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Toronto Ontario Estate Law Blog
When Charitable Gifts Don’t Go According to Plan
If you intend to make, or have already made, charitable gifts in your will, there is an interesting aspect of charitable giving that you may not have considered. What happens if the charity you named no longer exists, cannot receive the gift, or circumstances have changed such that your gift
Show Me the Money: How Much Should Your Executors and Trustees Be Paid?
Recent news reports concerning the compensation claimed by the executors of the estate of the late Loretta Rogers, matriarch of the telecom Rogers family, one of Canada’s wealthiest, has raised concerns for many, particularly if they have a large estate, on how much their executors can be paid. In the
How to Disclaim an Inheritance: Guide From an Estate Lawyer
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
Handing Down Your Special Items: Using a Letter of Wishes for Personal Effects in Your Estate Plan
A well-crafted estate plan addresses more than just your major assets, like real estate, corporate interests, and investment accounts. It can also encompass personal effects with both sentimental and financial value. Often, these items carry deep emotional significance and can also be the focal point of disagreement among loved ones,
When Your Children Live in the U.S.: Estate Challenges
Many families face challenges that they could not have foreseen when their children were growing up and living at home that one or more, and in some cases all of them, would end up living in the U.S. Children often decide to live permanently in the U.S. to pursue employment
Eco-Friendly Estate Planning: Leaving a More Sustainable Legacy
Sustainable living does not have to end with your lifetime. In today’s increasingly eco-conscious world, more and more individuals are looking for ways to reduce their carbon footprint and leave things “greener” for future generations. Eco-friendly estate planning can integrate those values into practical decisions that reduce your environmental impact
Update on The Capital Gains Exemption and Qualified Small Business Corporation Shares
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,
Dad Added Me to His Bank Account – Do I Get the Money When He Dies?
This is a loaded question. The short answer is: it depends. If you’re interested in the long answer, keep reading. Why is this question so complicated? We have the Supreme Court of Canada decision in Pecore v Pecore (2007 SCC 17 (CanLII)) and the caselaw that follows it to thank. In
Foreign Beneficiaries and Foreign Estate Taxes: With Globalization Comes Complexity
Canadian families are more global than ever and this trend will only continue. Children and other family members increasingly work in other countries, sometimes staying after post-secondary education at a foreign college or university, forming relationships, including marriage, having children, and settling in their new home jurisdiction. Others emigrate to
Wills and Estates 101: Keeping Your Legal Terms Straight – Part 2
Back in 2023, my colleague, Marly Peikes, wrote a blog demystifying some common legal terms used in Ontario estate and trust planning. While an entire textbook could be filled with estate-related legal jargon, for now, we want to provide our readers with greater clarity on even more commonly used terms
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