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…]
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…]
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.
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…]
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…]
LEGALESE IN YOUR WILL – WHY?
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…]
AGE AT TIME OF INHERITANCE MATTERS
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…]
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…]