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…
This is Part III of a three-part blog series. Parts I & II can be found at the following respective links: https://www.allaboutestates.ca/equalizing-an-estate-where-one-of-more-children-are-u-s-persons-and-planning-strategies-where-there-are-u-s-beneficiaries-part-i/ and https://www.allaboutestates.ca/equalizing-an-estate-where-one-of-more-children-are-u-s-persons-and-planning-strategies-where-there-are-u-s-beneficiaries-part-ii/. Parts I & II discussed a few issues to consider if a client’s intention is to equalize their estate amongst their children where one or more…
Will the change in the capital gain inclusion rate have any implications to estate planning? For taxation years that end after June 24, 2024, the capital gains inclusion rate increased from one-half to two-thirds and the change will have some implications in estate planning. Advisors will need to adjust some…
This blog has been written by Rahul Sharma, Partner, Fasken Martineau DuMoulin LLP, Toronto The world is ever-changing. The UK non-domiciliary regime is ending, although with what appear to be potentially helpful tax measures available to new residents for a four-year period. Certain favourable golden visa programmes in European countries are…
This blog was written by Pritika Deepak, Associate at Fasken. How often have you heard of people turning down gifts? It may happen on TV but does it happen in reality? Surprisingly, yes. Although uncommon, in an estates context, there may be situations where a beneficiary does not want their…
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….
The Canadian concept of taxing the deceased by deeming a disposition at death is contrary to many countries where the inheritance tax is paid by the heirs upon receiving money or properties from a deceased person. In other words, while Canada taxes the deceased on death, most countries – notably…
Today’s blog was written by Jessica Butler, Law Clerk at Fasken LLP. Many Canadians hold a large share of their wealth in personally-owned real estate and consider it to be a critical part of their wealth-building strategy. Donald Sutherland, the well known Canadian actor who passed away in June of…
Estate and corporate advisors often suggest to shareholders to enter into a shareholders’ agreement. The shareholders’ agreement is essentially a contract where the shareholders plan in advance for certain contingencies or future events for which they are in agreement as to the outcome. Essentially, the shareholders’ agreement governs the shareholders’…
Canadian estate and tax advisors may want to consider the case Connelly v. Internal Revenue Service, No. 23-146[1] (U.S. 3/27/24). The U.S. Supreme Court (“SCOTUS“) issued its decision on June 6th and it serves as a good reminder of the implications of corporately-owned life insurance in the context of cross-border…
