Gilmore and Gilmore Professional Corporation
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AUTOMATIC REVOCATION OF WILLS IS MANDATED BY LAW IN ONTARIO
There are situations where a validly drawn will can be automatically revoked with no express intention on the part of the owner of the Will. The two most common situations where this occurs are marriage and divorce.
CAPITAL GAINS ARE HANDLED DIFFERENTLY WITH FARMLAND
When an individual dies any farmland they own is treated differently than land containing that individual’s principle residence. On the death of a taxpayer, farmland can be transferred (sold) on a rollover basis at the adjusted cost base (ACB), or at any price up to fair market value (FMV). A rollover means the transaction of transferring (selling) the farm takes place without any tax being payable immediately. This is beneficial because normally capital gains tax is payable when a business changes hands, and farming operations usually do not have a lot of cash on hand compared to assets like equipment, vehicles, and crops. [Read more…]
CANADA PENSION CHILDREN’S BENEFIT
A child who has lost at least one parent who was a CPP contributor may qualify for the CPP Children’s Benefit.
A child is defined as being under the age of 18 or being between the ages or 18 and 25 and in full-time attendance at school or university. The monthly children’s benefit is a flat rate that is adjusted annually. A child may get up to 2 benefits if both parents paid into the CPP for the minimum number of years (3) and each parent is either disabled or deceased. [Read more…]
ARE THEY AN APPROPRIATE ESTATE PLANNING TOOL FOR YOUR REAL ESTATE INVESTMENT?
When purchasing a home, most buyers require a mortgage to finance the purchase. In the midst of all the paperwork and information a bank requires to approve a mortgage, they will often offer life insurance through the bank—insurance that promises to pay off the balance of the mortgage should something happen to you or any other person on the mortgage with you. The cost seems pretty reasonable, they only ask you a few questions on the application and the idea of insurance is reassuring—so should you go for it? [Read more…]
INTESTACY AND VEHICLE OWNERSHIP
If your spouse or loved one died without a Will and left behind vehicles registered in their name only, selling them after their death can be a tricky endeavor. In order to sell a vehicle, the ownership must be signed by the registered owner. If the owner is deceased, the vehicles need to be transferred into the name of their spouse or the person handling their estate in order for the vehicles to be transferred or sold. [Read more…]
You decide that you should have a will written to protect yourself and your assets upon your death. You decide what you want this important document to say and get lawyer to draft it. But when the Will is sent to you for your review, you are surprised to find that it is written in “legalese”—a language that can be confusing for the lay person. [Read more…]
The decision to purchase or sell a home is not one that should be taken lightly. An Agreement of Purchase and Sale, the standard agreement entered into during a real estate transaction, is a legal and binding contract. Its terms can be subject to conditions that need to be met in order for the transaction to close, but it should not be interpreted as something that one can just “get out of” if they change their minds. [Read more…]
If you do not specify the age(s) at which your children are to receive an inheritance from you, they will receive it at age 18. Very few children have the maturity to handle a significant inheritance (or any form of inheritance) at age 18.
You can specify at whatever age you want your children to receive the money. You can also provide for a graduated distribution with the inheritance being paid out at multiple ages. For example: [Read more…]
STATUTORY GUARDIAN – SECURITY BOND
The Public Guardian & Trustee (“PGT”) of Ontario becomes the statutory guardian of any person in Ontario who becomes incapable without having a Continuing Power of Attorney for Property. It is possible for someone (usually a relative) to apply to replace the PGT and become a substitute guardian. [Read more…]
HOW MUCH AUTHORITY DO EXECUTOR’S REALLY HAVE?
The authority of an Executor or Estate Trustee comes from the wording of a Will (if there is one), the various Estate Administration Statutes and previous cases that have been decided by Courts.
Estate litigation is rampant in Ontario these days. A trend that seems to be developing is a perception by Executors that they have complete authority to make decisions in relation to the Estate regardless of what the Will says and regardless of what their other legal obligations are. [Read more…]