Sunday, July 18, 2010
Seniors should focus on estate planning
There was an excellent article recently in the Toronto Sun about preventing elder financial abuse that both seniors and their children absolutely must read. It's horrifying to find out how frequently and how deeply children are hurting their own parents financially, but maybe by being aware of financial abuse, seniors can prevent it. To read the article, click here.
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I am the executor for both my parents. My mother passed away in 2010, probate was granted, and I received the clearance certificate a month after I requested it. Her estate is sizeable and it was left for my father's benefit and well-being at my discretion. After his death the estate is to be dispersed to myself and my siblings equally. I did not need to use the estate for my father as he was in a nursing home and his income covered all his expenses. My father passed away dec. 2011 and he has only enough funds in his bank account to cover funeral expenses. There is about $1000 left plus the death benefit from CPP. The issue is that my father had a unpaid debt with CRA from back in the 1970's. Because of this debt, everything was in my mother's name and her will was done the way it was to protect her estate, which was accumulated because she inherited money from her parents when they passed away. My question is - can CRA come after my mother's estate for my father's debt? My father had not heard from CRA about the debt since 1988 when he paid an agreed amount at the time. He has not heard a thing from them at all about the debt. Is the CRA entitled to the death benefit amount, I will be including that amount in my own tax return as income. Thank you, what a mess and it weights on my mind.
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