Can You Be Trusted to Keep A Secret?
Secret trusts are an interesting and strange animal indeed! Under common law, it is a form of trust effective on death but which does not actually appear in the will. It may or may not be in writing and usually involves a gift to a person in the will with a statement to that person, […]
What is Land Transfer Tax?
Congratulations, you made an offer to purchase a new home! Avoid the heart palpitations that will come when your lawyer advises you of the closing funds that they will need by way of certified funds by familiarizing yourself with land transfer tax now. Ontario land transfer tax is a provincial tax that the purchaser pays […]
Henson Trusts – Planning for the Disabled Beneficiary
Families with disabled beneficiaries who are dependent on their caregivers have special issues to consider when planning for the financial resources that will be available to these beneficiaries, including through their estates. The Ontario Disability Support Plan offers assistance to adults with disabilities, but there are limits. If the disabled adult inherits assets directly or […]
Valuation of Assets
When applying for a Certificate of Appointment of Estate Trustee (also known as probate and hereafter referred to as a “Certificate”), it is necessary to pay estate administration tax on the value of assets passing through the estate. In order to calculate the amount of tax payable, a valuation of the estate’s assets as of […]
Alter Ego Trusts
Alter Ego Trusts, which were established in 1999, are a tax and estate planning tool which allows an individual to transfer assets outside of their estate while still enjoying their assets during their lifetime and many other benefits. The main requirements are that the person who gifts the assets or property to the trust (“the […]
Assets You Cannot Gift At Will
There are several types of assets that you may acquire during your lifetime but that you cannot gift to anyone in a Will. This may be because there is a contract, law or professional regulation that prevents you from doing so. For example, I recently had a client who owned a condominium unit that was […]
Charitable Donations In Your Will
Did you know that you have more options than just leaving portions of your Estate to people? You may actually consider leaving a legacy to a named charity which, by legal requirement, will have one or more of the following charitable purposes: the advancement of religion, the advancement of education, relief of poverty or public […]
Changing Your Will
There are many life events that should trigger you to consider your estate plan, including whether your will should be updated: 1. The birth or death of a Beneficiary, Estate Trustee or Guardian; 2. Purchase or sale of major asset(s); 3. Moving to another jurisdiction; 4. Your marriage or divorce or that of a loved […]
Probate Planning With Multiple Wills
Probate tax, also known as Estate Administration Tax, is payable at the rate of approximately 1.5% on the assets owned by a deceased person and which pass through their estate. The tax is paid at the time an Estate Trustee (Executor) named in a Will applies to Court for a Certificate of Appointment of Estate […]
When Estate Debt Exceeds Assets
Creditor claims can present significant difficulties in an estate administration. The main stakeholders affected by this situation are the estate trustee, creditors and beneficiaries. First, no distribution can be made to beneficiaries before the debts and liabilities of an estate have been satisfied or paid. Second, an estate trustee (executor) may not wish to spend […]