Estate Debate™ ContributorsJordan Atin -
Estate LawCounsel, Hull & Hull LLPJordan Atin, counsel at Hull and Hull LLP, is one of Ontario's first Certified Specialists... Learn moreIan M. Hull -
Estate LawCo-founder, Hull & Hull LLPIan M. Hull, co-founder of Hull & Hull LLP, is a Certified Specialist in Estates... Learn moreMyron Neufeld -
ERAssure Insurance/ Executor InsurancePresident, ERAssure®Myron Neufeld is a 25 year veteran of the life and property casualty insurance industry... Learn moreScot Dalton -
ERAssure Insurance/ Executor InsuranceCEO, ERAssure®Scot Dalton is a 30 year veteran of the property casualty insurance industry...
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Category Archives: Taxes and Accounting
Recent revisions to the Estate Administration Tax Act (Ontario) entail new reporting, enforcement and penalty provisions, explains Susannah B. Roth of O’Sullivan Estate Lawyers in this article.
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.
Canadians with a net worth greater than 5.25m and assets held in U.S. corporations or real estate may be subject to U.S. estate taxes.
As a strategy of financial planning, many Canadians opt to place their assets in ”joint tenancies,” joint names with right of survivorship. (more…)
As tax season is upon us, it is important to highlight the duties that executors have in ensuring that the taxes owed by an estate are dealt with properly. (more…)
Passing the Cottage to the Next Generation: Originally printed in Lawyers Weekly, November 30, 2012.
The family cottage is often the source of years of happy memories: children with sand between their toes; campfires; boating and large family gatherings. Because clients and their children can be emotionally tied to a family cottage, options for transferring it to the next generation should be thoughtfully considered.
Communication is Key
This may be an opportune time for a family meeting. A frank discussion may confirm who is interested in acquiring the property, how much control the clients want to maintain over it, who can afford it, whether insurance should be purchased to offset costs, and how to arrange ongoing maintenance. You may advise that your clients’ children and spouses sign a contract excluding the cottage from any family law claims. A timely, open family discussion might be the best way to allow for proper planning and to avoid unpleasant conflict. (more…)
When summer hits, many Canadians flock to what this CIBC article refers to as the “4 C’s”: the cottage, chalet, condo or cabin. Many people own vacation homes, but these properties can cause angst between beneficiaries when there is inadequate estate and tax planning in place for these assets. (more…)
The system of taxation related to the estate of a deceased person differs considerably between the US and Canada. This can have many implications for estate planning when assets are owned south of the border. (more…)