A family cottage is one of the most difficult assets to deal with when estate planning. There are various planning strategies to consider when it comes to passing a beloved cottage to the next generation. There are…
Studies indicate that approximately 80% of all New Year’s resolutions ultimately fail. Despite this, many of us continue to set lofty goals for ourselves and the brand new year before us. Various reasons are offered for our…
As we blogged earlier this week, November is ‘Make a Will’ month. We thought we would share some fun Will facts to end the work week (and hopefully inspire our readers to contemplate their own Wills): The oldest…
The 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.
As 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”?
The Government of Canada has invited all Canadians to share their thoughts on medical assistance in dying (“MAID”) by completing a brief Questionnaire. You have until January 27, 2020 11:59 PM (PST) to complete the questionnaire and…
“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
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.
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.
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.
We think it’s fair to say that most people are aware that they should have a Will. And yet, time and time again, studies show that over half of all Canadians don’t have a valid Will. Many…