Sentences with phrase «testamentary trusts»

«The opportunities are much more limited to take advantage of lower marginal rates for testamentary trusts,» says Atin, an estate lawyer who is counsel to Hull and Hull LLP and an adjunct professor at Osgoode Hall Law School.

While much of what has changed makes sense in the government's determination to remove the preferential treatment allowed through testamentary trusts, there is one change affecting life interest trusts including spousal, alter - ego, and joint - partner trusts, leaving many to suggest there is room for a correction of some.

Testamentary trusts are treated as a separate tax person and any earnings from investment have been taxed on marginal rates.

We create estate plans utilizing wills, representation agreements, powers of attorney, alter ego trusts, inter vivos and testamentary trusts.

Estate tax planning should not be overlooked because there are many techniques available to reduce estate taxes, such as holding assets in joint ownership, establishing testamentary trusts, and the purchasing of permanent insurance policies to cover estate income taxes.

In the consultation paper (Proposal), the Federal Department of Finance proposes a number of changes to the way in which the Canada Revenue Agency (CRA) will tax testamentary trusts and pre-1971 grandfathered inter-vivos trusts.

On June 3, 2013, the Federal Department of Finance released its consultation paper on the taxation of testamentary trusts, and...

Co-Author Presentation, «Testamentary Trusts: Recent Changes to the Income Tax Act» (CPA Manitoba, February 24, 2015)

Her skills drafting wills, testamentary trusts, powers of attorney and corporate documents.

Testamentary trusts have made more sense than alter ego and joint partner trusts for many people for some time, but that may change:

However, the changes to the taxation of testamentary trusts will likely make alter ego and joint partner trusts a more attractive estate planning vehicle for some.

First, I've never met a layperson who doesn't think that they need no more than a «simple will» when in fact they often do, either because they are affluent, or have a blended family, or need testamentary trusts to manage property for children or young adults or black sheep or for tax purposes or because some family members are non-citizens.

With such considerations in mind, the Uniform Law Conference excluded from the Uniform Act a number of communications: wills, testamentary trusts, personal powers of attorney and land transfers that would require registration to be effective against third parties.

Partial and promised gift of Linda Lichtenberg Kaplan, 2001 Art © T.H. Benton and R.P. Benton Testamentary Trusts / UMB Bank Trustee / Licensed by VAGA, New York, NY

© T.H. Benton and R.P. Benton Testamentary Trusts / UMB Bank Trustee / VAGA, New York, NY

Thomas Hart Benton American, 1889 — 1975 Engineer's Dream, 1931 Oil on panel Eugenia Buxton Whitnel Funds 75.1 © T.H. Benton and R.P. Benton Testamentary Trusts / UMB Bank Trustee / Licensed by VAGA, New York, NY

Testamentary trusts are usually set up to protect assets.

Testamentary trusts can also be created by a will.

Typically, testamentary trusts are used to protect minor children, spendthrift beneficiaries or to manage property for spousal partners and are less expensive to set up.

You may also look at custom - designed testamentary trusts to help you control how your assets are distributed.

Many Canadian testamentary trusts are set up to distribute income to a surviving spouse during his / her lifetime.

If the assets are complex, or if there are testamentary trusts involved, then a co-executor with knowledge and expertise in the areas of investments, income tax, trust matters and accounting would be a good idea.

Edward Jones Trust Company focuses its attention on the administration of personal trusts, including revocable and irrevocable inter vivos trusts, testamentary trusts and charitable trusts.

The original subscriber can minimize (and likely eliminate) that possibility by appointing a testamentary trust as the successor subscriber.

So if you want to be extra sure that an RESP ends up used for your intended beneficiary or beneficiaries, Wayne, you may need to establish a testamentary trust in your will to administer the RESP after your death.

If the original subscriber wishes, the will can direct the executor to use general estate funds to contribute to the RESP before it is transferred into the testamentary trust in order to reach the $ 50,000 contribution limit.

The testamentary trust holding the RESP would, subject to any contrary provisions in the RESP contract, likely include trustee directions such as:

The trustee of the testamentary trust could be the person the original subscriber would have appointed as successor subscriber.

This is where there is a testamentary trust to provide for the...

A testamentary trust is a trust set out in a will that only takes effect when the person who has created the will, dies.

The great thing about a testamentary trust is that it's perceived by Revenue Canada to be a separate entity.

So by setting up a testamentary trust you have two streams of income that are being taxed all at the lowest marginal tax rate on their earnings.

Most people don't realize that if you leave something to a person in trust through a will — or in the event that it is insurance proceeds, if you set up an insurance trust — you can establish a «testamentary trust.»

Initially, he wanted to protect his daughters» inheritance with a testamentary trust — a trust written into the will that's triggered upon death.

A testamentary trust becomes effective upon your death and is usually established by your last will and testament.

An intervivos or testamentary trust the settlor of which died before the start of the year with an eligible beneficiary being a Canadian resident minor child of the settlor.

If your client already has a will and would like to include a testamentary trust, they can have their will amended so that the trust is now included.

Since anyone under the age of 18 can not legally own property, a testamentary trust may be created.

We provide templates for Estate Planning and even have a section where you can receive legal advice from lawyers when preparing a trust — or for further clarification of what is a testamentary trust.

The basic testamentary trust definition states that a testamentary trust is a trust that will only go into effect after a person has died.

As an estate planner, you'll need to fully understand what this type of trust can provide and when a testamentary trust will be needed.

If it becomes active after you die, it is a Testamentary Trust.

[i] In this paper, I will use the term «trustee» to include a trustee of an inter vivos or testamentary trust, as well as an estate trustee.

Your will should establish a testamentary trust for the child for which you will establish the terms (for example, the will can consider things like living and education expenses and when the trust will end and the child can access the money directly) and name the trustee (s) in the will (and how they get replaced if they die or refuse to continue as a trustee).

Our professionals are experienced business lawyers who can help implement with commercial real estate, liens, or corporate structures that manage tax obligations, whether as a corporation, partnership, family trust, testamentary trust, or any other type of legal entity.

Our professionals are experienced real estate lawyers who can help with commercial real estate, liens, incorporations, trademarking or implementing corporate structures that manage tax obligations, whether as a corporation, partnership, family trust, testamentary trust, or any other type of legal entity.

However, a disadvantage is that the assets that an individual contributes to these trusts won't form part of her estate on her death — so testamentary trust planning can't occur with them.

Our professionals are experienced business lawyers who can help with employment contracts, commercial real estate, liens, incorporations, trademarking or implementing corporate structures that manage tax obligations, whether as a corporation, partnership, family trust, testamentary trust, or any other type of legal entity.

From time to time we are asked whether it is possible for the Beneficiaries of a Testamentary Trust or Family Trust to terminate the Testamentary Trust or Family Trust despite the Testator's or Settlor's original intentions.

The Probate Code contains a similar provision at § 2507 (2) that invalidates a will or testamentary trust in favor of an estranged spouse after a divorce action has been commenced (under certain circumstances).