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Joint ownership of property is a common estate planning tool. Where property is owned jointly with a right of survivorship (as opposed to, for example, as tenants in common), the property passes in the normal course to the surviving joint owner on the other owner’s death. In these circumstances, the
Now that we’ve heard the predictions from a few furry prognosticators that winter is expected to last another six weeks, some of us may be planning extended stays at vacation properties in warmer climes. In the event that you became incapable of making either financial or personal care decisions–whether permanently
When considering your estate planning, an important decision is who will be your estate trustee responsible for administering your estate on your death, and as well who will be your attorney under a continuing power of attorney for property to manage your assets during your lifetime in the event that
Marriage contracts can certainly be sensible and valuable planning tools for protecting certain property down the road in the event of a separation or divorce. A marriage contract allows a couple some flexibility in deciding the outcome regarding property division and support if (or when, in the case of death)
Many Canadians have purchased homes south of the border encouraged by a strong Canadian dollar and a buyer’s market for U.S. real estate. In 2012, Canadians were the leading international buyers of U.S. real estate, accounting for 24% of sales to international buyers.[1] When considering a U.S. property as a
One of the hallmarks of the English common law is the notion of testamentary freedom–that each of us is free to pass our property on death as we wish, and to whom we wish, and that we can be as foolish, eccentric or capricious as we choose to be, subject
U.S. citizens, including dual Canadian/U.S. citizens, may want to know more about how to expatriate from their U.S. citizenship. Approximately 5600 former Americans have renounced in the last four years, coinciding with an increased general awareness of tax compliance requirements for U.S. citizens worldwide. In this blog, we discuss what
When a person 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 law should govern succession of the estate. These rules are often tricky and confusing to navigate. To achieve more clarity
The U.S. Government enacted the U.S. Foreign Account Tax Compliance Act (“FATCA”) in 2010 to combat offshore tax evasion, introducing detailed reporting requirements which affect some Canadian individuals with U.S. connections and Canadian financial institutions. But did you know these requirements could also affect some Canadian trusts and that trustees
In this blog, we highlight some special opportunities available where a non-Canadian resident passes assets on death to a Canadian resident. To illustrate, a couple of common examples: You have a parent or other relative who never lived in Canada who will be passing significant assets down to you on
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