April 18, 2014

Estate Planning – Incorporating Your Business

G+G Shareholder

There are several aspects of incorporating your business that can become important when estate planning is considered. The structure of your business incorporation and your plans for your shares after your death should be considered as an estate planning tool. [Read more...]

Incorporating Your Business: Liability Considerations

G+G Corp 

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...]

Assuming Rental Items in a House Purchase

G+G Rental Items

In Ontario, it is not unusual to find rental items in a home that is being sold. Such items may include the hot water tank or an alarm system. It is also common for the new owner of the home to agree to assume the contracts of these rental items when they purchase the house. [Read more...]

ODSP Eligibility and Assets

G+G ODSP4

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 not only by a person’s income, but also the assets they own. [Read more...]

Appointment of Guardians of Children in Your Will

G+G Guardian2

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...]

Legalese and Its Role in Your Will

G+G Legalese

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...]

Estate Assets …

When beneficiaries of an estate come to see me, they often are not aware of the extent of the estate assets.

A Will does not usually have the details of the assets in it. There is a good reason for that. If you list the assets in the will, the will has to be changed when assets are acquired or disposed of. [Read more...]

No Will? How do you transfer ownership of a deceased’s vehicles?

G+G Vehicle

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...]

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...]

Leaving the Matrimonial Home Upon Marriage Breakdown

G+G Moving Day

WHAT ARE THE PROPERTY RIGHTS OF THE SPOUSE WHO MOVES OUT?

There is a common misconception that when a marriage relationship breaks down, if one spouse moves out of the matrimonial home, they lose their interest in that home. This is not true. [Read more...]