O’Sullivan Estate Lawyers in the Media

There are several methods for minimizing Estate Administration Tax (EAT), also known as probate fees upon death.

Many focus on removing the value of assets from the estate, thereby reducing EAT. For example, a house held with a spouse as joint tenants with right of survivorship will generally pass to the surviving spouse upon the first spouse’s death without forming part of the deceased spouse’s estate.

The lifetime exclusion amount is set to decrease on Jan. 1, 2026, to $5 million, adjusted for inflation since 2011, unless legislation is passed by the U.S. Congress.

What is the current state of play when it comes to U.S. estate tax, including its impact on many Canadian tax residents and others with U.S. connections? First, here’s an update on some key tax rates and concepts for 2023.

“The other caveat is that the account might be taxable in the new country, so the person would have to get local tax advice to see if it’s worthwhile to keep the account while they’re a non-resident of Canada,” Peikes said.

In the absence of a power of attorney for personal care, in Ontario, the Health Care Consent Act, 1996, sets out a hierarchy of who could make personal care decisions on someone’s behalf, however this may not be someone that person would choose, nor does it cover all types of personal care decisions.

These days, keeping track of your digital assets (login emails and passwords) is an important part of estate planning. Keeping accurate records of your digital assets makes your estate and trust administration much easier for your executor, too.

The freedom to dispose of your estate as you wish — testamentary freedom — is a long-standing principle in Canada and other common law jurisdictions, although each province and territory in Canada has its own governing legislation as well as its own developing case law.

We can so easily (and usually seamlessly, subject to the usual technical glitches we have all grown used to) now communicate using video platforms wherever our clients may be in the world, and not be bound by geography.