Just as the Stittsville neighbourhood that Persona Law Group is proud to call home is growing by leaps and bounds, so too are we.
Please join us in welcoming, and allow us to introduce you to, Daniel Therrien [1]. He brings with him a wealth of knowledge and experience. Persona Law Group has expanded our practice areas to better serve our clients and their legal needs.
Whenever we hear of yet another celebrity dying without a will, we are reminded that the importance of having a will cannot be overstated. And so we take this opportunity to once again reiterate some of the many reasons why you should ensure you have a valid, up to date will.
An Estate Information Return (EIR) is a government form requiring details about an estate and probate, particularly about the values of the assets of the estate and how these values were obtained. If you are acting as an executor (now called an estate trustee) and have received a Certificate of Appointment of Estate Trustee from the Court, you must file an EIR with Ontario’s Ministry of Finance. It may be filed electronically, by fax or mail, and must be received by the Ministry within 90 calendar days of the Certificate being issued.
Unfortunately, what to do with a loved one’s remains is often a contentious issue amoung family members.
You may have heard that when a person dies, there is what is called a ‘deemed disposition’ of all of their assets. This means that the deceased’s assets are treated, for tax purposes, as being sold or cashed in immediately prior to death.
When it comes to RRSPs and RRIFs, generally speaking the fair market value of the RRSP/RRIF is included in the deceased’s income for the year of death. It is then taxed as ordinary income at the deceased’s marginal rate. As you can imagine, this often results in a significant tax bill for the deceased’s estate.
Our Wills, Estates and Trusts law boutique seeks to expand our practice areas to better serve our clients. We have established our law practice in the west-end of Ottawa. Kanata-Stittsville is a growing community and an ideal…
In a Will, you can grant an individual (or more than one) a ‘life interest’ in a real property. This may be a specific property or may be drafted more generally to include any property that is being used as a principal residence at the date of your death. A life interest gives the individual (or ‘life tenant’) the right to use and occupy the property for the duration of their lifetime. The Will will go on to specify how the property shall be dealt with upon the death of the life tenant.
We often encounter this type of estate planning in second marriages.
