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Letters of Wishes

When engaging in Will planning there may be directions that you don’t necessarily want to have included in your Will. This is because if probate is needed, your Will becomes a matter of public record....

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Questions to which the answer is “yes”

Do you know all about estates? See how many of these questions you would have answered correctly.

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“SHAMELESS LAWSUIT”

I recently came across an article, entitled “Shameless Lawsuit”. It was about the claim Samantha Perelman is bringing against her uncle, James Cohen. Samantha is the daughter of Claudia Cohen and...

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Valuation of an interest in a discretionary trust

What if a beneficiary of a family trust such as a parent passes away? Does his or her interest in the discretionary trust have value for estate administration purposes? The simple answer is likely to...

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Questions to which the answer is “no”

Another quick test of your knowledge of stuff about estates! In my September 23rd entry, I asked 12 questions to which the answer was always "yes". This time, the "noes/nos" have it.

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VALUATION OF AN INTEREST IN A DISCRETIONARY TRUST – PART 2

Valuation of an interest in a discretionary Trust - Part 2: What some of the factors to consider for determining value?

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An Update on Estates and Trusts

Update on estates and trusts for lawyers and accountants.

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Lawyer’s Questionnaire admitted to Probate as a Will

Courts are sometimes asked to determine if a “testamentary-like” document is a will.  In British Columbia, an executor brought an action to prove in solemn form that a questionnaire that the testator...

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Questions about estate stuff to which the answer is “maybe”.

In my earlier entries I asked questions to which the answer was "yes" or "no". It was a lot tougher coming up with these questions. However, because the answer to many questions about estates are very...

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Is a gift of real property really a gift?

Transfers of real property to joint tenancy with right of survivorship

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LIFE INSURANCE AND THE SMALL BUSINESS CAPITAL GAINS EXEMPTION: AN UPDATE AND...

About a year ago, a fellow blogger wrote about the value of corporate owned life insurance policy and its impact on the ability to claim the small business corporation share capital gains exemption....

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The General Who Would Be King

As the estates bar knows all too well, a last will and testament can be the final chance for a person to communicate his or her thoughts, wishes and desires to the world. It is no surprise then that a...

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To Write a Will, or to Not Write a Will

Those of us who provide estate planning services are often asked for an explanation of why a prospective client should write a Will. Assuming you are able to persuade the prospective client of the...

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Directions to Trustees: Careful Consideration when Drafting Wills

A recent high profile testamentary trust fund litigation suggests that careful consideration is necessary when determining the directions to provide to trustees with respect to the administration of...

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‘Tis the Giving Season

Given that it is my last blog prior to the holidays, and given the importance of charitable and other giving to estate planning in general, I thought that I would take the opportunity to highlight two...

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SPOUSAL TRUST INCOME DESIGNATIONS: A “BEWARE”

A spousal trust, by definition is a trust that must pay or make payable all of its income to the spouse beneficiary on an annual basis. Nevertheless, there may be a good reason to have the income taxed...

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What’s My Share?

Is the value of a residual interest determined at the date of death or on the distribution date to the beneficiaries? The Ontario Court of Appeal weighs in.

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Word Choice in Will Drafting

It is a well-known drafting principle that when draftspersons are drafting Wills (and other legal documents), it is best to avoid: (i) using different words and phrases to describe the same thing; and...

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Estate and Trusts with Foreign Properties and/or Transactions: Reporting...

Do you have foreign assets in a trust or estate or transactions or does the trust or estate have transactions with non-residents: They have to be reported annually to the tax authority or else?

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Funding Retirement

Statistics show people are not adequately planning for their retirement and rely on inheritances, kids, part-time work and the sale of their homes to fund their retirement.

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