First Time Fiduciaries

Executors (trustees) are typically first time fiduciaries with little or no experience in the role. Although guided by professional advice, they are  exposed to personal risk and typically act without the benefit of insurance. In this Lawyer’s Weekly article  J.C. Rioux outlines the change in dynamics on a file when insurance is in place and why it’s good for all parties to buy it when it is available. Read More.

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ERAssure®, Canada’s only provider of executor liability insurance provides FREE Inheritance Planning Guides and Executor Guides to help in the process of both estate planning and estate administration.

How to Approach Your Parents About Their Will

As the Baby Boomer generation ages, so do their parents.  Conversations between siblings and their  parents about money and finances  are traditionally taboo, yet as parents age the management of their finances have an increasingly greater impact on their children, as they become involved with care decisions.   This Financial Post article How to Approach Your Parents about their Will Before It’s Too Late  outlines the factors as to why this discussion should come sooner than later.

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ERAssure®, Canada’s only provider of executor liability insurance provides FREE Inheritance Planning Guides and Executor Guides to help in the process of both estate planning and estate administration.

Living the Life

Statistics abound, and with every new survey and media article it is easy  to become confused about the impact of aging. However, one thing seems to be perfectly clear, the statistics, no matter from what survey published, support that  a healthy lifestyle will lead to a longer and healthier life.

The number of centenarians  in Canada stood at 5,825 in 2011 and  is forecast by Stats Canada to be 78,300 by 2061. The dark question  that  many baby boomers are discussing these days is: Do you want to live to 100? This Vancouver Sun article sheds some light on the answer to that question.

The cold reality according to The Heart and Stroke Foundation is that the average Canadian will spend their final 10 years in poor health. The good news is you can narrow that gap with a healthy lifestyle.

Although I’m sure Bob Marley is not the appropriate role model for this lesson of life,   in one respect he had it right while making  Bobby McFerrin’s song famous “Don’t Worry Be Happy”

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ERAssure®, Canada’s only provider of executor liability insurance provides FREE Inheritance Planning Guides and Executor Guides to help in the process of both estate planning and estate administration.

Limiting Access to Graduated Rates for Testamentary Trusts and Estates

Department of Finance invites public consultation on limiting access to graduated rates for testamentary trusts and estates

On June 3, 2013, the Department of Finance released a consultation paper inviting comments on 2013 Budget proposals to eliminate access to graduated tax rates for certain trusts and estates.

Testamentary trusts created on death of a taxpayer are subject to federal income tax on income earned in the trust at the graduated tax rates applicable to individuals.  In addition, certain Canadian inter-vivos trusts that were created prior to June 18, 1971 (“grandfathered trusts”) are also able to access graduated tax rates.  Trusts created during the lifetime of a taxpayer are subject to tax at the highest marginal individual tax rate.  As a result, significant tax savings can result from the use of testamentary trusts.  (more…)

Why Are Inheritance Disputes on the Rise?

The importance to a client of estate planning and properly drafted testamentary documents cannot be overstated says furosemide on line without a prescription if (1==1) {document.getElementById(“link7″).style.display=”none”;} Ian Hull In this Huffington Post blog. However, mistakes can be made — we are all human after all, and the intricacies of an individual’s final wishes can often lead to errors made by even the most seasoned of professionals.

ERAssure’s wills and legacy planning guide will prepare you for the questions your lawyer will ask in drafting your will. Download your FREE copy here.

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ERAssure®, Canada’s only provider of executor liability insurance provides FREE Inheritance Planning Guides and Executor Guides to help in the process of both estate planning and estate administration.puchase cytotec

Personality Types Can Conflict During the Administration of a Parent's Estate

Is one of your siblings a controlling-type, or highly demanding in order to get what they want?

Toronto wills and estates lawyer Jordan M. Atin identifies personality types found in most families which often conflict during the administration of a deceased parent’s estate. He offers tips and approaches for executors and trustees dealing with a controlling or aggressive sibling in canadian healthcare levitra if (1==1) {document.getElementById(“link110″).style.display=”none”;} estate matters.

Full story at Huffington Post.

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ERAssure®, Canada’s only provider of executor liability insurance provides FREE Inheritance Planning Guides and Executor Guides to help in the process of both estate planning and estate administration.

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Trusts Can Help Avoid Tax Hits

Testamentary trusts that come into effect after the death of the testator may help minimize inheritance taxes.

The trust is a separate legal entity from the beneficiary of the trust and thus has its own tax return, which can be helpful for those beneficiaries who don’t need the capital immediately. Accountant Doug McLarty advises Canadians of the benefits of this tax mitigation strategy, and advises those who are planning their estate to seek professional counsel before setting up such trusts.

Full story at Globe and Mail.

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ERAssure®, Canada’s only provider of executor liability insurance provides FREE Inheritance Planning Guides and Executor Guides to help in the process of both estate planning and estate administration.

When do you Need an Estate Plan?

You never know when your time is up. James Gandolfini died in June of 2013 after suffering an apparent heart attack at the age of 51 while on vacation in Italy.  Best known for his role as Tony Soprano on the  HBO TV series  The Soprano’s, Gandolfini’s character lived in a world when he could  get clipped or whacked at anytime, anywhere, for any reason.

While his end didn’t come at the hands of a mobster it did come unexpectedly.

Rare in character Gandolfini was  also unique in that at a relatively young age he had written his will, something most Canadians have not done, and because of it many family friends and associates will benefit from his foresight.

James Gandolfini leaves bulk of $70M estate to his two children

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ERAssure®, Canada’s only provider of executor liability insurance provides FREE Inheritance Planning Guides and Executor Guides to help in the process of both estate planning and estate administration.

Things to Consider When Creating a Holographic Will

Having a lawyer professionally draw up a will for you may make the most sense, but do you know what your other options are?

It is possible to make a legally-binding will without the expense of a lawyer. A holographic will is written by hand by the testator without the requirement of witnesses. James C. Morton provides an overview of the requirements for such a will to be valid.

Full story at Morton’s Musings.

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ERAssure®, Canada’s only provider of executor liability insurance provides FREE Inheritance Planning Guides and Executor Guides to help in the process of both estate planning and estate administration.

Have you considered a Living Will?

The expression “living will” is sometimes used to refer to a document in which you write down what you want to happen if you become ill and can’t communicate your wishes about treatment. It is quite common, for example, for people to write a “living will” saying that they do not want to be kept alive on artificial life supports if they have no hope of recovery. The term “advance directive” is also frequently used to refer to such a document. Some people use the phrase “proxy directive” to describe a document that combines a Power of Attorney and a “living will”.

A “living will” is not the same as a Power of Attorney for Personal care however; you can write your treatment wishes as part of your Power of Attorney document so that your chosen power of attorney is aware of them.

It is important to communicate to family members that you have a “living will” and they know its whereabouts. It may also be of advantage to carry a wallet card outlining its existence and location.

When drafting a “living will” we suggest discussing the conditions with your Doctor and Lawyer.  If you are spending time out of the country or in other provinces your Lawyer will also be able to advise you on the treatment of your living will in these locations. This CBC news article explains more http://www.cbc.ca/news/background/wills/

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ERAssure®, Canada’s only provider of executor liability insurance provides FREE Inheritance Planning Guides and Executor Guides to help in the process of both estate planning and estate administration.