our 10th year
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It’s common knowledge that we are at the leading edge of an avalanche of wealth transfer. Baby boomers in increasing numbers are heading into their retirement years and beyond. The succession of capital that will occur is unprecedented. In the recent past, we’ve also seen higher average annual divorce rates
Updating your estate plan on separation and divorce in a timely manner is critical in order to avoid unintended results, possible later disputes, and even litigation. The following highlights some of the most common concerns, as well as precautions to take. Wills Generally, in Ontario the Succession Law Reform Act
If you have a child or spouse, you may be surprised to learn that you have no automatic right to manage their property should they become incapable and unable to make decisions unaided. Capable adults in Ontario can make a continuing power of attorney for property to allow one or
Discretionary trusts are common estate planning tools used for a variety of reasons such as tax minimization and general wealth protection, including protection on matrimonial breakdown and from creditors. These trusts are often used in an estate freeze where shares in privately-held corporations are “frozen” to defer capital gains liability
The case of Kilitzoglou v. Cure highlights the confusion and difficulty sometimes caused when an issuer of a life insurance policy or retirement plan requires a beneficiary designation to conform to its standard form and rules. In that case, the deceased filed a change of beneficiary designation form with Trans-America
You may or may not have heard of the term “ethical will”. An ethical will doesn’t deal with money or assets, but instead with values, beliefs, words of wisdom, inner thoughts, and family history and tradition. We predict it will become a more common part of the estate planning process
Advance care planning is the process of planning for your future care. An important component is documenting your wishes with respect to personal care and discussing them with your attorney for personal care, your family, and your friends, as appropriate. Wishes can be expressed in your power of
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
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
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.
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