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June 2014 Archives

Jim Flaherty's will submitted for probate

Ontario residents may be interested to know that Jim Flaherty's wife, an Ontario MPP, submitted the will of the recently deceased former Minister of Finance for Canada's federal government to probate. The man, who died in April after suffering a heart attack at the age of 64, signed his will in 1996, presumably as one element of his estate planning strategy.

Juggling health care costs and inheritance

When parents in Ontario and across Canada are in the middle of planning their estate, they need to balance their need for financial security with the desire to take care of their heirs. One expert in the field observed that the burden of taking care of others can overwhelm seniors who might not be able to care for themselves properly.

Court decision impacts beneficiaries

Some Ontario residents may think that they can draw up a will and bequeath their assets to anyone they choose. However, a recent court ruling in another province has some estate lawyers raising their eyebrows as people scramble to figure out the implications of the court's decision.

Considerations on transferring cottage ownership

When it comes to deciding on the future of a family cottage for residents of Ontario, the owner will need to address several questions. While the decision on who should inherit the cottage could be challenging, six tips can help the owner with their estate planning as they try to determine who would be a good candidate to take over the cottage.

Estate planning tips

Estate planning is not the most popular subject to consider, and people in Ontario sometimes might put it off as long as possible. However, timely estate planning offers several advantages, such as reducing overall taxes in addition to taxes upon the person's death. Setting affairs in order as soon as possible can also ease the transition of business interests and is conducive to ensuring that estate planning goals are achieved.