July 2, 2020

ODSP Eligibility and Assets

G+G ODSP4

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

Assuming Rental Items in a House Purchase

G+G Rental Items

RENTAL ITEMS AND A HOUSE PURCHASE

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…]

The Importance of Power of Attorney for Property …

WHY YOU NEED A POWER OF ATTORNEY FOR PROPERTY

A Power of Attorney for Property appoints one or more people to act for you (they are called Attorneys, even though they may not be lawyers) in relation to your various assets and liabilities. A Power of Attorney for Property may authorize the attorney to do anything you can do except make a Will. You can restrict the nature of the Power of Attorney, either with respect to its commencement and/or expiry date, or with respect to which of your assets and liabilities the attorney can deal with. [Read more…]

Lawyers and their support team working remotely

LOGMEIN REMOTE WORK SOLUTION

LogMeIn is a computer application that allows you to remotely control a computer. If you have LogMeIn installed on your office computer, you can remotely access and control that computer from any other computer that also has LogMeIn installed on it. LogMeIn can also be installed on portable devices like an IPad or IPhone (the IPhone screen is a little small however). [Read more…]

Collection of Probate Tax … Executors Beware!

IMPORTANT STEPS AND THE COLLECTION OF PROBATE TAX

On January 1 2013 the amendments to the Ontario Estate Administration Tax (EAT and commonly known as Probate Tax) announced in the 2011 Ontario Budget became effective. There have been several audits since.

Key elements of these amendments that Estate Administrators / Executors need to be aware of are: [Read more…]

Independent Legal Advice in Real Estate Transactions

G+G Real Estate1

WHAT IS ILA AND ITS ROLE IN REAL ESTATE DEALS?

There are situations where one or more people involved in a real estate transaction will be required to obtain independent legal advice prior to the deal closing. [Read more…]

Estate Assets …

ESTATE ASSETS – WHAT YOU NEED TO KNOW AND WHEN

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…]

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…]

Appointment of Guardians of Children in Your Will

G+G Guardian2

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

G+G Corp 

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…]