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Category: Trusts

Trustee Discretion: Where Absolute does not mean Unfettered

O'Sullivan Estate Lawyers January 17, 2024

Trusts, and discretionary trusts in particular, are a staple of estate planning for their flexibility and adaptability. They can address a multitude of situations such as: managing assets for spouses, minors, persons with disabilities or vulnerabilities; asset protection and preservation; business wealth and succession; and incentivizing activities such as education.

Why a Comprehensive Will or Trust Can Avoid Ambiguity and Extra Expense

O'Sullivan Estate Lawyers October 31, 2023

Most of us have heard of the “KISS” principle, which stands for “keep it simple, stupid.” The natural assumption is that simple equals short and sometimes this is true, but not always. When it comes to legal documents such as Wills and trusts, the devil is in the details, and

The Trust and Estate World Post-Pandemic: The Way Ahead

Margaret O'Sullivan January 10, 2023

It is the beginning of a new year and time to reflect on the last three years or so, what impact the pandemic has had on the trust and estate world, and what the way forward will be. So much has changed in so short a period in how professional

But Wait, There’s More: Canadian and Ontario Laws That Can Impact Estates and Trusts

O'Sullivan Estate Lawyers December 6, 2022

In January of this year, our blog “New Year, New Estate Laws Are Here,” summarized the substantive changes to Ontario estate and trust law which came into effect on January 1, 2022. These changes were significant, and we expected significant litigation to go along with them. So far, this abundance

New Trust Reporting and Disclosure Rules – Expect the Unexpected for 2022

O'Sullivan Estate Lawyers October 11, 2022

In our previous blog, “New Trust Reporting and Disclosure Rules,” we wrote about the new Canadian trust reporting and disclosure rules which were originally to come into effect in 2021. Updated draft legislation was released by the Department of Finance on August 9, 2022, and the legislation is now expected

Beneficiary Designations Uncertainty: Where Are We Now?

Marly Peikes May 24, 2022

It is a well-established principle from the Supreme Court of Canada’s 2007 decision, Pecore v Pecore, that there is a presumption of a resulting trust where a gratuitous transfer of property is found. The primary example is when an asset is put into joint names by a parent with an

Prescribed Rate Loan Still at 1%: Lowering Your Family’s Tax Bill

Margaret O'Sullivan March 29, 2022

For almost two years now, the prescribed rate under the Income Tax Act has been at an all-time low of 1%. This low rate has made using a family trust or spousal loan to split income with minor children, grandchildren and a spouse very attractive – which is in contrast

Were You Actually Mom’s Favourite, or Did She Just Have a Bad Estate Plan?

O'Sullivan Estate Lawyers March 31, 2021

A Look at Resulting Trusts When leaving money to their children, clients generally have two objectives: (1) to make things as simple as possible for their children, and (2) to pay the least amount of taxes. Clients want to ensure that the wealth they have accumulated over their lifetime actually

Trustee Compensation: Silence is Not Golden

Marly Peikes March 3, 2021

If not carefully planned for, the amount of compensation paid to the executor(s) for administering an estate or to the trustee(s) for administering any ongoing trusts (collectively referred to as the “trustees”) has the potential to become a contentious issue. In the scope of estate planning, compensation must be part

The Big Problem with Leaving Gifts to Minors

O'Sullivan Estate Lawyers February 8, 2021

Many of our clients often wish to leave a small gift to the younger people in their lives, for example grandchildren. This gift is normally nothing extravagant, often a small legacy to help the future generation with their education, purchase a car, a down payment towards a home, or maybe

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Category: Trusts

Trustee Discretion: Where Absolute does not mean Unfettered

Why a Comprehensive Will or Trust Can Avoid Ambiguity and Extra Expense

The Trust and Estate World Post-Pandemic: The Way Ahead

But Wait, There’s More: Canadian and Ontario Laws That Can Impact Estates and Trusts

New Trust Reporting and Disclosure Rules – Expect the Unexpected for 2022

Beneficiary Designations Uncertainty: Where Are We Now?

Prescribed Rate Loan Still at 1%: Lowering Your Family’s Tax Bill

Were You Actually Mom’s Favourite, or Did She Just Have a Bad Estate Plan?

Trustee Compensation: Silence is Not Golden

The Big Problem with Leaving Gifts to Minors

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