Opening a joint account with your child is not a step to be taken lightly. There are undeniably good estate planning reasons for owning property jointly with a beneficiary, since it’s a simple and effective way to transfer funds without triggering the 1.5 per-cent probate tax otherwise payable on assets
There’s nothing that blurs the lines between personal and corporate property quite like a family business. And when the founders die, leaving behind their feuding children, it only complicates matters more, as a recent court decision shows. According to the Appeal Court ruling, the seeds of the dispute were sown
When it comes to powers of attorney, many hands often make heavy work, especially when siblings are involved. Considering the immense responsibility that comes with an appointment under a POA, I can understand why grantors are tempted to share the duties among several of their children. And while it is
Testamentary ambiguity can arise at any time. In an ideal world, we would all make our wills on the day we die, so that every one of the choices we make about our assets, beneficiaries and executors would still make perfect sense when the time comes for the document to
Don’t let the power (of attorney) go to your head. Unless they’re in the business of wills and estates, appointees under a power of attorney for property are often surprised by the extraordinary level of control this simple document gives them over the grantor. Under Ontario’s Substitute Decisions Act, an
An Alberta widow has scored a big win for taxpayers and estate planners across the country after fighting off a claim by the Canada Revenue Agency against her deceased husband’s RRSP. According to a CBC story on the case, the woman had already taken possession of the $102,000 account after
