Tag Archives: estate law

ILN Today Post

ESTATE FREEZE OR RE-FREEZE

An ‘estate freeze’ is a common tax planning strategy. The owner of shares of a private company can ‘freeze’ the value of his/her shares and transfer the future growth of the company to other family members. The benefit of a freeze from an income tax perspective is that the future taxation of the growth of the company can be transferred to other family members particularly children, thus limiting the tax liability of the owner on death and deferring the tax to the next generation. If the shares qualify as ‘qualified small business corporation’ shares, a freeze can enable such other family members to claim the lifetime capital gains exemption. A freeze is most commonly used to freeze the value of a company that owns a business, real estate or public securities. If the owner has already implemented a freeze, a ‘re-freeze’ at a lower value can be effected if the value of the company has dropped.

A freeze or re-freeze should be considered in a down market because it may provide the owner with the opportunity to freeze his/her shares at a lower value than would otherwise have been possible.

Read full article
ILN Today Post

Triggers to update your will: family changes

This is Part 2 of a three-part series where Toronto wills and estates lawyer Mary Wahbi talks about the life events that should trigger a review of your will. In this instalment, she explores changes in family life situations that should spur you to update your will.

One of the most important times to update estate planning is when there has been a change in family life or relationships, says Toronto estates lawyer Mary Wahbi.

Read More

Read full article

Attention Farmers

A recent statutory instrument came into effect on the 21st November 2017, which alters the way single farm entitlements are distributed in wills.

Previously, single farm entitlements could be directly passed onto specific beneficiaries in a will. If the will was silent on the issue, then the single farm entitlements fell into the residuary estate and passed to the residuary beneficiaries in the will.

Read full article

Supreme Court of Canada Orders Estate Trustee to Exercise Discretion to Benefit Beneficiary

The Supreme Court of Canada released its decision in Cowper-Smith v. Morgan, 2017 SCC 61, on December 14, 2017 relating to siblings disputing the entitlement to their mother’s estate.
As early as 1992, Elizabeth and Arthur Cowper-Smith of Victoria, BC, had made it clear that after their deaths, their property would be divided equally among their three children, Gloria, Max and Nathan.  Shortly before he died in 1992, Arthur explained such intention to his children to avoid family discord.  However, after their father’s death, the children became estranged from each other.  Gloria first fell out with Nathan.  She wrote him letters demanding that he not raise his voice in her mother’s home or entertain “gay males”.  When he went on an overseas trip, Gloria changed the locks to the family home although Nathan’s belongings were still inside.  He broke in but Gloria had the police escort him out.  Nathan eventually moved to Edmonton.
Read full article
ILN Today Post

Beware of traps with multiple wills

Many high-net-worth Ontarians have two wills to avoid paying high probate fees, but there are pitfalls to the practice, Toronto wills and estates lawyer Mary Wahbi tells AdvocateDaily.com.

“A lawyer has to be cautious when preparing these documents because errors can be disastrous,” says Wahbi, partner with Fogler Rubinoff LLP, a full-service firm with offices in Toronto and Ottawa. “There’s no cost savings if you have to go to court for an interpretation or rectification of the wills.”

Read More

Read full article

Five considerations in selecting your attorney for an EPA

An Enduring Power of Attorney (EPA) is a legal document which enables you to appoint a person, known as your attorney, to make decisions for you if you no longer have mental capacity to make those decisions for yourself.

Everyone should have an EPA irrespective of their age or health but it is particularly important if someone is in ill-health or aging. The most important decision when making an EPA is the choice of attorney. If you have made an EPA, it is important to periodically review your choice of attorney in light of your own and your attorney’s current and likely future circumstances.

Read full article
ILN Today Post

Kræver arveafkald arveladerens accept?

I en for nylig afsagt dom af Østre Landsret, er der kommet et væsentligt bidrag til fortolkningen af arvelovens § 42, der omhandler arvingers afkald på en forventet arv.

Det sker fra tid til anden, at en person som har udsigt til at arve en formue efter sine forældre, alligevel overfor forældrene giver afkald på at arve. Det kan der være flere motiver til. Det kan f.eks. være at den kommende arving føler, at arven kan gøre mere gavn et andet sted, f.eks. hos arvingens livsarvinger. Et andet motiv kan være, at den kommende arving er kommet i økonomisk uføre og indser, at den kommende arv blot vil gå til at dække arvingens kreditorer.

Read More

Read full article

Responsibilities of Executors When Selling Property

Acting as an executor can be an onerous obligation. It is important at an early stage in the administration process to understand the responsibilities of an executor to avoid any potential negligence and personal liability. An executor should act diligently and endeavour to administer an estate within 12 months. Outside of that time limit the executor should have justifiable reasons for delays that arise.

When selling assets executors should achieve the best price possible. They need to take professional advice and ensure that they follow the views of the majority to avail of the protection afforded to them under Section 50 Succession Act 1965. The views of the majority must be exercised in good faith, and without personal motivation and/or conflicts of interest.

Read full article
ILN Today Post

Collaborative Law gaining traction in Indiana

The first Collaborative Law training in Indiana  occurred 10 years ago.  The presenters were Stu Webb, the Father of Collaborative Law, and Ron Ousky.  Though Stu started developing the practice of Collaborative Law in the 1980’s and the practice is worldwide, it is only now coming of age in Indiana now.  Indiana attorneys, mental health experts and financial professionals have all been trained in the practice of collaborative law.  It is a paradigm shift for litigators and in my estimation it is the best method of dissolving a marriage.  Many practitioners think of Collaborative Law as a form of ADR and those practitioners who are mediators seem to latch onto this method.  We know that the vast majority of cases that go to mediation are settled, but this method surpasses mediation in client satisfaction and meeting the interests of the parties. 

Read More

Read full article

UK beneficial ownership registers: now it’s your turn, trustees

On 26 June 2017, the UK Government introduced a beneficial ownership register for trusts for the first time, in response to its need to comply with the EU’s 4th Anti-Money Laundering Directive.  Which trusts will be affected and what will trustees have to do?

Read full article