The legacy of love blog

Trust companies that handle your Estate are no longer just for the rich

estate trust Feb 22, 2018

The demand for professional Trust and Estate administration is an area that is experiencing significant growth. This growth is caused by a number of factors including our aging population, our modern family structures, and the vast distances that spread family members apart.

Estate professionals are being asked to step in and help families resolve emotionally charged family disputes.

There are several Trust companies that provide Estate services to clients in the Edmonton area. While most...

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Separation is different from divorce

estate will Feb 15, 2018

When couples split up, the last thing they’re thinking is, “What happens if I die?” Breakups are emotionally difficult times, with many hard decisions. But the ramifications of a split are magnified when the parties do not go through with a divorce.

Many people think the mere act of “separating” will result in cancelling their partners in their Wills, estate plans, powers of attorney and beneficiary designations. This is not 100 per cent correct.

Separation =...

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What happens if your parents owe money when they die?

debts estate executor Sep 18, 2017

We recently had a client call our office asking a question we hear all the time… “What happens if my father dies owing more money than he has in assets? Will I be personally responsible for paying his debts if I am his Executor?

You will not be personally liable for your father’s debts when he dies. You may however, be taking on a difficult estate where you will be required to negotiate with creditors and possibly even place the estate into bankruptcy to deal with...

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Capital Gains and your estate

capital gains estate Sep 12, 2017

We have clients call our office all the time asking “I hear everyone talking about Capital Gains. What is it and what happens when I die?

A capital gain is the increase in value of your capital property. Capital property is an investment or other asset that produces income, or an asset that if sold would produce a profit for you. The federal government currently taxes Capital Gains by you declaring 50% of the gain (profit) as income on your tax return. For example, if you...

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