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As people are living longer, often well into their nineties, the way wealth is transferred to the next generation is starting to shift. The paradigm of waiting to pass family wealth to children on the second parent’s death is being reconsidered because parents are living longer and children have a
It was heartbreaking to learn that Jean Truchon, who fought so valiantly to expand assisted-dying laws in Canada, felt forced to advance his medically assisted death procedure from June 2020 to early April. He chose to do so because of the COVID-19 pandemic and his inability to spend time with
Alter Ego Trusts (“AETs”) and Joint Partner Trusts (“JPTs”) are effective tools to assist in probate and incapacity planning. AETs and JPTs are inter vivos trusts (meaning they are set up during a person’s lifetime), to which persons 65 years or older can transfer assets on a tax-deferred basis. An
Whether it’s a first relationship for a millennial or a second or subsequent relationship for others including baby boomers and seniors, these days more and more couples are choosing to live common law rather than marrying. According to a 2017 census, 21.3% of all couples in Canada were living common
Your digital assets include everything from your smart phone and Amazon accounts to your social media accounts and web-based banking applications. The Uniform Access to Digital Assets by Fiduciaries Act (2016), as described below, defines a digital asset as “a record that is created, recorded, transmitted or stored in digital
As colder weather approaches, Ontario snowbirds will start flocking to warmer climates. According to a 2018 study commissioned by The Canadian Trade Commissioner Service, close to 500,000 Canadian snowbirds spend their winters in Florida. Arizona and California are also popular destinations. Many, if not most, will arrange health insurance in
With increased mobility, it’s becoming more common to have assets in several jurisdictions, in which case, it is important to create a comprehensive estate plan that considers all of your assets and not just the assets located where you live. To deal with assets in more than one jurisdiction, there
The family landscape is changing with increases in blended families, matrimonial breakdown and cohabiting. This may mean shifting family dynamics and relationships, which will likely translate to more complex estate planning. A parent may not want to pass his or her property to a child for a number of reasons.
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