O’Sullivan Estate Lawyers
in the Media
O’Sullivan Estate Lawyers in the Media
The Toronto-based trust and estate lawyers at O’Sullivan Estate Lawyers are regularly sought by reporters, editors, as well as TV and radio producers for their thought leadership, opinions and analysis of important and topical trust and estate issues which impact families in wealth succession and planning.
They are also regular columnists for The Lawyer’s Daily, published by LexisNexis, one of Canada’s most important publications for the legal profession, as well as Advisor’s Edge, published by Newcom. The firm is also a member of Mondaq, and has a robust listing of articles which are distributed through the Mondaq Global Network, with more than 1 million members worldwide, including lawyers, accountants, as well as C-suite executives and business owners.
Canada’s top Wills, Trusts, & Estates boutiques for 2021 revealed
Margaret O’Sullivan, managing partner at winner O’Sullivan Estate Lawyers, says these changes will “allow more efficiency and ability to accommodate clients wherever they may be, including snowbirds going south and others to their summer homes, which will smooth out the process.” Likewise, estate planning on video platforms will live on beyond the pandemic.
Executor denied indemnity by beneficiaries for tax liability
Here is a cautionary tale for executors administering an estate. Canada Revenue Agency (CRA) makes executors personally liable for the estate’s final tax return. Further, executors should not be in a hurry to make distributions from the estate until a tax clearance certificate has been received from CRA. Finally, it is difficult to try to get money back after it has been distributed to beneficiaries.
European ‘forced heirship’ in estate planning: A case study
While testamentary freedom — the autonomy to pass property on death as a person pleases — is a long-standing principle in Canada, most civil law jurisdictions in the European Union (EU) operate under a forced heirship regime. Open PDF
Should Canada have a wealth tax: lessons learned
Wealth taxes are not new — countries that have a wealth tax include France, India, Italy, Norway, Spain and Switzerland, and many that had them have abandoned them.
Pandemic complicates discretionary trust payouts
Trustees must balance the interests of income and capital beneficiaries amid economic uncertainty.
Paying for the pandemic
Sooner or later, raising taxes will be back on the agenda. Governments better prepare their citizens in advance.
The global pandemic has been a reminder that sacrifices must be made for the common good. Over the last few months, people everywhere were urged to do their duty — some by staying home, others by carrying on. At some point, they will all be asked to reach deeper into their wallets for what will likely be a long recovery.
We’re moving to Canada: Leaving assets abroad
When someone is packing up to move to another country, whether it be for work, education, family or maybe just a new adventure, in addition to leaving behind their friends and families, it is not uncommon for ex-patriots to leave behind a trail of assets, which can cause significant problems for their executors upon death.
Get ready for new trust reporting rules
Beginning in the 2021 tax year, a trust must disclose the name, address, date of birth, residence address and taxpayer identification number (i.e., social insurance or business number) for trustees, beneficiaries, settlors and controlling people. The new information must be filed using a separate schedule accompanying the T3.