All About Estates

Category: Succession Planning

Total 123 Posts

The New Canadian Entrepreneurs’ Incentive and Your Succession Plan

Donya Ashnaei articling student and Maddi Thomas, associate, Gowling WLG (Canada) LLP Introduction Following a year marked by low GDP growth, high inflation, and rising interest rates, the federal government unveiled several proposed measures in Budget 2024, including an increase in the capital gains inclusion rate from 50% to 66.67%…

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The Ultimate Paper Anniversary Gift: Why a Will Is an Act of Love

Today’s blog was written by Jessica Butler, Law Clerk at Fasken LLP. This past Tuesday, October 15th, marked a significant milestone for me an my husband – one whole year of marital bliss! With the traditional first-anniversary gift being paper, I found myself thinking about a particularly profound paper: a…

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Lam v Law Estate: Gender bias permits variation of discriminatory will

Today’s blog post was written by Latoya Brown, an Associate at Fasken LLP. The discussion of discriminatory wills continues with a new case out of the British Columbia Supreme Court. In Lam v Law Estate, 2024 BCSC 156, the court varied a testatrix’s will on the reasoning that the testatrix’s…

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Cross-Border Insurance Planning – Some Basics

Cross-border insurance planning is tricky but understanding the basics can go a long way in assisting clients. This short article will review some of the key questions to consider in order to avoid potential pitfalls in life insurance planning. Who is the Owner, the Insured and the Beneficiary In the…

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Estate Planning and the Indian Act: Considerations for Spouses Without Indian Status

Maddi Thomas associate Gowling WLG (Canada) LLP Estate planning presents several unique considerations for Indigenous peoples to whom the Indian Act applies: i.e., First Nation peoples who possess Indian status (“status”) and who “ordinarily reside”[1] on reserve land.[2] To be clear, while the term “Indian” may not be appropriate to use in…

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ILIT – An Estate Planning Vehicle for the U.S. Person

An irrevocable life insurance trust (ILIT) is an estate planning vehicle worth some consideration for U.S. citizens living in Canada.  Many estate advisors are unaware that U.S. citizens subscribing to life insurance on their life will have the death benefits included in the value of their taxable estate for U.S….

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Who holds the burden of proof when undue influence is claimed?

In the estates context, undue influence is often alleged in order to challenge a will or an inter vivos transfer of property, often a family home or cottage. When a party in a legal dispute alleges that there was undue influence which party bears the burden of proving (or disproving)…

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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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Gamers are Letting off Some “Steam” After Learning that Purchased Games are Not Transferrable on Death

Pictured: A screenshot of a discussion between a Steam user and a Steam Support representative that has taken the internet by storm. Usually, I get my trusts and estates-related news from legal blogs, LinkedIn or emails from colleagues. So, you can imagine my surprise when I stumbled upon a pretty…

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Beneficiary of a U.S. Estate – Now What?

What are the tax implications if you are a beneficiary of a U.S. estate? Rarely do we consider the implications of a Canadian resident inheriting from a U.S. estate. From a Canadian Tax Perspective The general rule is the Canadian beneficiary shall receive their inheritance tax-free since the U.S. estate…

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