The concept of one or more children holding real property as joint tenants with aging parents to avoid probate fees is well known. This type of ownership can also be extended to joint bank accounts and investments such as your stocks.
When property is owned jointly by spouses, it can make for good planning provided the union does not fracture and the intention is to leave everything to the survivor on death.
However, there can be disadvantages or conflicts where a parent holds assets jointly with his or her children for convenience or to reduce probate costs.
While joint ownership is often a wise course of action, there possibly can be a loss of control or authority over jointly registered assets that could lead to family conflicts.
An ounce of prevention is certainly worth a pound of cure. When real properties are put in joint names or assets put in joint accounts, the transferor should be urged to prepare a simple written statement of his or her intention in making the transfer. Be sure to make it clear whether it is merely a matter of convenience or whether a gift is intended. Evidence of intention can also be revealed by a statement in one’s Will.
Your Will can state that the estate trustees need not investigate the nature of any jointly held assets and declare that it is the intention of the testator to have made a gift of his or her interest in any joint property to the surviving joint owner.
At a time when many structure their affairs to reduce probate fees by registering assets jointly with their children or others, many plans may be frustrated if jointly held assets are subject to a resulting trust in favour of the deceased estate. This could result in probate fees being levied on the assets. Since this is often the result of a disgruntled beneficiary under the deceased’s Will (such as another child who was not a joint owner) challenging the transaction, evidence of intention, such as a statement in one’s Will, allow such simple estate planning to be more effective.
The concept of one or more children holding real property as joint tenants with aging parents to avoid probate fees is well known. This type of ownership can also be extended to joint bank accounts and investments such as your stocks.
When property is owned jointly by spouses, it can make for good planning provided the union does not fracture and the intention is to leave everything to the survivor on death.
However, there can be disadvantages or conflicts where a parent holds assets jointly with his or her children for convenience or to reduce probate costs.
While joint ownership is often a wise course of action, there possibly can be a loss of control or authority over jointly registered assets that could lead to family conflicts.
An ounce of prevention is certainly worth a pound of cure. When real properties are put in joint names or assets put in joint accounts, the transferor should be urged to prepare a simple written statement of his or her intention in making the transfer. Be sure to make it clear whether it is merely a matter of convenience or whether a gift is intended. Evidence of intention can also be revealed by a statement in one’s Will.
Your Will can state that the estate trustees need not investigate the nature of any jointly held assets and declare that it is the intention of the testator to have made a gift of his or her interest in any joint property to the surviving joint owner.
At a time when many structure their affairs to reduce probate fees by registering assets jointly with their children or others, many plans may be frustrated if jointly held assets are subject to a resulting trust in favour of the deceased estate. This could result in probate fees being levied on the assets. Since this is often the result of a disgruntled beneficiary under the deceased’s Will (such as another child who was not a joint owner) challenging the transaction, evidence of intention, such as a statement in one’s Will, allow such simple estate planning to be more effective.
DioGuardi offers solutions for tax problems such as:
Unreported income
Unfiled tax returns
Payment arrangements
Unpayable tax debt
Tax dispute litigation
Criminal tax defense
Wills, Estates & Trusts
DioGuardi Law offers these will, estate and trust services for individuals and business-owners:
Wills
Preparation of trust agreements
Powers of attorney
Estate administration
Probate
Representation in estate driven litigation
Real Estate
DioGuardi Law can assist you with all your real estate needs including:
Newly constructed/Resale
Purchases and Sales
Title transfers
Leases
Private mortgages
Refinancing
Condominiums
Vacant land
Tax Debt Relief
When your tax balance is too large to be affordable, DioGuardi Law can protect your home, your cash flow and your financial assets from the Taxman. It is essential that we begin planning a strategy before the CRA registers a lien against your properties or seizes financial accounts, and before you engage with an insolvency trustee.
Business & Tax Planning
DioGuardi Law has the experience to provide:
Resident and non-resident corporate restructuring
Optimum use of holding corporations
Continuity and succession planning
Tax-free transfers
Losses and ABIL planning
Making interest tax deductible
Small business planning
Corporate & Commercial Law
DioGuardi Law have represented business clients for the last 50 plus years and have supported their legal requirements on an on-going basis by offering the following services:
Incorporations and corporate governance
Corporate reorganizations and transactions for the directors and shareholders
Negotiation and drafting of agreements, professional corporations, minute book maintenance
Brigitte DioGuardi
B.A., LL.B
Brigitte obtained her Law Degree from the University of Sheffield in the United Kingdom. Upon her return, she qualified for the Bar and was called to the Law Society of Ontario (formerly the Law Society of Upper Canada) in 2002. She was also a member of the Bar of British Columbia and headed up the Vancouver office of DioGuardi Tax Law. Fluently bilingual in English and French, Brigitte has broad experience in the areas of:
Joyce Bruno has worked as executive legal assistant to Paul Dioguardi for 35 years and continues to offer her expertise and experience to the Dioguardi Law firm. Joyce’s role has evolved over the years and has acquired and developed many skills. She is an invaluable asset in case management and ensures the smooth running of our office.
Paul DioGuardi
B.A., LL.B, KING’S COUNSEL, SENIOR COUNSEL
Paul obtained his Law Degree from Queen’s University in 1964. He is a member of the Bars of Ontario, British Columbia and the Turks and Caicos Islands, a British tax free territory in the West Indies. He has over 50 years of experience and was trained at the Ottawa head offices of Revenue Canada and the Tax Litigation Section at the Department of Justice. Paul has had and continues with an extensive career in various areas of law such as:
