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As estate planning lawyers, we constantly orbit the estate litigation galaxy, navigating to keep our clients’ estates from being pulled into the Black Hole of court. This blog is a guide for both estate planning lawyers and their clients to stay in “safe orbit” and navigate smartly around some of
The Scenario John and Jane each purchase a real property in Ontario in 2003, to which they take title in their names alone. John purchases a residential property for $2,000,000 (“John’s Property”) and Jane purchases a cottage property for $1,000,000 (“Jane’s Property”). In 2006, John and Jane become common law
In Ontario, a beneficiary under a will or an intestacy cannot be compelled to accept a gift. A beneficiary has the option of choosing whether to accept an inheritance or a gift, or alternatively, whether to not accept, or in legalese, to “disclaim” an inheritance. What Does It Mean for
Canadian taxpayers are currently afforded a cumulative lifetime exemption on capital gains realized from the sale of qualified small business corporation shares and on a qualified farm property or a qualified fishing property. A deduction on capital gains realized from any such sale(s) is permitted, up to the exemption amount,
What is a Power of Appointment? A power of appointment is a valuable estate planning tool, which, broadly speaking, is a power that is frequently conferred on a person, including an executor, and the trustee and/or beneficiary of a testamentary or inter vivos trust (the “donee”), in relation to the
A continuing power of attorney for property is an estate planning tool that enables a person (i.e., the attorney) to step into the shoes of the grantor when the grantor becomes mentally incapable and to do everything the grantor could lawfully do, except make a will. An attorney for property
In the world of trusts and estates law, the acronym “GRE” is a frequent visitor, and while its descriptive meaning, Graduated Rate Estate (“GRE”), may be well known, its impact perhaps less so. A testamentary trust is a trust created as a result of a person’s death. An estate is