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Putting estate planning documents in place can be a daunting task, but it does not end there. Estate planning is an organic process that requires ongoing attention and revision. Circumstances in your life will continue to change and your main objective is to ensure that your wishes and intentions are
In Ontario, on an application for a Certificate of Appointment, the applicant must pay Ontario Estate Administration Tax (also known as “probate tax”). Probate tax is levied at an approximate rate of 1.5% on the gross value of the estate. Assets passing outside of an estate, such as jointly-owned assets,
There are many things that we think about and plan for when we move–furniture, movers, schools, utilities… I could go on and on. There are even more things that we plan for when we move to another jurisdiction-language, taxes, visas, driving laws… and so it goes. But one thing you
Sometimes the law leads in pushing societal change forward, but often it lags far behind, particularly in the face of scientific innovation and rapid technological change. Over the past forty years or so, even how we define family has been subject to fundamental change, and in the future it will
In addition to purchasing a first home, the birth of a child is another momentous life event that often spurs people to prepare a will. Expecting parents and parents of young children are usually keen to put wills in place in order to ensure that if something happens to them,
The Ontario Family Law Act (FLA) determines the division of property between spouses on marriage breakdown. But what happens when a spouse is a beneficiary of a discretionary trust? By way of background, the FLA requires each spouse on marriage breakdown to value his or her “net family property” (NFP).
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
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
Discretionary trusts are common estate planning tools used for a variety of reasons such as tax minimization and general wealth protection, including protection on matrimonial breakdown and from creditors. These trusts are often used in an estate freeze where shares in privately-held corporations are “frozen” to defer capital gains liability
Canadians are increasingly mobile within Canada. Employees are transferred and move with their families to another province, couples decide to retire in a province with a more moderate climate, or seniors decide to move to be closer to their children and grandchildren. But in changing jobs, lifestyle and family connections,