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What do I do with my timeshare?

What is a Timeshare?

In simple terms, a timeshare is ownership of a property (typically, a vacation home) for a limited period of time (one to two weeks).

Timeshare Contracts

As all timeshare contracts are different, it is important to understand the specific terms of your agreement. In addition to maintenance fees, owners may be required to pay a special assessment if, for example, structural...

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Protecting the Interests of your Children in a Blended Family

estate planning Jan 15, 2020

Blended families are becoming increasingly common and often face several estate planning challenges. Consider the following scenario:

Don and Pat were married in 2000, and it was a second marriage for each of them. Don had 1 child from a prior relationship, and Pat had 3. Don and Pat had equal financial assets at the time.

While drafting their wills in 2009, Don and Pat agreed that all...

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What are the best practices for family trusts?

estate planning trusts Dec 11, 2019

Family Trusts are a powerful and effective financial planning and asset protection tool. Traditional reasons for creating a trust include will and succession planning, asset and legal liability protection and asset administration.

However, trusts have evolved as a tax planning and minimization tool, especially for the family business and high net-worth individuals. In many instances Trusts...

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The Power of a Written List

estate planning wills Sep 25, 2019

When thinking of the legacies you are leaving people, it can be difficult to decide what to give and to whom. Money is often a large part of inheritance, but perhaps there are certain items you wish to bequeath to family and friends as a way to remember you. To whom and what you bequeath is an important consideration that is worthy of as much time as is put into considering your residuary...

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Who should you appoint as your executor?

estate planning executor Sep 11, 2019

Appointing an Executor to administer and handle your estate is an important decision. This is the person (or people – or organization) that you are entrusting with the disposition of your property and possessions. Basically, your Executor will grant your final wishes.

Here are three things to consider when appointing an Executor:

1. Age and Qualifications

It is important to take...

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What are the benefits of having a joint bank account with your spouse?

estate planning Aug 21, 2019

A bank account held jointly by spouses has many benefits – one being convenience. It enables both parties to deposit or withdraw monies in accordance with any guidelines set by the account. The pairing may choose to hold a primary joint account that is used to pay bills with ease, and to hold additional accounts in each of their individual names – and that is fair, but if the intent...

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What do I do with the family cabin?

Family cabins provide memories of times sitting in the sun, sipping wine or drinking beer, however for some families the cottage goes from being the family castle to being the family haunted house.

Whenever a married couple owns a family cottage their wills should state who gets the cottage after the last of them dies. Many time the couple will want to give the cottage equally to all their...

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What happens to your joint bank accounts when you die?

estate planning Jun 19, 2019

Intent: A desire and will to act in a particular way.

It is this premise that serves as the foundation for determining how funds will be distributed in a joint bank account. The exact definition of “intent” becomes an issue when a parent holds a joint bank account with their child – let us explain:

Parents may hold a bank account jointly with their children because:

  1. It is...
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Step-Grandchildren and Your Estate Plan

estate planning Jun 05, 2019

These days, blended families are more common than the traditional nuclear family.  As a grandparent who has step-grandchildren, you may wish to understand who will inherit should you leave a portion of your estate to your “grandchildren”, or should you provide in your Will that if your child pre-deceases you, their share will go to “the deceased child’s...

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How does having stepchildren affect your estate plan?

estate planning May 29, 2019

Each blended family is unique. Maybe your second marriage happened later in life, after your children and your spouse’s children became adults; as a result, maybe you don’t want to include your stepchildren in your Will. On the other hand, you may have a very close relationship with your stepchildren, having raised them as if they were your own. In this case, you may very much...

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