our 10th year
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Privacy and the protection of personal data are a major concern in modern society. Complicated privacy legislation exists in many jurisdictions with the objective of protecting personal information by imposing multiple safeguards, some of which can be frustrating to deal with. With the increasing stores of digital information, we also
With the advent on January 1, 2016 of the new income tax rules eliminating graduated income tax rates and imposing tax at the top marginal tax rate for testamentary trusts (trusts set up in Wills), some people may be of the view that using trust-planned Wills is far less attractive
When a client 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 country’s law should govern succession of the estate. As outlined in our earlier blog post of July 16, 2013, to
Your estate plan may only be truly up-to-date the day you sign your estate planning documents. This statement no doubt may dismay you and perhaps be unwelcome, in particular given the effort, time and expense that goes into preparing wills, trusts and powers of attorney. The reality is that our
One of the perceived disadvantages to using a trust in estate planning is that restrictions on trustees’ investment decision-making under trust law will result in lower investment returns. In particular, this is a concern where a trust has an income beneficiary to whom income is paid, usually for his or
From time to time in the news we read about wealthy celebrities and business magnates who have publicly stated that their offspring should not expect to receive any sizeable inheritance upon the parent’s death. In recent years, these pronouncements have come from a variety of people including Sting, Warren Buffett,
Blended families have become common, raising additional complexity for estate planning primarily due to differences in family dynamics and objectives. A failure to take these differences into account often leads to acrimony and disputes, which may irreparably damage family relations and thwart the estate plan. To minimize disputes and to
It’s common knowledge that we are at the leading edge of an avalanche of wealth transfer. Baby boomers in increasing numbers are heading into their retirement years and beyond. The succession of capital that will occur is unprecedented. In the recent past, we’ve also seen higher average annual divorce rates
Updating your estate plan on separation and divorce in a timely manner is critical in order to avoid unintended results, possible later disputes, and even litigation. The following highlights some of the most common concerns, as well as precautions to take. Wills Generally, in Ontario the Succession Law Reform Act
The case of Kilitzoglou v. Cure highlights the confusion and difficulty sometimes caused when an issuer of a life insurance policy or retirement plan requires a beneficiary designation to conform to its standard form and rules. In that case, the deceased filed a change of beneficiary designation form with Trans-America
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