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Passing of Accounts Estate Trustees are required to keep accurate and up-to-date accounts of the estate or trusts they are administering. Obtaining the court’s approval of these accounts is a process known as “passing of accounts”. The court’s approval is not always required, but in certain circumstances a passing of accounts is necessary. These instances
An RESP is an investment vehicle that allows parents to save for their children’s future education beyond high school. The plan is essentially a contract between two parties – the subscriber and the promoter. The subscriber contributes to the plan and the promoter makes payments to the named beneficiaries in the form of educational assistance
Inefficient estate planning can cause family feuds leading to costly and time consuming litigation. Various strategies may help to reduce the likelihood of an estate battle after you die. What is Fair? Disputes often result when parents try to be fair in transferring assets to their children. Equally splitting the family business 50/50 among one’s
In today’s society, many options exist for families making plans for deceased loved ones. These plans take many factors into account: budget, religious affiliations, environmental concerns, and all with an eye to reflecting the wishes of the deceased. Traditional Options Most people are familiar with traditional funeral services, although even these options can be customized
The role of the executor is complex and can include the following responsibilities for example: Valuing and disposing of real estate and business assets Settling accounts and ensuring creditor obligations are met Settling tax obligations and filings Managing property and personal assets Handling investments Locating and identifying beneficiaries Providing detailed financial accounting to the beneficiaries
An estate freeze refers to an estate planning method used to minimize taxes. When an estate freeze occurs, the value (and tax liability) of the estate assets are “frozen” at a specific point in time, and all future growth is typically taxed in the hands of other family members, usually your spouse and next of