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Toronto Ontario Estate Law Blog
The Rule Against Perpetuities: A Dying Relic
The Rule Against Perpetuities (the “Rule”) is an old and complex legal rule that aims to prevent the delay of vesting of many types of transferred property interests beyond the “Perpetuities Period” and is the bane of many lawyers who draft wills and trusts. A property interest vests when it
Misuse and Abuse of Powers of Attorney – Why Law Reform is Necessary
Having a power of attorney for property is a document we continually recommend to clients who are in the process of updating their estate plans. The purpose of a power of attorney for property is to give a named individual (the “attorney”) the authority to act on behalf of the
Special Needs, Special Trusts
When it comes to ensuring a loved one with a disability is taken care of, few things are more important than a well-considered plan. And yet, for many, it can often seem as if few things are more difficult than planning for a disabled family member. Often the difficulty arises
Going Paperless: Electronic Wills
The increasing pace of technological change is our reality, and when it comes to estate planning, there is no exception. The traditional formalities for wills and powers of attorney are stricter than for most legal documents: for example in Ontario a will has to be in writing and signed at
Estate Plan “Health Check-Up” – Keeping up to Date with Recent Legal and Tax Changes
In both our August 2015 and March 2016 blog posts, we discussed the importance of frequently reviewing your estate planning documents, as personal and financial circumstances can constantly change. Failing to make necessary revisions to your estate planning documents may result in unintended consequences that do not accurately reflect your
Change is the Only Constant: A Perspective on Changes to Canadian Income Tax Rules for Private Corporations
On July 18, 2017, the Federal Government announced changes to close “loopholes” in the taxation of private corporation income. One of the stated goals is to provide for “fairness” in the taxation of income so that business income earned through a private corporation is not “unfairly” subject to lesser rates
Impact of U.S. Tax Reform on Estate Planning for Canadians with U.S. Connections
U.S. tax reform measures were signed into law by President Trump on December 22, 2017, culminating a whirlwind legislative process at the end of 2017 which resulted in the Tax Cuts and Jobs Act (the “Tax Act”), the most significant changes to U.S. tax law in over three decades. These
Domestic Contracts to Protect Family Wealth: Unassailable or Not?
When family wealth is at stake, parents may wish to encourage their children to enter into a domestic contract with their partners. The purpose may include to protect significant gifts and inheritances, a home owned at date of marriage, or a family business. With divorce rates at an all time
U.S. Tax Reform Moves Forward at Breakneck Speed
No doubt many U.S. legislators were chewing on tax reform over the U.S. Thanksgiving weekend, as well as enjoying their turkey, as unprecedented momentum is moving U.S reforms ahead at breakneck speed demonstrating Congress’s desire to complete tax reform before year end. The proposed changes will be the most significant
Acting as an Executor or Attorney: Starting Out on the Right Foot
One of the questions we often get asked by people who are planning their estates or for incapacity is who they should appoint to be the executors of their will or their substitute decision makers if they become incapable. (In Ontario, substitute decision makers during incapacity are known as attorneys
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