Estate Planning

Estate Planning: Avoiding (Or At Least Managing) The Family War

Suzana Popovic-Montag | Posted 09.16.2016 | Canada Business
Suzana Popovic-Montag

“Let him who desires peace prepare for war.” Who would have thought that this quote by Flavius Vegetius Renatus could be relevant within the conte...

7 Financial Bases You'll Need To Cover Before Blending Families

Jane Blaufus | Posted 09.16.2016 | Canada Business
Jane Blaufus

My first husband passed away suddenly at the age of 39 and in 60 seconds, I became a widow with a 12-and-a-half-year-old daughter. I never intended to remarry but time and divine intervention had other plans for me. I remarried. This brought with it a myriad of important things we needed to discuss and consider.

The Advantages And Disadvantages Of Probate

Suzana Popovic-Montag | Posted 09.06.2016 | Canada Business
Suzana Popovic-Montag

The word probate, while still very frequently used by lawyers, may confuse people who do not have a legal background. Part of the confusion stems from the fact that the word probate is an old-fashioned term that can refer either to a legal process or to a particular kind of court order.

There Has Never Been A Better Time To Embrace Charitable Giving

Suzana Popovic-Montag | Posted 08.22.2016 | Canada Business
Suzana Popovic-Montag

Amendments to the Income Tax Act have been made that incentivize planned charitable giving. Prior to 2016, gifts to registered charitable organizations made by will received tax credits that could only be used in the year of the testator's death or carried back to the preceding year.

When Criminal And Estate Law Intersect

Suzana Popovic-Montag | Posted 08.04.2016 | Canada Business
Suzana Popovic-Montag

Occasionally, criminal law and estate law intersect. That intersection was particularly shocking in the high-profile cases of Helmuth Buxbaum and Peter Demeter. Both were convicted of arranging the murder of their wives and both tried to collect on life insurance policies in their respective wife's name.

A Digital Estate Plan Defines Your Virtual Life After Death

Suzana Popovic-Montag | Posted 07.22.2016 | Canada Living
Suzana Popovic-Montag

Online social media, if unaddressed by an estate plan, can be the cause of litigation. A person's social media may include writings, pictures or other mementos. These items may hold sentimental value to that person's family members and friends in a way that may not have been contemplated by the deceased.

Estate Planning For A Significant Demographic Shift

Suzana Popovic-Montag | Posted 07.11.2016 | Canada Business
Suzana Popovic-Montag

It has been estimated that $750 billion will be inherited in the next decade by the Baby Boomer Generation. Within those same ten years, the Boomer Ge...

Avoiding A Contested Will: Planning For Success

Suzana Popovic-Montag | Posted 06.23.2016 | Canada Business
Suzana Popovic-Montag

It has been said that if you fail to plan, you plan to fail. This statement rings true in the context of estate planning. A disorganized estate plan is ripe for expensive litigation that will deplete the assets of the estate. A Last Will and Testament is usually the cornerstone of an estate plan but can be disputed by disappointed beneficiaries.

There Are Measures You Can Take To Discourage A Will Challenge

Suzana Popovic-Montag | Posted 06.13.2016 | Canada Business
Suzana Popovic-Montag

Will challenges can involve a great deal of time and expense, many times to the detriment of the estate. There are multiple grounds upon which a will challenge may be based; however, the two most commonly pleaded are lack of testamentary capacity and allegations that the testator was subject to undue influence.

Passing Cottage Property Onto Your Kids Is No Walk Along The Lake

Jeet Dhillon | Posted 06.09.2016 | Canada Living
Jeet Dhillon

For many families a cottage is a place of special moments, milestones and memories. However, having a recreational property is not always fun and games -- there are also many costs and responsibilities that come along with ownership, especially when transferring the property to your children.

Handling Foreign-Based Estate Assets

Suzana Popovic-Montag | Posted 05.16.2016 | Canada Business
Suzana Popovic-Montag

As more Canadians are choosing to spend greater time abroad, it has become increasingly common for estates to include foreign-based assets upon death. From an estate law perspective, foreign-based assets can give rise to estate administration issues that are best addressed as part of an estate plan created in consultation with professional advisors.

Prince Didn't Have A Will, Make Sure You Do

David Lester | Posted 05.04.2016 | Canada Living
David Lester

Make sure you have an up-to-date will in a place where your executor, spouse or kids can find it. If you die without a will you do not have a say in who your beneficiaries are or who administers your estate.

Modern Estate Planning Should Reflect A Changing Society

Suzana Popovic-Montag | Posted 04.29.2016 | Canada Business
Suzana Popovic-Montag

In recent years, an aging population and the rise of non-traditional marriages have become issues that are increasingly relevant to estate planning considerations in Canada. As society shifts over time, it is important that estate planning methods and strategies are capable of adaptation to suit changing needs.

How Much Should You Give For A Living Inheritance?

Andrea Love | Posted 04.28.2016 | Canada Living
Andrea Love

When you make a will, you decide who is going to get your money in the event of your death. The hope is that you not only set up the next generation for financial success, but you also pass along positive financial values they can carry throughout their lifetime.

Handling Estate Related Income Tax Returns

Suzana Popovic-Montag | Posted 04.15.2016 | Canada Business
Suzana Popovic-Montag

When it comes to acting as executor of an estate, there is no shortage of responsibilities that should be carefully reviewed prior to accepting the role. One of the most fundamental duties is that all estate related income tax documents are filed and in good standing.

Start Your Estate Planning As Early As Possible

Suzana Popovic-Montag | Posted 04.01.2016 | Canada Business
Suzana Popovic-Montag

When discussing estate planning, we often focus on the more complex details, such as how to reduce tax liability for your estate, or whether to make use of multiple wills. However, before moving on to these more complicated topics, it is vital to start from the beginning and consider the basics as a first step in estate planning.

How To Deal With Digital Assets In Estate Planning

Suzana Popovic-Montag | Posted 03.17.2016 | Canada Business
Suzana Popovic-Montag

Due to recent technological advancements, one's digital presence has become an important part of every day life. As a result, it is increasingly important to consider how this may impact traditional estate planning. With increasing frequency, individuals are creating complex lives online, which may include a social media presence, electronic banking, reward point balances, online investments, and many other possibilities.

Estate Tax: What It Is And How To Deal With It

Suzana Popovic-Montag | Posted 03.03.2016 | Canada Business
Suzana Popovic-Montag

Currently, Ontario has the highest estate tax in Canada. Although there was a recent attempt to address this issue by setting a cap on the amount payable at $3,250.00, the private member's bill that proposed this amendment was voted down at second reading on Sept. 24, 2015.

Executor, Trustee, And Attorney Compensation

Suzana Popovic-Montag | Posted 02.04.2016 | Canada Business
Suzana Popovic-Montag

When called upon to act as a personal representative, whether in the capacity of an attorney, executor, or trustee, the issue of compensation is often called into question. The basic starting point for executor or trustee compensation is the will or trust document.

A Survivor's Guide To The Sandwich Generation

Andrea Love | Posted 02.03.2016 | Canada Living
Andrea Love

According to Statistics Canada, the "sandwich generation" now includes more than two million Canadians -- or 28 per cent of all caregivers in Canada -- with the majority being women between 35 and 44 years old. This number is only expected to rise as Canada's population ages and the older generation is no longer capable of caring for themselves. That leaves us with a generation stuck with caring for their late-leaving adult children and their ailing parents at the same time. How do they cope?

The Process Of Locating The Heirs Of An Estate

Suzana Popovic-Montag | Posted 01.25.2016 | Canada Business
Suzana Popovic-Montag

As several of our previous entries address, the executor of an estate has many duties and obligations in the administration of a loved one's estate. Among these duties, is the obligation to locate all heirs who are entitled to share in the assets of the estate of the deceased.

Income Tax Obligations and Accounting Requirements

Suzana Popovic-Montag | Posted 01.08.2016 | Canada Business
Suzana Popovic-Montag

When taking on the role of estate trustee, there is no shortage of responsibilities and obligations. Along with other obligations described within our...

How To Protect Your Finances While Aging With Alzheimer's

AlzLIVE | Posted 01.04.2016 | Canada Living
AlzLIVE

It is deeply hurtful to even remotely consider that someone from your most trusted group of allies could be intending to take advantage of you when you are most vulnerable, but avoiding this issue only leaves you more vulnerable. Your best line of defence is to increase your awareness on some of the more typical financial threats.

The Roles And Responsibilities Of An Estate Executor

Suzana Popovic-Montag | Posted 12.24.2015 | Canada Business
Suzana Popovic-Montag

Being named as the executor within an individual's last will and testament is sometimes perceived as an honour. However, it is important to understand that acting as the executor of an estate comes with significant responsibility.

Why Dying In Canada Is Different Today

Andrea Love | Posted 12.17.2015 | Canada Living
Andrea Love

Dying in Canada has become more personalized -- but more complicated than ever below. But it doesn't have to be this difficult.