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Puppy Love: Who will take care of your pets when you are no longer around?

estate planning Mar 13, 2019

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...

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Five Estate Planning Questions for a Family Business

business estate planning Mar 06, 2019

Sadly, many family businesses don’t survive after being transferred to the next generation.  This is often due to a lack of effective succession planning – and a vital component of any succession plan is careful estate planning!

Take a moment to consider the following estate planning questions:

  • Do you have a buy-sell agreement with any co-owners of your business that will be...
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Succession Planning With a Family Business

business estate planning Feb 27, 2019

One of the most preventable causes of a failure to sustain a family business across generations is a lack of preparation and in particular, the development of a succession plan. Unfortunately, a considerable portion of family businesses have no succession plan in place.  

Below you can find a list of a few simple steps that can be taken within a family business to increase the chances...

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What are some of the key benefits to creating a trust?

estate planning trusts Jan 09, 2019

A Trust allows you to control your assets from beyond the grave. You can clearly outline who gets your assets, when they get them and under what regulations or situations they’re able to use them. It provides a means for you to spread your assets out and spread the tax liabilities. It also allows your assets to flow to people outside of your estate. If you create a Trust today for...

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Three Factors to Consider When Naming an Executor

estate planning executor Dec 26, 2018

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,...

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Advancing Money to Children

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...

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Can you avoid capital gains tax?

estate planning tax Nov 28, 2018

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...

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Do I need life insurance?

estate planning Nov 22, 2018

Building your estate is one way to ensure that your family will be taken care of when you die — life insurance is another. Though life insurance is needed by some Canadians, others can go without it if their estate will easily cover the expenses related to their death. Do you need a life insurance policy? Here are some tips to help you find out.

YOU NEED LIFE INSURANCE IF:

  • Someone you...
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Beware of Choosing a US Resident as Your Executor

estate planning executor Oct 31, 2018

The global reach of our economy has provided increased opportunities for our family members to work and study outside of Canada. More and more, our family members are moving to other countries to gain experience, launch their professional careers and take advantage of exciting opportunities.

When creating an estate plan, many families look to their adult relatives to act in the role of Executor...

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Writing a Memorandum

estate planning wills Oct 17, 2018

Writing your Memorandum

  • Describe the item in enough detail so that it cannot be confused with another item;
  • Identify the recipient by name and if necessary, relationship so that there can be no confusion;
  • Date and sign the Memorandum;
  • Store the dated, signed Memorandum with your signed Will;
  • Let your Executor know that there is a Memorandum.

Changing Your Memorandum

Edits made on a...

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