Two sisters from New York sued a New Jersey cemetery for $25 million after learning that their mother had been buried in a different grave site than the one they had been visiting since her death in 1990.
In last months’ Canadian Lawyer Magazine, Warren Porter, owner of Iron Gate Private Wine Management, wrote about wine as a liquid asset. When a wine collector dies, teh collection can be very valuable, and if the collection is not specifically dealt with in the Will, the issue becomes: how does an estate trustee realize this value for the beneficiaries?
On occasion, the deceased’s estate may not have the cash to cover the tax liability because the assets of the estate are not “liquid” – perhaps valuable real estate. There is a way to defer the payment which requires action on or before the balance due date.
Last time, I wrote about filing deadlines for terminal returns and how these deadlines need to be respected to avoid penalties and interest on taxes owing. What if you don’t have sufficient information to file and the deadline is looming?
What are “Safe Exists” and why are people concerned about them.
When someone passes away, one of the first duties of the executors is to secure and protect all assets forming part of the estate.
The Canada Revenue Agency has announced the 2010 third quarter prescribed interest rate used to calculate taxable benefits for employees and shareholders for interest-free and low interest loans would be 1%. With this the lowest historical prescribed rate ever, it is an opportune time for taxpayers to reduce the tax bite through an income-splitting structure using loans.
