The following is excerpted from No Thanks Mom: The Top Ten Objects Your Kids Do NOT Want (and what to do with them) by Elizabeth Stewart.
In the following list of the Top Ten Objects Your Kids Do Not Want — inspired by conversations (or lack thereof) about my keepsakes with my 30-year-old son, Lock, and his wife, as well as by similar conversations I’ve had with hundreds of boomer clients and their millennial heirs — I will help you find a remedy for dealing with...
We were sitting in the coffee shop
Telling lies and swelling tea
When the subject of our treasures rose
Mainly those belonging to me
I thought about the question
And all the stuff I've come to cherish
50 years I've been collecting things
Where'd they go if I should perish
You see my kids, they're not mechanical
Though I taught them the best I knew
To save these things all wizzy
Some were rolled, a lot were new
Now the barn's right full of old car parts
Some fenders, lots of chrome
But I just...
1. Pick someone who lives in the Province of Alberta:
When you are looking at picking an Executor for your estate, you want to make sure you pick somebody who lives in the province of Alberta. If you pick someone from outside of the province, we may have to post bond which can be time consuming and costly. Additionally, if you have an Executor who is a United States citizen, there can be tax implications as they are considered our foreign trustee.
No, not every Will has to be probated. For instance, assets that are held jointly with a right of survivorship would pass outside the Will. As another example, a home held jointly between a husband and wife would pass to the survivor of them upon the death of one of them. Probate is not needed to transfer title to the home and for this reason, probate does not typically occur on the death of a spouse.
Many people place their children on title to their home in the hopes of avoiding probate....
Sometimes our children or close family members run into a financial bind and need to borrow money. In many cases both the lender and the borrower assume that this money will be paid back quickly. What happens if the lender, who is frequently an elderly parent, dies before the loan is repaid? In my experience this is when the family feud begins, as the borrower will say this money was a gift to them, and the other beneficiaries, frequently the borrower’s siblings, will feel it is a loan...
Being an Executor is not an easy job. Remember just because you are appointed in a will, it does not mean that you have to accept the position. Here are some pointers on when you should refuse to act as an executor. We also cover the top 4 things that get executors into trouble.
WHEN NOT TO BE AN EXECUTOR
Many people feel honoured when they are asked to be the Executor for a friend or family member’s estate. When someone asks you to be their Executor it feels terrific; they are indicating that they believe you to be trustworthy and have good judgement. For many of us, this gives us a great feeling of pride, and we want to fulfil our duties to the best of our abilities. Sadly, many people discover that it is much more difficult than they realized. In my...
Most clients ask our office to draft Wills and estate plans that will help them avoid capital gains. This is an impossible wish. Some people will attempt to sell the property to a family member for less then fair market value. This results in any Capital Gain being taxed twice as the gain will be taxed in both the deceased and the family member’s hands. Thus, no net savings.
Some people believe that placing a family member joint on title with them will avoid capital gains. However, the...
Our office is seeing more and more people who are worried about not only what happens to their children when they die, but also who will be taking care of their beloved pets.
Our lawyers recently met with a vibrant middle-aged client who had a beloved pet Cockatoo named Tootsie. Our client wanted to make sure that Tootsie went to a good home after she died and needed to make sure that the person who took care of her liked birds. She had asked her friends, but given there ages,...
Protecting Your Business From Capital Gains Tax – The Estate Freeze
As a business owner, your estate plan should address both your personal and business assets. However, estate planning for business owners is more complicated as it needs to address potential tax issues. If you want to maximize the wealth of your estate by minimising its tax burden, an estate freeze is a useful tool.
CAPITAL GAINS TAX
Any assets not inherited by the surviving spouse or...
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