is often associated with flowers, cards, and grand gestures. But beyond the chocolates and celebrations, February also offers a quieter reminder of what truly matters: the people we care about. It’s an opportunity to pause and…
This blog post has been written by Darren G. Lund, Partner at Fasken LLP With the holiday season having only recently passed (although in many ways it feels like a long time ago already), I am reminded of how easy it is for news items to get lost in the…