Posts Tagged 'Toronto'

Can Trustees Avoid Liability?

Can Trustees Avoid Liability?

Can a Trustee Avoid Liability Even if Found to Have Made a Costly Mistake?

Courtesy of David Mills from Mills & Mills LLP..

Before agreeing to take on the role of Estate Trustee, the named individual should consider carefully the fact that it is a difficult, time consuming and often thankless job. For the uninitiated, the myriad responsibilities – from gathering information on assets and liabilities, to assembling tax information and completing tax returns, to managing relationships with and among beneficiaries (many ...

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Death & Taxes Part 1

Death & Taxes Part 1

Courtesy of Janet Baccarani & Jennifer Black from DFS Private Wealth.

Tax season can be a challenge at the best of times – but, what if it’s following the loss of partner or spouse? What then?

Widows and widowers can face a variety of distinct issues come tax time. Memories are revived and emotions can come to the forefront again. And, then there’s the reality dealing with the numbers and the numerous questions that can go along with them.

Frequently asked ...

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Death & Taxes Part 3

Death & Taxes Part 3

Courtesy of Janet Baccarani & Jennifer Black from DFS Private Wealth.

In our continuing series of blogs examining “Death and Taxes”, we turn our attention to beneficiary designations on your RRSP or RRIF.

When your spouse has died, you may need to change the beneficiary designation on your RRSP or RRIF.

Two approaches to beneficiary designations

The designation approach that generally makes the most sense is naming a new beneficiary on the plan application form itself.
In a case where you wish to ...

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Beware the “Will Kit”

Beware the “Will Kit”

Courtesy of David Mills from Mills and Mills LLP.

Why should you not use a do-it-yourself “Will Kit”?

A form can’t ask all the right questions. No matter how carefully prepared it is, a “fill in the blanks” Will kit simply cannot listen carefully to your needs and circumstances and prepare a Will that safeguards your estate, minimizes taxes, and protects against avoidable and costly conflicts.

Seemingly minor mistakes can have costly and unexpected consequences. Wills are subject to very specific ...

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