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Death Benefits

Richard Weber on August 20, 2014 in Advice for Business Owners

Considering the many tax implications of estate planning.

Testamentary Trusts Pay Top Tax Rate Starting 2016

Richard Weber on June 26, 2013 in Tax

Wills and estate planning for thousands of Canadians could be affected in 2016 if the government proceeds with their intention to eliminate tax benefits that arise from taxing testamentary trusts and estate grandfathered inter vivos trusts, created by wills and estates at graduated rates, after a reasonable period of administration for estates. In the March … Continued

Welcome News for Canadians Who Own U.S. Property

Richard Weber on February 2, 2011 in Estate & Succession Planning

The U.S. imposes a federal tax on the taxable estate of a decedent who was not a U.S. citizen or domiciliary for transfers of U.S. real property upon death. In 2010, there was no U.S. estate tax and as of January 1, 2011 the U.S. estate tax was to have been reinstated in accordance with … Continued

U.S. Real Estate Ownership – Alert!

Joseph R. Schlett on November 17, 2010 in Tax

We urge everyone to pay close attention to U.S. Estate tax matters considering pending changes effective January 1, 2011. Although repealed for 2010, we understand that new Estate tax rules will be introduced with application to both U.S. citizens and to foreign individuals who own real estate situated in the U.S. Immediate consideration should be … Continued

Taking Care of Estate Issues

Michael Kee on November 3, 2010 in Strategy for Corporations

Generally, you are expected to dispose of all your assets at fair market value (“FMV”) upon your death. If the assets go to the surviving spouse or to a spousal trust, then there isn’t a deemed disposition at FMV until their death. A spousal trust is set up for the benefit of the spouse while … Continued

How to Reduce Probate Fees

Richard Weber on July 21, 2010 in Estate & Succession Planning

What is probate? Probate fees are the fees charged by provincial governments to probate your Will when settling your estate. Probating your Will is the process of having your Will authenticated and also of confirming the appointment of an executor for your Will. The cost of probate Probate fees are highest in Ontario at $5 … Continued