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Category Archives: Wills and Estates

How to Decide who to Appoint as the Executor in your Will?

When you pass away, the person or people you name as the executor in your will, will, among other things, be responsible for making funeral arrangements, collecting all of the assets of your estate, paying all of your debts, and then finally dividing what remains of your estate among the beneficiaries named in your will.…
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What You Need to Know When Appointing a Legal Guardian in Your Will

Under the former Family Relations Act, only the last surviving parent with guardianship or custodial rights could appoint a guardian for his or her children. The new Family Law Act allows any guardian of the child, whether or not the guardian is a parent of the child, to appoint a person to be the child’s guardian…
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Trust Basics: Discretionary Trusts vs. Non-Discretionary Trusts

Trust Basics: Discretionary Trusts vs. Non-Discretionary Trusts There are two basic types of trusts: discretionary and non-discretionary. Depending on your individual circumstances, understanding the key differences between the two types of trusts can be significant. Discretionary Trust Beneficiaries of discretionary trusts generally have no control over any of the assets within the discretionary trust and/or…
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Tax Implications of Transferring Capital Property into a Trust

If I transfer capital property into a trust will it be subject to capital gains tax and/or recaptured depreciation? That depends. Generally speaking, when you transfer capital property into a trust you are deemed to have disposed of it at fair market value. This triggers the payment of any unrealized capital gains and/or recaptured depreciation.…
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