O'Sullivan Estate Lawyers LLP
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Estate Planning Archives

The Rule Against Perpetuities: A Dying Relic 

The Rule Against Perpetuities (the "Rule") is an old and complex legal rule that aims to prevent the delay of vesting of many types of transferred property interests beyond the "Perpetuities Period" and is the bane of many lawyers who draft wills and trusts. A property interest vests when it is absolute and cannot be defeated. There are many ways to transfer property interests, including under a will or through a trust.

Misuse and Abuse of Powers of Attorney - Why Law Reform is Necessary

Having a power of attorney for property is a document we continually recommend to clients who are in the process of updating their estate plans. The purpose of a power of attorney for property is to give a named individual (the "attorney") the authority to act on behalf of the person executing the document (the "grantor") and make decisions with respect to their financial affairs. Under Ontario law, a continuing power of attorney can be used after the donor is incapable of managing their financial affairs and can be revoked at any time as long as the grantor is mentally capable.

Special Needs, Special Trusts

When it comes to ensuring a loved one with a disability is taken care of, few things are more important than a well-considered plan. And yet, for many, it can often seem as if few things are more difficult than planning for a disabled family member. Often the difficulty arises from a confusion regarding the options that are available and a general lack of available information regarding these options. Our Advisory Estate Planning to Benefit Family Members with Special Needs provides an overview of many available options to address a variety of concerns faced by individuals planning for a disabled loved one.

Estate Plan "Health Check-Up" - Keeping up to Date with Recent Legal and Tax Changes

In both our August 2015 and March 2016 blog posts, we discussed the importance of frequently reviewing your estate planning documents, as personal and financial circumstances can constantly change. Failing to make necessary revisions to your estate planning documents may result in unintended consequences that do not accurately reflect your wishes, intentions and goals.

Change is the Only Constant: A Perspective on Changes to Canadian Income Tax Rules for Private Corporations

On July 18, 2017, the Federal Government announced changes to close "loopholes" in the taxation of private corporation income. One of the stated goals is to provide for "fairness" in the taxation of income so that business income earned through a private corporation is not "unfairly" subject to lesser rates of tax than other income. The purpose of this blog is not to discuss whether this should be a goal of our tax system. Change is a constant in all things, including tax policy, and a change in tax policy appears to be here, whether popular or not.

Impact of U.S. Tax Reform on Estate Planning for Canadians with U.S. Connections

U.S. tax reform measures were signed into law by President Trump on December 22, 2017, culminating a whirlwind legislative process at the end of 2017 which resulted in the Tax Cuts and Jobs Act (the "Tax Act"), the most significant changes to U.S. tax law in over three decades. These changes, in particular those relating to personal taxation, will impact many individuals and families with U.S. connections.

Domestic Contracts to Protect Family Wealth: Unassailable or Not?

When family wealth is at stake, parents may wish to encourage their children to enter into a domestic contract with their partners. The purpose may include to protect significant gifts and inheritances, a home owned at date of marriage, or a family business. With divorce rates at an all time high and the largest anticipated wealth transfer in Canada's history of approximately $750 billion to millennials over the next several decades, these issues are a growing concern for many families.

U.S. Tax Reform Moves Forward at Breakneck Speed

No doubt many U.S. legislators were chewing on tax reform over the U.S. Thanksgiving weekend, as well as enjoying their turkey, as unprecedented momentum is moving U.S reforms ahead at breakneck speed demonstrating Congress's desire to complete tax reform before year end.

Acting as an Executor or Attorney: Starting Out on the Right Foot

One of the questions we often get asked by people who are planning their estates or for incapacity is who they should appoint to be the executors of their will or their substitute decision makers if they become incapable. (In Ontario, substitute decision makers during incapacity are known as attorneys for property or personal care if appointed by the individual in a power of attorney or guardians for property or personal care if appointed by the Court - see our Client Advisory Powers of Attorney for more information).

Putting the "Success" Back Into Succession Planning

One of the increasing challenges facing parents and other family members today is achieving success in their estate planning - passing on their wealth well. But how should we define "success". From a professional viewpoint, much of estate planning focuses on ensuring a tax and cost-efficient transition of wealth to future generations and primarily focuses on financial aspects. But in doing so, have we lost sight of the forest for the trees? What is the overarching purpose of passing on wealth? Is it just about the money?

We are a top-ranked and peer recognized firm, including Margaret O’Sullivan by Chambers Canada Guide 2017 and Chambers Canada High Net Worth 2017 as one of the top six private client lawyers in Canada:

  • Top Ranked Canada Chambers 2017 Margaret O'Sullivan
  • Best Lawyers Award Badge
  • Best Lawyers Award Badge
  • Canadian Legal Lexpert Directory
  • The Law Reviews | Expert Panel 2015
  • Step | Canada | Advising Families Across Generations
  • Top Ranked HNW Chambers 2017 Margaret O'Sullivan
  • Recognised in WHO'S WHO LEGAL | WWL
  • Recognised in WHO'S WHO LEGAL | WWL | Canada 2017
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