Name /26937/ch25 02/01/ :30AM Plate # 0 pg 179. Index

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Name /26937/ch25 02/01/2012 08:30AM Plate # 0 pg 179. Index"

Transcription

1 Name /26937/ch25 02/01/ :30AM Plate # 0 pg 179 Index A Attorney, power of ends on incapacity 14 B Beneficiaries appointment, power of Family Law Act 7 Income Tax Act 7 defined 6 trust capital 107 income 107 C Consent to treatment attorney, incapable person s 80 brother or sister 80 incapable person s guardian 80 incapable person s representative 80 other relative 80 parent of the incapable person 80 Public Guardian and Trustee 80 spouse, incapable person s 80 Constructive trusts claims against estate 39 see also Wills E Estate, claims against 71 constructive trust 71 Estate accounts 58, 66 Estate administration 57 income tax returns 65 intestacy 64 trustee accounts 66 trustee compensation 66 trustees, allocating expenses 66 Estate administration tax, reducing bare trust 61 beneficiaries, designate 61 joint assets 60 two wills 61 Estate freeze 54, 101 Estate plan, protecting 38 constructive trusts 39 Estate planning contracts in 43 drafting considerations 44 elements required 45 corporate share structures 47 classes 48 family business see family business income tax 83 alternative minimum tax 105 capital gains 100 charitable donations 104 early inheritance 99 employment 100 estate freeze 101 foreign owned assets 106 life insurance 105 medical expenses 104 post death losses 105 RRSPs and RRIFs 103 spousal trusts, testamentary 102 TFSAs 103 shareholder s agreement 48 elements 49 Estate trustee 27, 31-2, 36, 38-41, 53, 57-9, 61-6, 72, 88, 97 certificate of appointment 58

2 Name /26937/ch25 02/01/ :30AM Plate # 0 pg ESTATE PLANNING HANDBOOK estate administration tax 58 reducing 60 requirement 59 assets excluded from 60 filing income tax return 93 who are they 37 Example situations second marriage 115 estate administration tax 122 marriage contract 116 powers of attorney 123 right to occupy home 119 RRSP, RRIF, TFSA 118 spousal trust 120 support 118 young family 111 children s trust 113 guardianship 113 insurance 112 survivorship 112 F Family business 125 expanding the business 127 life-cycle 125 ownership structure 126 succession planning 128 Family Law Act, Ontario 67 see also net family property election on spouse s death 69 equalization claims against beneficiary 73 planning for spouse s election 72 G Guardian of property, management plan 76 see also incapacity Guardians of child s person 34 of child s property 34 I Incapacity 75 assessment 77 guardian of property 75 act in best interest 76 management plan 76 temporary 77 personal care decisions 78 management plan 79 medical 78 planning for 81 agency 82 joint bank accounts 81 trusts 82 power of attorney, for property, continuing 75 Public Guardian and Trustee, guardian of property 75 Substitute Decisions Act 75 Income tax capital losses 88, 89 deemed disposition 84, 88 estate income tax return 94 estate planning 83 estate taxes Canadian foreign tax credit 92 foreign 89-91, 106 United States 90 U.S. exemptions 91 family-use property 85 implication of death 84 marketable securities 84 optional personal income tax returns 93, 96 paying income tax on death 87 personal income tax return, for deceased 93-4 personal-use property 87 principal residence exemption 85 rental property 85

3 Name /26937/ch25 02/01/ :30AM Plate # 0 pg 181 INDEX 181 L RRSPs and RRIFs on death 86 spouse or common-law partner trusts 32 Life insurance 51-3, 105 designating estate trustee as beneficiary 53 excluded from net family property 53 permanent or whole life 52 tax planning 54 term, death benefit 52 Life insurance designations 36 see also wills, drafting Living will see power of attorney, for personal care N Net family property calculation 68 equalization 67 excluded 68 matrimonial home 70 property, excluded 68 valuation date 67-8, 70 variation of equalization payment 70 P Personal care decisions 21, 78 make, incapacity to 22 medical treatment 22 Power of attorney 82 for personal care 21 duties 23 living will clause 23 multiple 25 when does it end 25 records 24 personal care decisions 21 for property 13, 19 see also incapacity accounts 18 administrative powers 13 compensation 19 continuing 14 due diligence considerations 15 duties of attorney 17 gifts and loans 17 when does it end 16 power of appointment 13 Precedents 131 Alter-Ego Trust 157 Continuing Power of Attorney for Financial Matters 173 Continuing Power of Attorney for Property 174 Non-Beneficial Transfer 169 Power of Attorney for Personal Care, the Living Will 177 Will for a Younger Couple with Children 147 Will for an Older Couple with Children and Grandchildren 133 S Spousal trusts, testamentary 102 Substitute decision-maker, consent to treatment attorney, incapable person s 80 brother or sister 80 incapable person s guardian 80 incapable person s representative 80 other relative 80 parent of the incapable person 80 spouse, incapable person s 80

4 Name /26937/ch25 02/01/ :30AM Plate # 0 pg ESTATE PLANNING HANDBOOK T Testamentary trust, ongoing 35 Treatment decisions, medical 22, 78 see also incapacity Trust property defined 5 investment criteria 5 investment of 6 Trustees decisions, rule of unanimity 8 defined 7 duty of impartiality 65 investment powers 66 see also estate administration special, assigning different tasks 38 Trusts Accumulations Act 11 alter-ego 63 see also estate administration assets special 5, 37-8, 40 bare 61 see also estate administration tax beneficiaries, income or capital 107 common-law partner 32 constructive 30, 71 defined 1 document, drafting 5 children s 5 drafting 5 establishing 2 income calculation 108 intentional 1-2 inter-vivos 2, 11, 65 tax treatment 107 joint partner 63-4, 82 perpetuities and accumulation, income tax implications 12 property 3 see also trust, three certainties W final distribution 8 sharing 8 purpose, holding special assets 5 resulting 30 revocable inter-vivos 109 rule against perpetuities 9, 109 separate for special assets 38 spouse or common-law partner 32 testamentary, tax treatment 107 three certainties 2 intention 2 objects 3 for persons 3 for purposes 4 subject matter 3 transfer of assets 108 types of, inter-vivos and testamentary 107 when must it end 9 Wills 27 drafting 27, 40 abatement 34 ademption 34 adopted children 33 appointing a guardian 34 see also guardians assets 28 beneficiaries 31 co-ownership by children 33 common disaster clause 31 debts 31 dependants 30 designations of pensions and registered investments 37 estate administration tax 29 know the client 28 lapse 35 liabilities 29 life insurance designations 36

5 Name /26937/ch25 02/01/ :30AM Plate # 0 pg 183 INDEX 183 providing for distributive powers 32 real estate 29 residue 35 share transfers 29 spousal election 30 see also Family Law Act, Ontario trustees, special 38 what works 28 mirror 40 mutual for a couple 40 revoke 39

6

CERTIFIED SPECIALIST PROGRAM ESTATES & TRUSTS LAW DEVELOPMENTAL PHASES AND LEARNING CRITERIA

CERTIFIED SPECIALIST PROGRAM ESTATES & TRUSTS LAW DEVELOPMENTAL PHASES AND LEARNING CRITERIA CERTIFIED SPECIALIST PROGRAM ESTATES & TRUSTS LAW DEVELOPMENTAL PHASES AND LEARNING CRITERIA 1. ESTATE AND TRUST PLANNING ESSENTIAL Familiarity with: the basic rules of taxation at death the purpose of

More information

ESTATE PLANNING Making Difficult Decisions

ESTATE PLANNING Making Difficult Decisions ESTATE PLANNING Making Difficult Decisions Justin J. Walsh Barrister & Solicitor 2009. All rights reserved. PLANNING ROADBLOCKS Blended Families Common-Law Relationships Foreign Assets Foreign Beneficiaries

More information

Common-law (including same-sex) partners taxation information

Common-law (including same-sex) partners taxation information Tax & Estate Common-law (including same-sex) partners taxation information Under the Income Tax Act (Canada), all common-law relationships, either opposite- or same-sex, are treated equally. For tax purposes,

More information

MTI Competency Profile

MTI Competency Profile Proficiency Standard for a Trust Officer: The professional trust officer has the ability to manage complex estate and trust accounts ensuring quality client service while applying corporate risk management

More information

ESTATE PLANNING CONTENTS

ESTATE PLANNING CONTENTS November 2014 CONTENTS Objectives of estate planning Maximizing the value of your estate Minimizing and deferring tax on death Transferring your estate Minimizing tax after your death Summary ESTATE PLANNING

More information

Designations on RRSPs, RRIFs, and TFSAs

Designations on RRSPs, RRIFs, and TFSAs Member RETIreMENT SERVICES Designations on RRSPs, RRIFs, and TFSAs Ensuring Your Objectives With Designations on RRSPs, RRIFs & TFSAs Liability for Income Tax on RRSP or RRIF The estate is required to

More information

Advisory. Charitable giving

Advisory. Charitable giving Advisory Charitable giving People support charities for a variety of reasons. Some donate to a hospital or health charity which has provided assistance to a close relative or friend. Or perhaps there are

More information

TAX, RETIREMENT & ESTATE PLANNING SERVICES. Your Will Planning Workbook

TAX, RETIREMENT & ESTATE PLANNING SERVICES. Your Will Planning Workbook TAX, RETIREMENT & ESTATE PLANNING SERVICES Your Will Planning Workbook Preparing your Will Glossary of terms... 1 Introduction... 2 Your estate... 2 Beneficiaries of your estate Your spouse... 3 Your children...

More information

Estate Planning In Saskatchewan

Estate Planning In Saskatchewan Estate Planning In Saskatchewan (Last Revised April, 2005, by Allan Haubrich) The following is general information only, regarding some of the issues relating to estate planning in Saskatchewan. You should

More information

PREPARING YOUR WILL WHY HAVE A WILL. The first reason for having a Will is to provide an orderly administration of your estate that ensures

PREPARING YOUR WILL WHY HAVE A WILL. The first reason for having a Will is to provide an orderly administration of your estate that ensures PREPARING YOUR WILL WHY HAVE A WILL The first reason for having a Will is to provide an orderly administration of your estate that ensures that your assets are distributed amongst those that you wish to

More information

The Basics of Estate Planning in a Nutshell

The Basics of Estate Planning in a Nutshell The Basics of Estate Planning in a Nutshell The purpose of this memo is to provide you with a brief overview of some of the key aspects of the estate planning process. This is not intended to replace the

More information

ESTATE PLANNING QUESTIONNAIRE

ESTATE PLANNING QUESTIONNAIRE ESTATE PLANNING QUESTIONNAIRE Please bring a piece of photo ID to the meeting, as the Law Society requires us to take a copy of photo identification of all of our clients. COMMUNICATION: How do you wish

More information

Protecting an Inheritance from Creditors

Protecting an Inheritance from Creditors Protecting an Inheritance from Creditors This paper was originally published by the Legal Education Society of Alberta, in the seminar, Protecting Assets, presented in Edmonton and Calgary in April 2005

More information

Total Financial Solutions. Practical Perspectives on Estate Planning

Total Financial Solutions. Practical Perspectives on Estate Planning Total Financial Solutions Practical Perspectives on Estate Planning Contents Why estate planning? 2 A holistic approach 3 Where to start 4 Examine all aspects of your life to 4 ensure your estate plan

More information

Estate Planning. Incapacity Planning. New Incapacity Legislation

Estate Planning. Incapacity Planning. New Incapacity Legislation Estate Planning Includes: Incapacity Planning End of Life Planning Can also include family law planning (Cohabitation and Marriage Agreements);and Business Planning (Shareholder Agreements) ESTATE PLANNING

More information

Planning Ahead. Commonly Asked Questions about Estate Planning. 3rd Edition

Planning Ahead. Commonly Asked Questions about Estate Planning. 3rd Edition Planning Ahead Commonly Asked Questions about Estate Planning 3rd Edition I N D E X Chapter 1: Commonly Asked Questions 2 Chapter 2: Estate Planning 5 Chapter 3: Estate Administration 9 Chapter 4: Definitions

More information

Should You Be Trusted? Using Trusts in Estate Planning

Should You Be Trusted? Using Trusts in Estate Planning Should You Be Trusted? Using Trusts in Estate Planning CBA NS ELDER LAW CONFERENCE NOVEMBER 15, 2013 PRESENTED BY: RICHARD NIEDERMAYER. All rights reserved. Not to be copied or used in whole or in part

More information

The Use of Trusts in a Tax and Estate Planning Context

The Use of Trusts in a Tax and Estate Planning Context The Use of Trusts in a Tax and Estate Planning Context Calgary CFA Society 2011 Wealth Management Conference Dennis Auger (KPMG LLP) and Sandra Mah (Gowlings LLP) September, 2011 Trusts - Useful Applications

More information

What Happens if You Die Without a Will

What Happens if You Die Without a Will RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com What Happens if You Die Without a Will If

More information

Acting Under a Power of Attorney

Acting Under a Power of Attorney Knowledge ~ Compassion ~ Peace of Mind Acting Under a Power of Attorney Two Kinds of Powers of Attorney There are two kinds of Powers of Attorney documents: Power of Attorney for Property; Power of Attorney

More information

Tax Efficient Probate Avoidance

Tax Efficient Probate Avoidance Tax Efficient Probate Avoidance STEP Canada (Atlantic Branch) February 25, 2010 Presented by Richard Niedermayer, TEP, Partner, Stewart McKelvey and Heath Moore, CA, Partner, Grant Thornton Agenda What

More information

NEW ERA IN ESTATE PLANNING

NEW ERA IN ESTATE PLANNING NEW ERA IN ESTATE PLANNING Changes to the Taxation of Estates, Testamentary Trusts and Life Interest Trusts Barbara L. Novek Sweibel Novek S.E.N.C.R.L. L.L.P. June 11, 2015 Introduction New rules effective

More information

Designating a Beneficiary

Designating a Beneficiary Designating a Beneficiary One of the unique benefits of an RRSP account is its ability to designate how your investments are transferred to your beneficiaries upon your death. The RRSP assets can be transferred

More information

The Kreager Law Firm 7373 Broadway, Suite 500 San Antonio, Texas 78209 (210) 829-7722. Estate Planning Information

The Kreager Law Firm 7373 Broadway, Suite 500 San Antonio, Texas 78209 (210) 829-7722. Estate Planning Information Estate Planning Information Please complete this questionnaire and bring it with you for your initial consultation with us. Of course, this information will be kept in strictest confidence. A. Husband

More information

ESTATE PLANNING. Presented By: Katia Denise Henry James Attorney-at-Law Estate Planning Consultant

ESTATE PLANNING. Presented By: Katia Denise Henry James Attorney-at-Law Estate Planning Consultant ESTATE PLANNING Presented By: Katia Denise Henry James Attorney-at-Law Estate Planning Consultant OBJECTIVES OF ESTATE PLANNING To shelter the Estate against the large cash burden of Transfer Tax and Stamp

More information

Advisory. Will and estate planning considerations for Canadians with U.S. connections

Advisory. Will and estate planning considerations for Canadians with U.S. connections Advisory Will and estate planning considerations for Canadians with U.S. connections Canadian citizens and residents may be exposed to U.S. estate, gift, and generation-skipping transfer tax (together,

More information

Understanding Trusts

Understanding Trusts March 2013 CONTENTS What is a trust? Types of trusts Inter-vivos trusts Testamentary trusts The 21-year rule Managing your trust Conclusion Understanding Trusts Family trusts have received quite a bit

More information

Planning for incapacity using a power of attorney

Planning for incapacity using a power of attorney Advisory Planning for incapacity using a power of attorney It is possible that at some point in our lives we may become incapable of making decisions for ourselves, either temporarily or permanently, due

More information

The New Estate Donation. and the Ugly. Presented for CAGP-NS By Richard Niedermayer, TEP

The New Estate Donation. and the Ugly. Presented for CAGP-NS By Richard Niedermayer, TEP The New Estate Donation Rules The Good, The Bad and the Ugly Presented for CAGP-NS By Richard Niedermayer, TEP Introduction Summary of New Rules Testamentary Trusts/Graduated Rate Estates Life Interest

More information

Estate Planning. Farm Credit East, ACA Stephen Makarevich

Estate Planning. Farm Credit East, ACA Stephen Makarevich Estate Planning Farm Credit East, ACA Stephen Makarevich Farm Business Consultant 9 County Road 618 Lebanon, NJ 08833 1.800.787.3276 stephen.makarevich@farmcrediteast.com 1 What is Estate Planning? 2 Estate

More information

Course Syllabus. STEP Diploma in Trusts and Estates (Northern Ireland)

Course Syllabus. STEP Diploma in Trusts and Estates (Northern Ireland) STEP Diploma in Trusts and Estates (Northern Ireland) STEP Diploma Series for the Trusted Advisor Course Syllabus www.cltint.com/stepdiplomani www.step.org/pd Diploma in Trusts and Estates: Administration

More information

Estate Planning. Chapter. In This Chapter. Survivorship Interests Payment on Death Accounts. Life Insurance

Estate Planning. Chapter. In This Chapter. Survivorship Interests Payment on Death Accounts. Life Insurance Estate Planning Your estate includes the assets and liabilities you will leave after you pass away. It is important to plan for how you want to pass your estate, including what you want to give away and

More information

Administrator. Any person to whom letters of administration have been issued to administer an intestate estate.

Administrator. Any person to whom letters of administration have been issued to administer an intestate estate. An Estate Planning Glossary The estate planning process is a complex one. During the course of your research into the firm to choose to handle your needs in administering your assets you will hear numerous

More information

WHY YOU NEED A WILL - QUEBEC

WHY YOU NEED A WILL - QUEBEC WHY YOU NEED A WILL - QUEBEC REFERENCE GUIDE Where there s a Will, there s a way. Better still, when there s a Will, it s your way. Having a Will drafted and executed is the best way to ensure that your

More information

US Estate Tax for Canadians

US Estate Tax for Canadians US Estate Tax for Canadians RRSPs, RRIFs and TFSAs). The most common US situs assets are US real estate (e.g. vacation home) and shares in US corporations. Please see Appendix A for a list of other common

More information

There are no changes to personal federal income tax rates or income brackets for the 2015 tax year.

There are no changes to personal federal income tax rates or income brackets for the 2015 tax year. The 2015 Federal Budget was the first for Finance Minister Joe Oliver, and it tabled a number of proposals that will impact the financial, tax and estate plans of Canadians. The following is a summary

More information

Estate Planning and Oil and Gas Leasing

Estate Planning and Oil and Gas Leasing July 2010 1 Estate Planning and Oil and Gas Leasing 700 Security Mutual Building 80 Exchange Street Binghamton, New York 13902-5250 (607) 723-5341 Wilbur (Bud) D. Dahlgren, Esq. Jon J. Sarra, Esq. Ryan

More information

LIFE INSURANCE TRUSTS

LIFE INSURANCE TRUSTS LIFE INSURANCE TRUSTS Robert M. Mendell, JD, CPA* Robert M. Mendell, Attorney at Law, P.C. 908 Town & Country Blvd. Suite 120 Houston, Texas 77024 (713) 888-0700 Fax: (713) 888-0800 Email: rmendell@mendellgroup.com

More information

from Every Canadian s Guide to the Law (HarperCollins 2005) by Linda Silver Dranoff

from Every Canadian s Guide to the Law (HarperCollins 2005) by Linda Silver Dranoff from Every Canadian s Guide to the Law (HarperCollins 2005) by Linda Silver Dranoff Planning for a Will A last will and testament, usually called simply a will, is the document of instructions that a mentally

More information

Sample Exam Questions for Taxation of Trusts and Estates

Sample Exam Questions for Taxation of Trusts and Estates Sample Exam Questions for Taxation of Trusts and Estates STEP Canada The following questions are offered to provide a sense of the type of questions you might expect on the exam. They do not reflect an

More information

Creating a Lasting Legacy

Creating a Lasting Legacy Picture Placeholder Creating a Lasting Legacy Strategies for effective estate and tax planning Jim Alverson, Director Wealth Planning Strategies Welcome to today s presentation This presentation (including

More information

Please note that this document is for discussion purposes only and does not constitute or replace a Will. Surname: Given name: Any other names used:

Please note that this document is for discussion purposes only and does not constitute or replace a Will. Surname: Given name: Any other names used: Before meeting with your lawyer or notary to create your Will, use this Will Planning Guide. The information in this guide will assist your discussion with your lawyer/notary. Please note that this document

More information

TRANSFERRING Inventory of assets. The importance of informing others of your intentions

TRANSFERRING Inventory of assets. The importance of informing others of your intentions TRANSFERRING Inventory of assets The importance of informing others of your intentions This tool will help you pass on important information about yourself to the people you re close to. The information

More information

Planning Your Estate. A Guide for Members

Planning Your Estate. A Guide for Members Planning Your Estate A Guide for Members First Calgary Financial understands that our members care about protecting their families and their assets, particularly in the event of unexpected tragedies or

More information

Managing a Portfolio of Life Insurance Policies

Managing a Portfolio of Life Insurance Policies Managing a Portfolio of Life Insurance Policies 2010 CIFPs National Conference June 14, 2010 James W. Kraft CA, MTax, CFP, TEP, CLU Important considerations This material is for information purposes only

More information

Insurance Trusts. Richard Niedermayer. 2012 Atlantic Provinces Tax Conference

Insurance Trusts. Richard Niedermayer. 2012 Atlantic Provinces Tax Conference Insurance Trusts Richard Niedermayer 2 Insurance Trusts A. The Strategy A form of testamentary trust funded with the proceeds of an insurance policy (or policies) payable on death of the testator For personal

More information

Will Planning Guide. The spirit of humanity. from one generation to another. Canadian Red Cross

Will Planning Guide. The spirit of humanity. from one generation to another. Canadian Red Cross Will Planning Guide The spirit of humanity from one generation to another Canadian Red Cross Terms of Reference Executor Somebody named in a will or appointed by a court to carry out instructions contained

More information

Provide for the future. Mount St. Mary s Estate Planning Kit

Provide for the future. Mount St. Mary s Estate Planning Kit Provide for the future. Mount St. Mary s Estate Planning Kit Estate Planning Kit Estate Planning has a lasting effect on you and your family. However, many people do not have a current plan and it can

More information

IRREVOCABLE LIFE INSURANCE TRUST (FOR SURVIVORSHIP LIFE/SECOND-TO-DIE POLICY)

IRREVOCABLE LIFE INSURANCE TRUST (FOR SURVIVORSHIP LIFE/SECOND-TO-DIE POLICY) IRREVOCABLE LIFE INSURANCE TRUST (FOR SURVIVORSHIP LIFE/SECOND-TO-DIE POLICY) FOR FINANCIAL PROFESSIONAL USE ONLY-NOT FOR PUBLIC DISTRIBUTION. Specimen documents are made available for educational purposes

More information

WILL WITH TESTAMENTARY TRUST

WILL WITH TESTAMENTARY TRUST WILL WITH TESTAMENTARY TRUST FOR FINANCIAL PROFESSIONAL USE ONLY-NOT FOR PUBLIC DISTRIBUTION. Specimen documents are made available for educational purposes only. This specimen form may be given to a client

More information

Modern Estate Planning Made Easy

Modern Estate Planning Made Easy Modern Estate Planning Made Easy Presented March 9, 2011 By Mark J. Bradley Ruder Ware 800-477-8050 mbradley@ruderware.com Ruder, Ware, L.L.S.C. 500 First Street, Suite 8000 P.O. Box 8050 Wausau, WI 54402-8050

More information

KURT D. PANOUSES, P.A. ATTORNEYS AND COUNSELORS AT LAW 310 Fifth Avenue Indialantic, FL 32903 (321) 729-9455 FAX: (321) 768-2655

KURT D. PANOUSES, P.A. ATTORNEYS AND COUNSELORS AT LAW 310 Fifth Avenue Indialantic, FL 32903 (321) 729-9455 FAX: (321) 768-2655 KURT D. PANOUSES, P.A. ATTORNEYS AND COUNSELORS AT LAW 310 Fifth Avenue Indialantic, FL 32903 (321) 729-9455 FAX: (321) 768-2655 Kurt D. Panouses is Board Certified by the Florida Bar as a Specialist in

More information

Joint Account & Estate Planning

Joint Account & Estate Planning The purpose of this article is to outline the most common forms of joint ownership and to discuss the advantages and disadvantages of holding assets jointly as an estate planning tool. The two most common

More information

ESTATE PLANNING QUESTIONNAIRE

ESTATE PLANNING QUESTIONNAIRE DATE: _ ESTATE PLANNING QUESTIONNAIRE I. FAMILY AND OCCUPATIONAL DATA: Name: Date of Birth: Address: Citizenship: SS#: Telephone # Home: Work: Cell: Email: Occupation: Name of Employer: Business Address:

More information

ESTATE PLANNING WORKSHEET Single Individuals

ESTATE PLANNING WORKSHEET Single Individuals ESTATE PLANNING WORKSHEET Single Individuals Information provided is held in complete confidence, and is used for the sole purpose of analyzing estate planning needs and designing estate planning documents.

More information

Executors Checklist for Estate Administration

Executors Checklist for Estate Administration FAMILY WEALTH PLANNERS PERSONAL TAX ADVISORS www.finplans.net 519-884-7087 Executors Checklist for Estate Administration March 2011 (Prepared for clients and business colleagues of Personal Wealth Strategies)

More information

Explanatory Notes Relating to the Income Tax Act and Related Legislation

Explanatory Notes Relating to the Income Tax Act and Related Legislation Explanatory Notes Relating to the Income Tax Act and Related Legislation Published by The Honourable Joe Oliver, P.C., M.P. Minister of Finance April 2015 Preface These explanatory notes describe proposed

More information

Estate planning Creating and Preserving an Estate

Estate planning Creating and Preserving an Estate Estate planning Creating and Preserving an Estate The estate of an individual can be described as all of their assets they own less all of their liabilities. Anyone with assets needs an estate plan. Estate

More information

Death and taxes. Tax & Estate

Death and taxes. Tax & Estate Tax & Estate Everyone knows that life has two certainties: death and taxes. Fewer know that the two often coincide. Canada has no official death, estate or inheritance taxes. However, without proper planning,

More information

ESTATE PLANNING WORKSHEET

ESTATE PLANNING WORKSHEET ESTATE PLANNING WORKSHEET Please complete the following worksheet and mail it to my office prior to our initial meeting, or e-mail it, or bring it with you. At the end of the worksheet is a list of documents

More information

What is a Joint Tenancy? What is a Tenancy in Common? How is a Joint Tenancy Created, and What Property Can Be So Held?

What is a Joint Tenancy? What is a Tenancy in Common? How is a Joint Tenancy Created, and What Property Can Be So Held? joint tenancy What is a Joint Tenancy? Joint tenancy is a form of ownership by two or more individuals together. It differs from other types of co-ownership in that the surviving joint tenant immediately

More information

Understanding estate planning

Understanding estate planning Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published

More information

The Basics of Estate Planning

The Basics of Estate Planning The Basics of Estate Planning A White Paper by Manning & Napier www.manning-napier.com Unless otherwise noted, all fi gures are based in USD. 1 The Basics of Estate Planning A White Paper by Manning &

More information

EVERYTHING YOU OWN & EVERYONE YOU CARE ABOUT. An Estate Planning Primer

EVERYTHING YOU OWN & EVERYONE YOU CARE ABOUT. An Estate Planning Primer EVERYTHING YOU OWN & EVERYONE YOU CARE ABOUT An Estate Planning Primer For The Clients Of 7350 Cirque Drive W, Suite 201 University Place, WA 98467 (253) 759 8354 www.ppatpa.com Presented By T. Gary Connett

More information

Estate Planning New Client Information

Estate Planning New Client Information mrwills.com Estate Planning New Client Information Edward Olkovich About Edward Olkovich Ed is recognized as a leading Canadian estate expert. He has practised law in his own firm since 1978 and is a Certified

More information

Your Will and Estate Planning Guide

Your Will and Estate Planning Guide Your Will and Estate Planning Guide 1 2 w w w. m e n n o f o u n d a t i o n. c a Your Will and Estate Planning Guide 1-8 0 0-7 7 2-3 2 5 7 1 Your Will and Estate Planning Guide Copyright 2011 Mennonite

More information

Estate Planning For Everyone

Estate Planning For Everyone Estate Planning For Everyone Boston College Shaw Society Boston College Alumni Association November 20, 2013 Michael J. Puzo, Esq. Hemenway & Barnes LLP 60 State Street Boston, Massachusetts 02109 617-557-9721

More information

Managing the Beneficiary Designations of Incapable Persons

Managing the Beneficiary Designations of Incapable Persons The Voice of the Legal Profession Managing the Beneficiary Designations of Incapable Persons Date: July 2013 Submitted to: Ministry of the Attorney General Submitted by: Ontario Bar Association Trusts

More information

Community Legal Information Association of PEI, Inc. Making Your Will. Community Legal Information Association of PEI, Inc.

Community Legal Information Association of PEI, Inc. Making Your Will. Community Legal Information Association of PEI, Inc. Community Legal Information Association of PEI, Inc. Making Your Will Community Legal Information Association of PEI, Inc. 902-892-0853 or 1-800-240-9798 clia@cliapei.ca A will is a legal document that

More information

Gift and Loan Arrangement Flexible Interest in Possession Trust Excluding Settlor as Beneficiary Except in Respect of a Loan

Gift and Loan Arrangement Flexible Interest in Possession Trust Excluding Settlor as Beneficiary Except in Respect of a Loan Gift and Loan Arrangement Flexible Interest in Possession Trust Excluding Settlor as Beneficiary Except in Respect of a Loan Please read the notes prior to completion. The forms should not be used for

More information

PART 1: MATRIMONIAL PROPERTY ON DEATH: WHAT S NEW, WHAT S CHANGED. Jodie Hierlmeier Alberta Justice, Legislative Reform

PART 1: MATRIMONIAL PROPERTY ON DEATH: WHAT S NEW, WHAT S CHANGED. Jodie Hierlmeier Alberta Justice, Legislative Reform PART 1: MATRIMONIAL PROPERTY ON DEATH: WHAT S NEW, WHAT S CHANGED Jodie Hierlmeier Alberta Justice, Legislative Reform 1. INTRODUCTION...2 2. GENERAL PRINCIPLES THAT GUIDED REFORM... 3 3. ADDING THE DECEASED

More information

WILLS & ESTATES ESTATE PLANNING

WILLS & ESTATES ESTATE PLANNING What is Estate Planning?...2 Estate Planning Should Include:...2 What is Power of Attorney?...2 What is a Representation Agreement?...3 What if you do not have a Power of Attorney or Representation Agreement?...3

More information

Wills & Estate Planning Information requested and/or things to consider for the drafting of your Last Will & Testament

Wills & Estate Planning Information requested and/or things to consider for the drafting of your Last Will & Testament ESTATE PLANNING WORKSHEET Wills & Estate Planning Information requested and/or things to consider for the drafting of your Last Will & Testament LEGAL NAME Date of Conference ADDRESS ZIP CODE TOWNSHIP

More information

Estate planning guide

Estate planning guide Estate planning guide A guide for business owners Plan an organized, tax-efficient transfer of your business and personal assets. Table of contents This guide is one of a series of planning guides that

More information

STEP DIPLOMA IN TRUSTS AND ESTATES

STEP DIPLOMA IN TRUSTS AND ESTATES STEP DIPLOMA IN TRUSTS AND ESTATES ENGLAND & WALES Syllabus INTRODUCTION This document contains the detailed syllabus for the STEP Diploma in Trusts and Estates (England & Wales). The Diploma provides

More information

maclean wiedemann lawyers LLP

maclean wiedemann lawyers LLP Date: SECTION ONE FAMILY INFORMATION Personal Information Full Name: D.O.B. Place of Birth: Citizenship: Address: Phone: [H] [W] Spouse s Name: D.O.B. Place of Birth: Citizenship: Address: Phone: [H] [W]

More information

LAW SOCIETY OF BRITISH COLUMBIA PRACTICE CHECKLISTS MANUAL

LAW SOCIETY OF BRITISH COLUMBIA PRACTICE CHECKLISTS MANUAL LAW SOCIETY OF BRITISH COLUMBIA WILL INTRODUCTION Purpose and currency of checklist. This checklist is designed to be used with the CLIENT IDENTIFICATION AND VERIFICATION (A-1), WILL-MAKER INTERVIEW (G-2),

More information

Seniors and the Law. Public Legal Information. Contents: In Newfoundland and Labrador. www.publiclegalinfo.com

Seniors and the Law. Public Legal Information. Contents: In Newfoundland and Labrador. www.publiclegalinfo.com In Newfoundland and Labrador www.publiclegalinfo.com Public Legal Information Association of NL Contents: Wills Enduring Power of Attorney Advance Health Care Directives Glossary of Terms Seniors and The

More information

CANADA S NEW ESTATE DONATION RULES UNDERSTAND; GET READY

CANADA S NEW ESTATE DONATION RULES UNDERSTAND; GET READY CANADA S NEW ESTATE DONATION RULES UNDERSTAND; GET READY A special webinar presentation by Canadian Association of Gift Planners Sponsored by: Today s webinar will begin at 1:00 p.m. EDT. #CAGPWeb 1 MEET

More information

CHARITY LAW BULLETIN NO. 359

CHARITY LAW BULLETIN NO. 359 CHARITY LAW BULLETIN NO. 359 FEBRUARY 25, 2015 EDITOR: TERRANCE S. CARTER IMPLICATIONS OF THE NEW ESTATE DONATION RULES INTRODUCED BY BUDGET 2014 A. INTRODUCTION By Theresa L.M. Man * Where charitable

More information

Income Splitting CONTENTS

Income Splitting CONTENTS June 2012 CONTENTS The attribution rules Family income splitting Business income splitting Income splitting through corporations Income splitting in retirement Summary Income Splitting With Canada s high

More information

FAQ about Wills and Trusts

FAQ about Wills and Trusts FAQ about Wills and Trusts What is a Will? A Will is a written document that directs how you want your estate distributed after your death. It can be revoked by you at anytime before your death, so long

More information

Seniors and the Law. Public Legal Information. Contents: In Newfoundland and Labrador. www.publiclegalinfo.com

Seniors and the Law. Public Legal Information. Contents: In Newfoundland and Labrador. www.publiclegalinfo.com In Newfoundland and Labrador www.publiclegalinfo.com Public Legal Information Association of NL Contents: Wills Enduring Power of Attorney Advance Health Care Directives Glossary of Terms Seniors and The

More information

The family farm and Will planning. Addressing farm succession in your Will

The family farm and Will planning. Addressing farm succession in your Will The family farm and Will planning Addressing farm succession in your Will RBC Royal Bank The family farm and Will planning 2 The following article was written by RBC Wealth Management Services The 2011

More information

ESTATE PLANNING OUTLINE

ESTATE PLANNING OUTLINE ESTATE PLANNING OUTLINE By LEONARD S. ROTH Attorney and Counselor at Law The Law Offices of Leonard S. Roth, P.C. 4265 San Felipe, Fifth Floor Houston, Texas 77027 (713) 622-4222 Board Certified in Tax

More information

Introduction to Estate Planning for Married Couples

Introduction to Estate Planning for Married Couples Introduction to Estate Planning for Married Couples The primary purposes of an estate plan are to specify the ultimate recipients of your property, to designate the persons necessary to carry out your

More information

Transferring wealth Effective strategies for the typical Canadian

Transferring wealth Effective strategies for the typical Canadian Transferring wealth Effective strategies for the typical Canadian KEEPING IT IN THE FAMILY You ve worked a lifetime to accumulate assets. In fact, the average Canadian family has amassed total personal

More information

Split Dollar Life Insurance is possible because a permanent Life Insurance policy has two main components to it: a Death Benefit and a Cash Value.

Split Dollar Life Insurance is possible because a permanent Life Insurance policy has two main components to it: a Death Benefit and a Cash Value. Insuring the Future In this Newsletter: Split Dollar Insurance Conventional and Reverse Split Dollar Arrangements Benefits of a Split Dollar Arrangement Types of Split Dollar Arrangements Buy/sell Split

More information

IS A TRUST RIGHT FOR YOU?

IS A TRUST RIGHT FOR YOU? : IS A TRUST RIGHT FOR YOU? You take care of your family and work hard for the things you ve acquired. You take the necessary steps during life to ensure your family s security and well-being and to avoid

More information

Love, marriage and money: Financial planning tips for same-sex couples in the new age of marriage equality

Love, marriage and money: Financial planning tips for same-sex couples in the new age of marriage equality TIAA-CREF Individual Advisory Services Love, marriage and money: Financial planning tips for same-sex couples in the new age of marriage equality With the Supreme Court s historic ruling on marriage equality,

More information

Estate Planning Basics. An Overview of the Estate Planning Process

Estate Planning Basics. An Overview of the Estate Planning Process Estate Planning Basics An Overview of the Estate Planning Process What Is an Estate Plan? An estate plan is a map This map reflects the way you want your personal and financial affairs to be handled in

More information

Estate planning strategies for small business owners

Estate planning strategies for small business owners Estate planning strategies for small business owners Please refer to the disclaimer at the end of the article August 2011 Estate planning can be especially critical Estate planning strategies available

More information

PLANNING FOR A DISABLED BENEFICIARY

PLANNING FOR A DISABLED BENEFICIARY PLANNING FOR A DISABLED BENEFICIARY REFERENCE GUIDE This Reference Guide is intended to provide information and guidance for those whose estate planning objectives include providing for an individual who

More information

Estate Planning Fact Finder

Estate Planning Fact Finder Estate Planning Fact Finder A person's last actions require careful thought and planning. That thought and planning then requires proper implementation through a carefully drafted Will and Power of Attorney

More information

Estate Inventory Workbook

Estate Inventory Workbook Estate Inventory Workbook Estate Inventory Workbook Introduction One of the key tasks as the executor of an estate is to establish a list of the estate s assets and liabilities. To assist with this task,

More information

Estate Planning Overview Legal Considerations Seminar. Foreign Service Institute May 20, 2015

Estate Planning Overview Legal Considerations Seminar. Foreign Service Institute May 20, 2015 Estate Planning Overview Legal Considerations Seminar Foreign Service Institute May 20, 2015 Tools in Estate Planning Powers of Attorney Living Will/Advance Medical Directive Titling of Property Wills

More information

Estate Planning Checklist

Estate Planning Checklist Estate Planning Checklist Mark Halpern CFP, TEP Certified Financial Planner, Trust & Estate Practitioner INSURANCE, RETIREMENT & ESTATE PLANNING Suite 210, 600 Cochrane Drive, Markham, Ontario L3R 5K3

More information