A recent article in the Globe and Mail by famous author, Tim Cestnick, outlined 3 reasons wills can create problems. Tim explained why many wills are commonly challenged. Wills are legal documents that judges must validate – meaning that wills must comply with Ontario laws. In Ontario,…
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#12 What You Need to Know About Canadian Income Taxes on Death At the time of your death, you are considered to dispose of all your capital property (for example, real estate, stocks or jewelry) at fair market value of that time. This is what the government…
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#11 Income Taxes: Much Ado About Lots PART 2 I explain these key Canadian income tax concepts to help you plan your estate. Read part 1 of my post, #10 Income Taxes: Much Ado About Lots. Do you remember the DTT from my previous post? Here are…
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#10 Income Taxes: Much Ado About Lots PART 1 Q: Can I avoid paying my income taxes by dying? A: Afraid not. The government has a way of getting their money even if you don’t make a will. The government gives you a will that…
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Why Professional Wills Don’t Cost Anything Lawyer-prepared wills are investments that save money. Good wills cover a span of 5-10 years or more. Spread will your costs over this period for pennies a day of protection. That’s? Much less than your annual car insurance bill. Lawyers make…
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Q: If I don’t have a will, my family gets all my stuff anyway. Is that true? A: If you die without a will, the government gives you their will. Government wills are the same for everyone. Their rules decide who controls your stuff, who gets what…
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Read part 1 of this post. I describe common dangerous wills you should avoid. This post continues with 3 more examples of dangerous wills. Living wills are not wills at all. They may not have two witnesses like Ontario wills. They don’t deal with your assets or…
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What type of will do you need in Ontario? I’ll tell you about wills that are dangerous. Many people think any will will do. Since you don’t need a lawyer to make a will legal, why bother with lawyers? Some Ontario wills are dangerous and must be…
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#9 Can You Dodge Probate? Probate need not be perplexing. Probate comes from the Latin verb probare, to prove. As for what probate is, that’s one of the most difficult questions I must answer when a member of the media interviews me. There is no sound bite…
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#8 Do-It-Yourself Quiz Avoid the biggest financial mistakes you can make when preparing your will. Read my previous post, #7 Do-It-Yourself Dangers. Answer Yes or No to each question in the following quiz and read my comments below them. I believe this exercise will convince you that…
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