Category Archives: Estate Planning
Inside Aretha Franklin’s Inevitable $80 Million Estate Feud
When a legendary performer dies, it’s usually expected that they have a detailed and extensive will or estate plan in place. Unfortunately, the recent news of the death of legendary singer Aretha Franklin reminds us that this is not always the case.
Don’t Let Savings on Service Fees Haunt Your Estate
Has one of your client’s paid ongoing spousal support to a deceased ex-partner? Recent developments have raised this concern for executors who forego assistance from professional estate planners.
Use Client Communication to Erase Estate Planning Tension Ahead of Time
When it comes to settling an estate, the word “tension” seems to appear frequently. According to the Merriam-Webster dictionary, the definition of tension is as follows:
Michael Jackson’s $500 Million Estate Debt and How To Avoid the Mistakes That Created It.
It has been eight years since the death of ‘The King of Pop’, yet his estate is still in distress. Michael Jackson will forever be the ‘King of Pop’, however, his untimely death in 2009 revealed that he left behind a debt of $500 million for his estate. Jackson had been known for his lavish…
Can a Relative’s Vendetta Cause Your Estate Financial Harm?
A relative’s grudge can cause serious financial harm to your estate. A recent case shows how much damage can happen. We all have fights with our relatives. Thanksgiving and Christmas dinner are perfect examples of family gatherings where relatives air their grievances, addressing family issues in front of everyone. While nothing seems worse in the…
Using Technology to Streamline Will-Planning
Throughout the past decade, technology has transformed the world immensely. Tools like social media and video messaging are subjects that people could only dream of 30 years ago. The practice of law has arguably been slower to embrace new technologies. Will and estate planning, however, just got a much-needed overhaul for 2017.
Draft Will Clause
Draft Will Inclusion Clause Inclusion of Executor, Estate Trustee or Administrator Errors and Omissions Insurance I authorize my Trustee(s) to purchase, at the expense of my estate, such errors and omission insurance as my Trustee(s) determine(s) in his/her/their sole discretion is sufficient to protect my Trustee(s) against claims and losses arising from any error of…
What To Do With The Family Cottage: Four Ways To Pass It On
Spending time at the family cottage is one of the greatest perks of Canadian living, yet along with all of those great memories comes the potential for an inheritance debate. Every family who owns a cottage will one day have to ask themselves, “how do we pass it on?” Unfortunately, there is no single answer…
Is Your Charitable Gift a Tax Shelter? Learn from the Leibovitz Controversy
Charitable gifts are steadily gaining popularity among Canadians. While including a charitable gift in your will is not a new concept, more and more people are choosing to make charitable gifts while they are still living, too. This seemingly perfect way to gift your assets to your loved ones and organizations comes with a warning,…
Estate Planning 101: How to Include Passwords, Online Banking & Social Media
Canadians are embracing new digital technology and tools to help them in all aspects of their lives, including financial management. Estate planning must evolve in the 21st century to accommodate this new trend or else face leaving behind a frustrating digital maze for executors and beneficiaries to navigate. “86% of Canadians use at least one…