If you have Wills that provide for a number of testamentary trusts for spouse and children (and grandchildren), you may want to have them reviewed to see if there is any advantage to maintaining all of those separate trusts.
Executors have many duties to the beneficiaries of an estate - they must act in good faith, to the standard of a reasonably competent person, keep an even hand between the beneficiaries, protect the assets, and make sure the taxes and debts are paid.
The Truth and Reconciliation Commission of Canada (“TRCC”) was established by the settlement of the class action law suits against the government of Canada, brought by the survivors of the residential school system.
On June 26, 2014, Chief Justice Beverley McLachlin of the Supreme Court of Canada delivered an historic, unanimous decision in the Williams/ Tsilhqot’in vs. BC case, granting a declaration that the Tsilhqot’in First Nation has aboriginal title to 1750 square kilometers of crown land near Williams Lake in the interior of BC. This decision resolves […]
British Columbia is a unique jurisdiction for estate planning because of:probate fees of 1.4% of the gross value of the assets that pass through Estate ($14,000 per million); andthe Wills Variation Act (“WVA”) which allows a spouse or child to apply to vary the Will if they don’t believe “adequate provision” has been made for them in the Will.Because of both of these provincial laws, planners use tools here that [...]
Trusts can be an important part of your estate plan. There are many types of trusts, and your estate planning lawyer can help you determine if a trust will be beneficial for you. To help you understand a bit about the various trust used in estate planning, the following is a basic primer on types of trusts.
Probate fees of 1.4% of the gross value of assets located within British Columbia and passing through an estate in British Columbia are payable to the BC government at the time an estate is probated. In an effort to avoid these fees, people often transfer assets into joint tenancy with one or more of their children or others. This can create a whole other set of problems for people as we'll describe below.Capital Gains Issues
Joint Partner Trusts and Alter Ego Trusts are new forms of inter vivos trusts which make inter vivos trusts far more attractive as a planning tool for older clients. Previously, inter vivos trusts were burdened with the unfortunate income tax result of a deemed disposition of the assets transferred into the trust. This often had the effect of accelerating capital gains tax payable on the increase in value of the assets, which tax [...]
Bequests in Wills are the largest source of charitable giving. Bequests have continued in growing popularity because:1. People have more money than they need to adequately provide for their spouse and children;2. People are recognizing the urgent need in organizations providing health care, education and social services, as government funding cuts continue;3. People want to help and want to leave a legacy to their community;4. Some people [...]
An estate freeze is a process by which a client takes steps to stop or limit the future growth of his or her estate and provides for the future growth to accrue to the benefit of his or her children or other family members.