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.
Make sure you have it before you give it
Even if the specific gift is in existence at the time of your death, you need to consider whether you actually have the power to make this gift. That is, do you actually own the asset you wish to give: what if that earmarked bank account was actually held joint with right of survivorship with another beneficiary?
The importance of communicating with estate beneficiaries
Unfortunately, the importance of good communication is often overlooked by estate trustees, and beneficiaries are left in the dark for months (or even years). Beneficiaries will wonder what is going on, and question why they have received no information, which may increase suspicions that something untoward is taking place. “Lawyering up” will typically then follow, since lack of information can breed distrust.
Being charitable across borders
When deciding which charities to benefit, many Canadians have philanthropic objectives that extend beyond the border.
However, there are a few ways to make gifts across the border and still receive Canadian tax relief.
With interest rates low, consider a family trust
As a refresher, using a loan at the prescribed rate to fund a trust for children, grandchildren and a spouse who have a lower marginal tax rate than the higher income family member making the loan who may be at the top marginal rate allows for income to be split among family members.
Little orphan assets: Making a list, checking it twice
When Annie passed away several years later, Bob thought the administration of her estate would be simple as everything would automatically pass to him by right of survivorship or via a beneficiary designation.
However, one day while cleaning the house, Bob found a bank statement from a bank he’s never had any personal dealing with and was shocked to see that there was an account in Annie’s name worth approximately $100,000!
The tricky task of replacing an estate trustee
Where an estate trustee wishes to resign, whether or not a replacement is desired or required, and if there are no provisions included in the will regarding such matters, they must look to the law to determine if and how they can proceed.
Death and taxes: Executor’s compliance responsibilities
Executors are generally responsible for income tax compliance for a deceased person and their estate, including preparing and filing all necessary tax returns in all relevant jurisdictions, paying any taxes owing and obtaining all tax clearances, if appropriate.
U.S. estate and gift tax: Proposals galore
Many of these proposals of the committee did not survive in the bill that was passed by the House on Nov. 19, 2021. Notably, there were no changes to the estate and gift tax exemption and no changes to certain trust taxation rules which would have significantly curtailed their use.