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Being asked by a loved one to act as an executor of their estate is not always the honour some think it is. Administering an estate can be a difficult and burdensome process, and coupled with grieving the loss of a loved one and dealing with demanding beneficiaries, the role
In doing your estate planning, it’s important to know if you or any of your intended beneficiaries are U.S. citizens. Citizenship is not always obvious to determine. It may sound farfetched, but a person can be a U.S. citizen without knowing it. It’s important to consider the tax implications that
A Look at Resulting Trusts When leaving money to their children, clients generally have two objectives: (1) to make things as simple as possible for their children, and (2) to pay the least amount of taxes. Clients want to ensure that the wealth they have accumulated over their lifetime actually
Major legislative changes in estate law are rare. However, we appear to be on the cusp of just such a change in Ontario. On February 16th, the Ontario Government introduced the Accelerating Access to Justice Act, 2021. Bill 245 has passed first reading and been referred to the Standing Committee on
What are some of the trips and traps to be aware of from an estate planning viewpoint if you are a Canadian, but you have assets or other connections south of the border? In this blog, I will give a few concrete examples drawn from my experience of the problems
Many of our clients often wish to leave a small gift to the younger people in their lives, for example grandchildren. This gift is normally nothing extravagant, often a small legacy to help the future generation with their education, purchase a car, a down payment towards a home, or maybe
Starting a new year is always a good time to ensure that your personal affairs are in order, including your estate plan. Not only is it important to have an up-to-date will and powers of attorney, but it is important to have an estate plan which can, to the extent possible,
One of the most common questions our clients ask is whether they can sign their Wills and Powers of Attorney with an electronic signature. Our lives are getting busier, our goal of reducing paper waste is more focused, and clients are understandably questioning the historically strict formalities of executing estate
Canadians who own U.S. securities may be surprised to find out that their investments may be exposing themselves to a tax as high as 40% on death. Without proper planning, an individual’s U.S. investments may be subject to U.S. estate tax, which will not provide the anticipated or desired result.
Who will be in charge of executing your will is one of the most important decisions to make in the estate planning process. People often only consider close family members, but they may not always be the best choice. Here are some key considerations. An executor must be at least the
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