pixelliebe via Getty Images
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.
Monkey Business Images Ltd via Getty Images
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 Generation will also approach retirement age and the...
Monkey Business Images via Getty Images
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.
OJO_Images via Getty Images
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.
Philippe Regard via Getty Images
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.
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?
AndreyPopov via Getty Images
Dying in Canada has become more personalized -- but more complicated than ever below. But it doesn't have to be this difficult.
Peter Dazeley via Getty Images
The deceased Mr. Spence left his entire estate of $400,000 to his daughter Donna. He cut his daughter Verolin out of his will, reputedly because of racial bias. Madam Justice Gilmore ruled that this offended public policy, and was therefore rendered void. Once there is no will, the law decrees that each child of the deceased receives an equal share of the estate.
Image Source via Getty Images
When appointing an attorney for property or personal care, it may be wise to request that they obtain legal advice with respect to its use to the grantor's benefit, when effective. Legal advice may come at a cost, but that expense is miniscule in comparison to litigation that may be caused by the misuse or abuse of a power of attorney, including a contested application to pass accounts.
One major difficulty in establishing the validity or invalidity of a will is that it is impossible to consult the testator to verify what his or her intentions were at the time that a will was executed. This often means that evidence such as solicitor's records or medical documentation must instead be relied upon to determine the issues of testamentary capacity and undue influence.
As a lawyer who practises primarily in estate planning and administration, I get to know all kinds of people. I learn about their families, their priorities, their jobs, and their lives. Most of these conversations start with clients telling me that their situation is simple, though they all reveal that our lives are anything but. Creating a legal document that respects these complexities is no easy task, but here are some tips to help you plan ahead.
Every year, many consumers create their own estate planning documents, such as wills and powers of attorney, using do it yourself kits. These kits can be found online or in shops across the country, ranging from free downloadable documents to significantly expensive ones.
Canadian news is mired in ethical debates these days, from questions over government officials' rising salaries, to charity speaking fees, travel expenses, and even substance abuse. What's the common...
Those in the market for snowbird condominiums or other properties south of the border need to buy what it is they can afford and can make them happy, without their estate plans at the forefront of their mind. However, it's important not to be naïve in these cross-border property purchases, in order to ensure assets pass on in a meaningful way.