Estate Planning

Multiple jurisdictions might mean multiple wills

When advising clients on making a will, it isn’t uncommon to discover they have assets in foreign jurisdictions. That being the case, advisors need to know how to deal with issues that may arise from having overseas wealth. Consider the following scenario. Mary is a Canadian citizen who lives in Ottawa but spends her winters […]

By Akua Carmichael |September 1, 2009

4 min read

Bequeathing the family cottage

In my last column, I discussed the two most basic elements of estate planning — wills and powers of attorney — and how they affect the intergenerational transfer of wealth that your clients must eventually deal with. Now let’s look at one of the more common intergenerational asset transfers — the family cottage. Many of […]

By Michelle Munro |August 5, 2009

6 min read

Insurance and the U.S. estate tax

Individuals in Canada often purchase insurance to help fund tax liabilities that arise on death. In addition, some insurance products are purchased as an investment vehicle to shelter income from tax. Generally speaking, estate planning with insurance is effective in Canada because insurance proceeds are received tax-free. However, for U.S. citizens living in Canada, great […]

By Nadja Ibrahim |July 21, 2009

4 min read

Estate planning 101

A reluctance to tackle touchy subjects can prove costly. I remember a long-ago conversation with one of my earliest personal tax clients about aging parents and estate planning. The client — let’s call him Bob — was the only child of a well-to-do couple. Bob had no children of his own, and was relatively well […]

By Michelle Munro |July 6, 2009

5 min read