Category: Estate Planning

Paying for What You Get: General Considerations for Compensating Executors, Trustees and Attorneys

O'Sullivan Estate Lawyers August 12, 2014

One aspect of estate planning which is often not considered is how executors, trustees and attorneys should be compensated. Yet compensation claims are a frequent matter of contention and resentment, create disputes between executors, trustees, attorneys and beneficiaries, and can even result in litigation. Common scenarios include the executor, trustee

Does Uncle Sam Want You? – An Update on the U.S. Foreign Account Tax Compliance Act (“FATCA”)

Margaret O'Sullivan July 9, 2014

Many of you have no doubt heard a lot about FATCA in the press and elsewhere (for example, our June 3, 2013 blog post “What is ‘FATCA’ and What Impact Does it Have for You?”). This legislation is complex, and the questions that come to mind are: what is the

Current Issues in Planning for Family Members with Disabilities

Margaret O'Sullivan May 27, 2014

When planning for the financial security of a family member with a disability, it is important to take into account his or her unique circumstances and needs. Available planning options sometimes place a large emphasis on ensuring that income support under the Ontario Disability Support Program (ODSP) is not jeopardized.

Tax, Tax and More Tax: Probate Fee Planning for Extra-Jurisdictional Assets

O'Sullivan Estate Lawyers May 7, 2014

If you’ve been following the recent Federal Budget changes to testamentary trust taxation, the proposed (but now defeated) Ontario Budget with its increased taxes on higher-income earners, tobacco and airplane fuel, and the recent changes to the Ontario Estate Administration Tax Act (see my December, 2012 blog “The New Ontario

Planning for Your Digital Estate

Margaret O'Sullivan April 9, 2014

An estimated 85% of North Americans use online financial tools such as financial accounts, bill payments and digital currency, according to a 2012 BMO Wealth Institute survey. In 2011, Canadians surveyed valued their digital assets including entertainment downloads, personal records and career information at approximately $47,000 each, as reported in

Joint Ownership – The Third Outcome

Margaret O'Sullivan March 11, 2014

Joint ownership of property is a common estate planning tool. Where property is owned jointly with a right of survivorship (as opposed to, for example, as tenants in common), the property passes in the normal course to the surviving joint owner on the other owner’s death. In these circumstances, the

Testamentary Trusts – Is There Still a Place for Them in Your Estate Plan?

O'Sullivan Estate Lawyers February 26, 2014

Many of you have no doubt read a summary or highlights of the 2014 Federal Budget and noted the proposal to eliminate graduated income tax rates for testamentary trusts. Rather than thinking that testamentary trust planning is dead (no pun intended), in our view there are plenty of reasons to

Mobilize Your Incapacity Planning Across Borders

Margaret O'Sullivan February 11, 2014

Now that we’ve heard the predictions from a few furry prognosticators that winter is expected to last another six weeks, some of us may be planning extended stays at vacation properties in warmer climes. In the event that you became incapable of making either financial or personal care decisions–whether permanently

Considerations in Appointing Executors and Attorneys Out of the Jurisdiction

Margaret O'Sullivan January 28, 2014

When considering your estate planning, an important decision is who will be your estate trustee responsible for administering your estate on your death, and as well who will be your attorney under a continuing power of attorney for property to manage your assets during your lifetime in the event that

Testamentary Freedom: A Dying (no pun intended) Legal Principle?

Margaret O'Sullivan October 17, 2013

One of the hallmarks of the English common law is the notion of testamentary freedom–that each of us is free to pass our property on death as we wish, and to whom we wish, and that we can be as foolish, eccentric or capricious as we choose to be, subject

Exceptional solutions. Your needs are as unique as you.

Blog

Celebrating