Executors can be held personally liable
Only 2% of heirs plan on keeping assets with their parents’ advisors, according to Investor Economics. This means you’ll likely lose assets to other advisors. And lack of loyalty is just the tip of the iceberg.
Planning ahead for a client’s mental or physical incapacity isn’t always possible. Here’s how to protect yourself.
Cut your clients’ bill with this common strategy
Failure to plan means headaches for clients and advisors
The government’s quashed graduated rates for testamentary trusts after three years for all but disabled beneficiaries. But that exception may not be enough.
Budget 2014 has made it easier to get the maximum benefit from donations made by will.
Being an executor isn’t easy. That goes double for executors in charge of an estate with significant U.S. assets, or a fully U.S. domiciled estate. It’s complicated. And what executors don’t know about U.S. reporting regulations and tax laws can hurt them.
More than half of Canadians do not have wills, according to estimates. And of those that do, many may be outdated or improperly drafted.
When presented with a POA document, Harold Geller, a civil litigator with Ottawa-based Doucet McBride LLP, says advisors should focus on a few basics.