gift cottage estate planning

Thinking of buying a cottage during COVID-19? This blog is for you!

gift cottage estate planningThe COVID-19 pandemic will leave significant damage to many sectors of the Canadian economy in its wake. One sector that appears to be not only escaping this damage but thriving during the pandemic, however, is the cottage real estate market. Cottage sales have actually surged in recent months. Many speculate that this has much to do with the COVID-19 pandemic itself. An increased number of people are now able, and sometimes encouraged, to work remotely which makes extended stays at the cottage that much easier. Also, lengthy periods of quarantine in urban centres have sparked a desire in many for an increased connection with more rural landscapes.
We have blogged on issues relating to cottage ownership several times in the past and thought it would be helpful to those considering the purchase of a cottage during COVID-19 to have the links to many of these blogs in one place.

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estate ottawa real estate

Planning for your Vacation Home Away from Home

estate ottawa real estateAs we are well into the coldest month in Canada, many Canadians seek refuge in warmer climates. For many, a brief escape from the cold and snow is enough. Others might be considering more long-term options. This may include whether to acquire ownership rights over a favorite vacation property.
If you are entertaining such a purchase, careful estate planning is important.

Beware of hidden legal nuances

It is important to be aware of the fact that, on death, real property is dealt with pursuant to the laws of the jurisdiction in which the property is located. What if your dream holiday home is located in a jurisdiction whose statutes dictate the so called “forced heirship rules”?

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estate planning lawyer

Charitable Giving in Your Estate Plan

“CHRISTMAS IS THE SPIRIT OF GIVING WITHOUT A THOUGHT OF GETTING. IT IS HAPPINESS BECAUSE WE SEE JOY IN PEOPLE. IT IS FORGETTING SELF AND FINDING TIME FOR OTHERS. IT IS DISCARDING THE MEANINGLESS AND STRESSING THE TRUE VALUES.”
– THOMAS S. MONSON

estate planning lawyer No other time of year personifies the spirit of giving more than Christmas. We thought it was the perfect time to share a little bit about how charitable giving can impact your estate plan.
Most are aware that a charitable gift on death has a beneficial impact upon an estate. To understand how this benefit arises, we must first look at what tax liability arises at death.

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estate lawyer kanata

Substitute Decision-Making for Personal Care

family law ottawa kanata
Have you signed a Power of Attorney for Personal Care?

When we think of estate planning, we often focus on the importance of signing a Will. However, planning for one’s possible incapacity is another critical aspect of proper estate planning. This generally involves signing both a Power of Attorney for Property and a Power of Attorney for Personal Care. An ‘Attorney’ is defined in Ontario as a ‘substitute decision-maker’ and should not be confused with the terminology of our neighbours to the south where lawyers are referred to as attorneys.
Before signing a Power of Attorney document, one must have the required mental capacity.

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divorce family law lawyer kanata

“Divorce Day”?

divorce family law lawyer kanata
In the U.K., the first Monday back from the Christmas holidays is what is know as “Divorce Day”. This is the day when lawyers report seeing increases in inquiries about getting a divorce. As Canada is not immune to high rates of divorce, it wouldn’t be surprising to learn that this trend happens here as well. As the holiday season is fast approaching, we want to remind readers of the Estate planning steps that are necessary post separate or divorce.

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