Tag Archives: estates & trusts

ILN Today Post
May 5, 2020

Consider bigger gifts to charity from IRAs in 2020

By McDonald Hopkins LLC

There’s a new opportunity for gifts to charity from IRAs and qualified plans, but think fast and don’t forget about qualified charitable distributions. Congress and the president have given a limited time offer to deduct cash gifts to public charities up to a total of 100% of adjusted gross income.
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Posted in Estates & Trusts
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ILN Today Post
April 14, 2020

6 techniques high net-worth individuals should be considering now

By McDonald Hopkins LLC

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. It carries a price tag of over $2 trillion. In addition, Congress may not be finished with legislation to help Americans and American businesses recover from this crisis. At some point, we will recover. However, it is likely taxes will be raised to pay for this relief. Higher estate tax exemption rates are set to expire after 2025, reducing the per person exemption to around $5.8 million. In addition, historically low interest rates and asset values at suppressed values due to the COVID-19 crisis, makes this the perfect time to consider the following estate planning strategies.

Click here to learn about 6 options for transferring wealth.

Posted in Estates & Trusts
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ILN Today Post
April 1, 2020

COVID-19 CRISIS: ENSURING YOUR ESTATE PLANNING IS IN ORDER

By Royer Cooper Cohen Braunfeld LLC

Our thoughts are with our clients, friends and their families. We are here and available to help. Together we will get through this difficult time and gather strength from each other.

The ongoing threat of and reactions to the global COVID-19 outbreak are causing us to engage in deep reflection regarding our personal health and wealth. Despite best efforts to contain the outbreak, the disease is spreading rapidly across the general population. This further illustrates the need to attempt to plan for ourselves and our families for any eventuality. Read more…

Posted in Estates & Trusts
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ILN Today Post
April 1, 2020

CARES Act: No required distributions for 2020

By McDonald Hopkins LLC

The CARES Act waives the 2020 minimum distribution requirement for many retirement plans and IRAs. You can take the distribution if you prefer, of course, but you will not be penalized if you do not. This will be welcome relief for people who do not want to liquidate investments in a down market in order to satisfy the minimum distribution requirement. READ MORE 

Posted in Uncategorized
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ILN Today Post
March 26, 2020

E-WILLS & LEGISLATIVE CHANGE A NECESSITY IN THE COVID-19 CRISIS

By Fogler, Rubinoff LLP

The Ontario Government has ordered the mandatory closure of all non-essential workplaces effective as of Tuesday March 24th at 11:59 pm for a 14 day period, with the potential of lengthening that period as the COVID-19 pandemic unfolds. While the professional services of lawyers have been listed as one of the essential workplaces excluded from the mandatory closure, the delivery of estate planning legal services is particularly challenging in these trying times. Read the full article.

Posted in Uncategorized
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ILN Today Post
July 17, 2015

The lull before the storm: UK Government announces extension of IHT to more non-dom UK property owners

By Fladgate LLP

The first Conservative Government Budget for 19 years will fundamentally change how non-UK domiciliaries (non-doms) are taxed to UK taxes. In this article, we focus on one aspect of the announced changes – the Government’s plan to make more non-doms pay Inheritance Tax on their UK residential property from April 2017, even if it is held in an offshore structure. More…

Posted in Europe | Legal Updates
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ILN Today Post
March 11, 2014

FR DOLLARS and SENSE

By Fogler, Rubinoff LLP

While Jim Flaherty may have called the February 11th Federal budget “boring,” the budget was anything but boring when it came to the world of estates and trusts, implementing a number of changes to this area of law that should be of interest to anyone with a will. One such change was the proposal to tax most estates and testamentary trusts (including pre-existing estates and trusts) at the top marginal tax rate beginning 36 months after death. During the 36 month period, a “graduated rate estate” will still be taxable at graduated rates, as they are currently. This change, taking effect in 2016, has some advisors questioning whether testamentary trusts are still useful in a tax planning context; this article discusses the numerous reasons why, notwithstanding the recent budget, testamentary trusts retain many of the beneficial features that have made them a staple of many wills. More…

Posted in Legal Updates | North America
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ILN Today Post
March 11, 2013

Business Property Relief: “the small print”

By Fladgate LLP

Owners of trading businesses have the opportunity to benefit from a significant UK tax relief – Inheritance Tax (IHT) Business Property Relief (BPR).

BPR can allow business owners, on their death, to transfer their business to the next generation without the business being taxed to 40% IHT. Accordingly, for business owners who do not want their business activities to suffer as a result of their death, securing BPR is essential. More…

Posted in Europe | Legal Updates
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November 19, 2012

No variation in the Holvenstot Last Will and Testament

By Mark Weintraub of Clark Wilson LLP

Much has been written in our blogs and in other Estate blogs of  how  the application  of the British Columbia Wills Variation Act can result in changes to  a Will that the deceased thought would distribute his or her assets after death.

In layman’s terms, the situation in British Columbia has sometimes been summarized as  “you can’t disinherit an adult child unless he or she effectively abused or completely cut off  the parent for no good reason.”  While in fact there is a strong element of truth to this observation, the court reality is far more nuanced in that  “abuse” or “cutting off” have to be fully analyzed within the context of a longstanding and complex familial relationships.

The fact is, not every Will can be varied, and disinheritance of a child has always been permitted in British Columbia if the child’s conduct has been so reprehensible so as to justify exclusion.

Posted in Legal Updates | North America
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