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March 2020 Archives

Death or Incapacity of a Trustee: Planning Ahead Doesn't Solve Everything

While it will likely never be the subject of a hit play like "Death of a Salesman", the death or incapacity of a trustee can have serious practical and financial implications for a trust, and by extension, the beneficiaries of the trust. All too often, the practical and legal requirements for the transfer of assets from a deceased trustee to a successor trustee do not result in a seamless transfer (please note that the requirements for executors are different and are not addressed in this blog).

Inheritance Tax, Wealth Tax and More Capital Gains Tax: The Future of Canadian Taxation?

With an aging population, and the trillion dollar transfer of wealth to occur in the face of a shrinking income tax base, and in the face of what some assert is an increasing concentration of wealth at the top, the burning question is whether new forms of death taxes will raise their head, as well as lifetime taxes as governments struggle to balance budgets, get rid of burgeoning deficits and generally try to put their financial house in order.