All About Estates

Category: Property

Total 111 Posts

Digital Assets: Spotlighting Client User Considerations (Part II)

Today’s blog post was written in collaboration with Adele Ambrose – Student-at-Law at Fasken. This is the second part in a two-part blog series that explores the specific client considerations for digital assets in estate planning. In Part I, we took a look at the digital assets landscape in Canada…

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Life Interest or Licence to Use?

A person’s house is often their most valuable assets – both monetarily and emotionally. As a result, testators tend to put a lot of thought into who, and how, they wish to leave their house. However, as is always the case, best laid plans often go awry. One example of this, explored in the 2022 Court of Appeal of Ontario decision Barsoski Estate v Wesley, is when it is unclear whether the will gifts someone with a life interest in the house or a licence to use the property.

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Digital Assets: Spotlighting Client User Considerations (Part I)

Today’s blog post was written in collaboration with Adele Ambrose – Student-at-Law at Fasken. It has become clear that the “wait and see” approach to digital assets and digital currency has now shifted to a need for prudent guidance and action by advisors and institutions. According to CoinMarketCap, the total…

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The Value of Canadian Tire “Money” in Estates

Canadian Tire “money” has been distributed by Canadian Tire stores for almost 65 years. While CT Money is often dismissed, it may be a mistake to ignore the bills as a potential asset of the estate.

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What Happens When a Shareholder Party to a Transaction Becomes Incapable; Powers of Attorney for Property and Due Diligence Tips

This is Part III of my saga on incapacity planning in a corporate context. Part I and Part II can be found respectively at: https://www.allaboutestates.ca/powers-of-attorney-for-property-implications-of-obtaining-a-formal-capacity-assessment/, and https://www.allaboutestates.ca/what-happens-when-a-shareholder-voting-or-a-director-becomes-incapable-powers-of-attorney-for-property-and-shareholder-agreement-drafting-tips/. As a reminder, Part II addressed two situations that we, as estate planners, are commonly asked about: A director becomes incapable – who…

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How much security is enough?

With real estate prices soaring, it’s no surprise that property is often at the heart of estate litigation. Certificates of pending litigation (CPLs) are a common tool used to ensure that a disputed property is not sold before the litigation is resolved. If the parties agree to remove a CPL…

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SALE OF PERSONAL RESIDENCE AFTER DEATH

Can an estate claim a loss for tax purposes if the estate sells the property for less than what it was valued for at time of death? Hard to imagine such circumstances in this current real estate environment but in the unlikely event it does occur, what are the rules?…

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Assessing Drake’s Estate Planning Needs

As a Toronto native, I couldn’t help but listen to rapper Drake’s highly-anticipated new album Certified Lover Boy, which he released just a few weeks ago. In fact, it has been enjoying record-breaking streaming numbers from music fans around the world, amassing a staggering 153 million global Spotify streams in…

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INSURANCE TRACKING SHARES

If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied (e.g., rollover to a surviving spouse). The disposition of shares may cause a tax liability. In the…

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When Leaving Your Premises for Medical Reasons and Never Go Back: Need a Plan

I do a lot of work in the insurance industry. Recently, I came across a court case which I thik is a cautionary tale for estate planners and executors. In Gregson v. CAA Insurance., 2021 ONSC 3041, Ms. Gregson was a property owner and name insured on March 17,2017 when…

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