O'Sullivan Estate Lawyers LLP
Our Mission: Excellence in providing trust and estate solutions in a responsive and personal manner to carry out your objectives and ensure your peace of mind.

September 2015 Archives

What's Tax Got to Do With It? Trust Planning in Wills After Graduated Income Tax Rates are Eliminated

With the advent on January 1, 2016 of the new income tax rules eliminating graduated income tax rates and imposing tax at the top marginal tax rate for testamentary trusts (trusts set up in Wills), some people may be of the view that using trust-planned Wills is far less attractive or even no longer useful. However, this view is based on the narrow assumption that trust planning in Wills is only income tax-driven. Our view is that there are some excellent reasons to consider trust planning in your Will which have absolutely nothing to do with income tax, and that this change of legislation will in fact be the genesis for a renewed appreciation for using trusts in Wills.

New EU Rules for Cross-Border Succession Now Apply from August 17, 2015

When a client dies leaving assets in more than one country, conflict of laws rules (also known as private international law or PIL rules) step in to help determine which country's law should govern succession of the estate. As outlined in our earlier blog post of July 16, 2013, to achieve more clarity and certainty, the European Union passed a law known as the Succession Regulation in July 2012. It is now fully operational in all EU member states as of August 17, 2015 (except in Denmark, the U.K. and Ireland, which decided to opt out).

We are a top-ranked and peer recognized firm, including Margaret O’Sullivan by Chambers Canada Guide 2017 and Chambers Canada High Net Worth 2017 as one of the top six private client lawyers in Canada:

  • Top Ranked Canada Chambers 2017 Margaret O'Sullivan
  • Best Lawyers Award Badge
  • Best Lawyers Award Badge
  • Canadian Legal Lexpert Directory
  • The Law Reviews | Expert Panel 2015
  • Step | Canada | Advising Families Across Generations
  • Top Ranked HNW Chambers 2016 Margaret O'Sullivan
  • Recognised in WHO'SWHOLEGAL | WWL
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