Author: O'Sullivan Estate Lawyers

Paying for What You Get: General Considerations for Compensating Executors, Trustees and Attorneys

O'Sullivan Estate Lawyers August 12, 2014

One aspect of estate planning which is often not considered is how executors, trustees and attorneys should be compensated. Yet compensation claims are a frequent matter of contention and resentment, create disputes between executors, trustees, attorneys and beneficiaries, and can even result in litigation. Common scenarios include the executor, trustee

Tax, Tax and More Tax: Probate Fee Planning for Extra-Jurisdictional Assets

O'Sullivan Estate Lawyers May 7, 2014

If you’ve been following the recent Federal Budget changes to testamentary trust taxation, the proposed (but now defeated) Ontario Budget with its increased taxes on higher-income earners, tobacco and airplane fuel, and the recent changes to the Ontario Estate Administration Tax Act (see my December, 2012 blog “The New Ontario

Testamentary Trusts – Is There Still a Place for Them in Your Estate Plan?

O'Sullivan Estate Lawyers February 26, 2014

Many of you have no doubt read a summary or highlights of the 2014 Federal Budget and noted the proposal to eliminate graduated income tax rates for testamentary trusts. Rather than thinking that testamentary trust planning is dead (no pun intended), in our view there are plenty of reasons to

Congratulations to Margaret O’Sullivan, the recipient of the 2013 Ontario Bar Association Award of Excellence in Trusts and Estates Law!

O'Sullivan Estate Lawyers December 4, 2013

Every year, the Trusts and Estates Section of the Ontario Bar Association (OBA) presents the Award of Excellence to recognize exceptional contributions and/or achievements by members of the OBA to the area of wills, trusts and estates. The criteria for the Award of Excellence are as follows: the recipient shall

Planning for Personal Care Issues – the Empowering Journey

O'Sullivan Estate Lawyers September 26, 2013

Everyone knows about the shift in demographics in our society. People are living longer; it is estimated that one in ten Canadians born today will live to be 100! An aging population puts financial strains on individual, corporate and government resources, trying to keep up with unexpected demands and unplanned-for

Sometimes it is About the Tax – Inter-vivos Trusts and Spousal Loans

O'Sullivan Estate Lawyers July 26, 2013

In our October 18, 2012 blog “Trusts – It’s Not All About the Tax”, I discussed a few non-tax reasons to consider in setting up a trust as part of estate and wealth planning. However, sometimes the goal is to minimize tax through income-splitting. Two methods of minimizing tax exposure

Great family cottage memories? Keep them that way.

O'Sullivan Estate Lawyers May 7, 2013

If you own a family cottage or other vacation property, it may not be just a financial asset but an emotional investment for you as well, and therefore proper planning for this special asset is especially important in order to meet all your future goals for it. The financial aspects

Beneficiary Designations: When Less is Not More

O'Sullivan Estate Lawyers February 15, 2013

You may know that having a beneficiary designation for your life insurance policies or registered retirement plans (RSPs) is a good idea, including in order to avoid Ontario estate administration tax (previously probate fees) on the value of assets which would otherwise pass through your estate (see our Client Advisory

The New Ontario Estate Administration Tax Regime – What You Need to Know

O'Sullivan Estate Lawyers December 5, 2012

Recent revisions to the Estate Administration Tax Act (Ontario) under which the Province charges tax of approximately 1.5% of the value of an estate when a will is probated by the court (colloquially “probate fees”) should be of concern to everyone because of the new reporting, enforcement and penalty provisions

Who May Be a U.S. Citizen and Why It Matters For Estate Planning and Tax Compliance

O'Sullivan Estate Lawyers November 1, 2012

Could you or someone you know be a U.S. citizen without knowing it, and maybe even without having lived in the United States? In this post, we discuss how someone can be a U.S. citizen by virtue of Just sanguinis – blood relationship – and some resulting tax implications. By

Exceptional solutions. Your needs are as unique as you.

Blog

Celebrating