Lending or gifting money and the implications on your estate

Lending or gifting money - What are the implications on your estate plan   Sometimes our children or close family members run into a financial bind and need to borrow money. In many cases both the lender and the borrower assume that this money will be paid back quickly. But what happens if the person who is the lender, who is often an elderly parent, dies before the loan is repaid? In my experience this is Read More

What to look for when you are reviewing your own Will

Whenever we do presentations on Estate Planning in and around Edmonton, we always here the same question..."how often should someone update their Will?" There is no real answer to that question because everyone's situation is different.  What we recommend is that that you  review your Will whenever there is a change in your life, such as the birth of a child, a large inheritance, or a diagnosis of a critical Read More

RESP and Your Will

RESP’s have become a cornerstone in most peoples plan for saving for their children or grandchildren’s education. More and more estates are having disagreements arise over larger sums in RESP’s because many subscribers ( also known as the person who created and contributes) to RESP’s are not taking the time to appoint a person to take over this role if they should pass away. This means that when the initial Read More

Should I Appoint More Than One of My Children To Be My Executor?

Your Executor/Executrix* is the person that carries out the provisions of your Will and settles your estate. It’s not an easy job, and it requires a significant investment of time, emotions and resources. You may think that sharing this responsibility among your children will make things easier for them, but that is not the case. An Executor has to make firm decisions, sign off on documents and provide input into Read More

Can I show my personality in my Will?

Over the course of the last decade I have helped my clients write a wide variety of Wills. Some of them are touching and include letters to family members letting them know how much they loved them. Other Wills have included spiteful wishes.  One Will had a husband leave money to the person who had mowed his wife’s grass while he was out of town.   Another gentleman who loved scotch gave elaborate wishes for the type Read More

What happens if you parents owe money when they die

We recently had a client call our office asking a question we hear all the time... "What happens if my father dies owing more money than he has in assets? Will I be personal responsible for paying his debts if I am his Executor?" You will not be personally liable for your father’s debts when he dies. You may however, be taking on a difficult estate where you will be required to negotiate with creditors and Read More

Capital Gains and Your Estate

We have clients call our office all the time asking "I hear everyone talking about Capital Gains. What is it and what happens when I die?" A capital gain is the increase in value of your capital property. Capital property is an investment or other asset that produces income, or an asset that if sold would produce a profit for you. The federal government currently taxes Capital Gains by you declaring 50% of the Read More

“I’ll Do It When I Get Older”

Typically, most people do not think about estate planning until they get older and are about to retire.  However, you need to think about estate planning much earlier, especially if you experience a major change in your life such as getting married, having a child, or getting a divorce Many people say they don’t have to do any estate planning because they don’t have any money. I can tell you that Read More