Author: Gary Indech

Defeating the Probate Tax of a Jointly Held Asset – Part II

In the last edition of Family Matters in Milton, I discussed the scenario of defeating the probate tax of a jointly held asset, and particularly, a bank account jointly held by a parent and child. To review, a joint account held by spouses passes to the surviving spouse by right of survivorship when the first spouse dies. With survivorship occurring, no probate tax is assessed on the bank account. However, if the bank account is held jointly by a parent-child and the parent dies, the Supreme Court of Canada held that the child is deemed to be a trustee...

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Over the next twenty to thirty years, Canadians will experience a massive transfer of wealth from the Baby Boomer generation to their heirs. Wills and estate lawyers play a fundamental role in the transference of this wealth. This article addresses basic practical and technical issues of the probate process. The Ontario government has made relatively no attempt to educate the public about the legal process and its complexities when dealing with the estate of the deceased. The purpose of a probate is to legally appoint an executor(s) by the court, so that the executor(s) can legally administer the estate and distribute inheritances to beneficiaries. But before any wealth transference...

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What to Consider When Choosing Your Real Estate Lawyer

You’ve just signed the Agreement of Purchase and Sale and you’re on your way to acquiring your dream home, the biggest acquisition of your life. You are elated and you believe the hard work is done, but it is actually just beginning. You have millions of questions and details swirling through your mind: financing, home insurance, home inspection, a mover, a home-decorator, etc. But you may be overlooking the most important piece of the puzzle: the real estate lawyer who will handle your transaction. Retaining a real estate lawyer is not a simple undertaking. The same amount of care, if not more, must be...

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Multiple Wills Means Multiple Savings

Many people believe that when someone dies, a sizable portion of their estate that they worked their entire lives for is taken by the government through an estate administration tax or probate tax. This is not true; in fact, for many years, lawyers have been developing innovative strategies to minimize the probate tax to the government. One successful strategy is the use of multiple wills which are also known as dual wills, secondary wills or corporate wills. This estate planning strategy developed from a case that the Ontario Court of Appeal decided in 1998 called Granovsky Estate v. The...

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