Gilmore and Gilmore Professional Corporation
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FORMAL EXECUTION OF A WILL
There are specific requirements in Ontario, set out in legislation called the Succession Law Reform Act (SLRA), that govern how a Will is to be executed in order to make it valid. These requirements are quite rigid and a document that does not comply with them may very well be found to be invalid. [Read more…]
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…]
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:
BEQUEATHING A FARM IN YOUR WILL
The transfer of farmland, by sale, gift or other form of transfer, is generally subject to HST unless it falls into one of the exemptions found in Schedule V of the Excise Tax Act. One such exception is found in section 167(2), which determines that:
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…]
FORCING ACCOUNTS
Executors of an estate are required to disclose the value of an estate and to document as well as explain the accounting of the estate to all beneficiaries.
Beneficiaries of an estate often complain that they are not provided with information concerning the value of an estate or the accounting. In some cases they are asked to “sign off” on the estate without knowing in advance what their share of the estate is and how it was determined. [Read more…]
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…]