All About Estates

Category: Trusts

Total 189 Posts

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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When exercising discretion, what factors should a Trustee of a discretionary trust take into account?

Maddi Thomas, Associate Gowling WLG (Canada) LLP Where a trust holds non-liquid assets that are to be distributed amongst multiple beneficiaries, how can the trustee ensure that their use of discretion was as fair, equitable, and diplomatic as possible? On a related note, when will a court interfere with a…

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Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part II

  Happy Friday, everyone. As a reminder, this is Part II of a three-part blog series. Part I can be found at the following link: Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part I – All About Estates…

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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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Trust Lending to a Beneficiary

There may be instances where a beneficiary has an immediate need to access funds held in trust yet, the terms of the trust prevent the trustees from proceeding with an income or capital distribution to such beneficiary. In such a situation, if the deed of trust grants the right to…

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COTTRELL A MUST-READ FOR VALUING THE INTEREST OF A BENEFICIARY IN A DISCRETIONARY TRUST

This blog has been written by Darren Lund, a partner at Fasken LLP In Ontario, trust law and family law have for some time taken very different approaches to valuing the interest of a beneficiary in a discretionary family trust. For trust lawyers, a beneficiary’s interest in a discretionary family…

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New Arrival, New Will

Earlier this week, our group gathered to celebrate our colleague’s impending arrival of a new baby. It was a delightful occasion, with cake, presents, and well-wishes. Of course, conversation naturally turned to the preparations that our team member has made for her new addition. Parents-to-be typically spend a lot of…

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Is This a Bare Trust?

Andrew Coates, Associate, Gowling WLG (Canada) LLP Today was supposed to be the due date for untold numbers of T3 returns and Schedule 15s for trusts known as “bare” trusts in existence on December 30, 2023. Not only was it going to be the first year that the Canada Revenue…

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Tainting The Spousal Trust?

Corporately-owned life insurance is viewed as a key strategic option in tax and estate planning, notably for business owners.  There are several strategic reasons to consider corporately-owned insurance as part of the estate plan, such as equalization among the beneficiaries of their estate or to fund the taxes triggered on…

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PROCEED CAREFULLY – FRAUDULENT CONVEYANCES

Kira Domratchev, Associate Gowling WLG (Canada) LLP I recently came across an interesting decision of the Ontario Superior Court of Justice where the Court used the doctrine of a resulting trust to reach an outcome on a series of events that left a creditor unable to collect an outstanding costs…

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