May 22, 2019

Archives for July 2018

Ontario Disability Support Program and Inheritance

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ODSP AND INHERITANCE

How will an inheritance impact your income support from ODSP?

Any money, property or possessions that you receive can affect your eligibility for, or the amount of money you receive from, Ontario Disability Support Program. This includes anything you may inherit from someone who has passed on. Some inheritances will be exempt and will not have an effect on your ODSP eligibility or amount. [Read more…]

ODSP Eligibility and Income

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ODSP ELIGIBILITY AND INCOME

The Ontario Disability Support Program provides eligible people with disabilities with income support to pay for living expenses such as food and housing. Eligibility for this program, as well as the amount of income support you can receive, is directly affected by a person’s income. [Read more…]

Estate Planning and Separation

SEPARATION AND THE IMPACT ON ESTATE PLANNING

It is important to review your estate planning upon separation from your spouse. Separation by itself will not have an effect on your Will or the distribution of your estate. Some of the things to consider and discuss with your lawyer are:

  1. You should consider revoking your Will and Powers of Attorney and making new ones right away, and possibly another Will when matters with your spouse are resolved;
  2. If you do not have a Will, you should consider preparing one;
  3. If you own property with your spouse as joint tenants, including your matrimonial home, you should consider the advisability of severing the joint tenancy;
  4. You should consider changing your beneficiary designations for life insurance policies, RRSPs, etc. [Read more…]

A Family Meeting and Estate Planning

FAMILY MEETINGS AND SECURING YOUR LEGACY

A Family Meeting can be an effective component of Estate Planning. If you have a complex Estate or you will be creating an imbalance in the division of your assets amongst your children, a Family Meeting can be useful in helping the family to understand the ins and outs of your Estate and the decisions you are making.

[Read more…]

Alternate Executors and Beneficiaries

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ALTERNATE TRUSTEES AND BENEFICIARIES

Many people who seek to have their Wills drafted are adults whose children have already reached the age of majority and moved away from home. In cases such as these, many people would question the need to have an alternate estate trustee or beneficiary if they name their independent adult child to those roles. However, it is important to consider the possibility that if only one estate trustee or beneficiary is selected, and that person dies before the person who made the Will, then there is no one to act as the trustee or inherit the estate. [Read more…]

Appointment of Guardians of Children in Your Will

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GUARDIANSHIP – WHAT ARE THE LIMITATIONS?

Parents who have children under the age of majority will naturally want to provide for them in their Wills. In addition to arranging their inheritance, most parents will want to name a guardian for their children should both parents die at the same time or if a parent is in a single-parent situation. [Read more…]

Incorporating Your Business: Liability Considerations

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LIABILITY AND BUSINESS INCORPORATION

There are many positive reasons to incorporate your business or professional practice. The main reason lawyers recommend clients consider incorporating is to limit personal liability with respect to the corporation’s actions. Unlike a sole proprietorship or a partnership, a corporation is a separate legal entity. Often shareholder’s liability exposure in a corporation is limited to the amount they have invested in the corporation, thereby protecting their personal assets. [Read more…]