tag:blogger.com,1999:blog-436024129575354145.post3351158722637279354..comments2024-03-24T04:54:52.124-07:00Comments on Estate Law Canada: When parents get older, sometimes the vultures winLynne Butler, BA LLBhttp://www.blogger.com/profile/09790353197833765108noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-436024129575354145.post-52797160449271655332015-05-12T20:23:21.629-07:002015-05-12T20:23:21.629-07:00Yes. The problem is not who is going to get the pr...Yes. The problem is not who is going to get the property. The issue is having the legal authority to take the owner's name off their home. <br /><br />LynneLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-22933654047537543222015-05-08T11:33:24.463-07:002015-05-08T11:33:24.463-07:00Thanks for your answer. Even if I am the only bene...Thanks for your answer. Even if I am the only beneficiary of both of their wills and their child?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-66710719657262296942015-05-07T22:21:01.609-07:002015-05-07T22:21:01.609-07:00You will have to probate both of their wills. On t...You will have to probate both of their wills. On the estate of the parent who died first, put only the house on the inventory. On the second one, use a normal inventory that shows all assets of the estate.<br /><br />If one or both of your parents did not leave wills, you have to apply to the court to be appointed as administrators of their estates. <br /><br />I know this is a pain in the neck, Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-78154408401304035892015-05-07T22:17:08.646-07:002015-05-07T22:17:08.646-07:00Yes, it's my understanding that capital gains ...Yes, it's my understanding that capital gains tax would be applicable to your share and your brother's share of the increase in value of the house. However, always check tax questions with an accountant.<br /><br />You're certainly not the only ones who regret using joint ownership in ways it is not really cut out for. Unfortunately, there is advice out there for seniors that they canLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-43717345587950133852015-05-07T17:14:37.199-07:002015-05-07T17:14:37.199-07:00Hi Lynne:
I discovered your informative blog via a...Hi Lynne:<br />I discovered your informative blog via a google search re. joint tenancy laws. At your 2010 post re. joint tenancy, you say the comments thread there has reached its 200 comments maximum & suggest anyone with further questions should pose them on another thread, so I'll ask mine here:<br /><br />My Mom, who recently passed away this year, had been sole beneficial owner of Hermesacat Bobhttps://www.blogger.com/profile/16502528977899735459noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-43993169162365405592015-05-07T17:13:54.867-07:002015-05-07T17:13:54.867-07:00This comment has been removed by the author.Hermesacat Bobhttps://www.blogger.com/profile/16502528977899735459noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-21849553182140136282015-05-07T12:08:23.910-07:002015-05-07T12:08:23.910-07:00Can you tell me what I need to do since the house ...Can you tell me what I need to do since the house is in my parents' names and they are both deceased? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-14082216723351754092015-05-06T18:54:52.190-07:002015-05-06T18:54:52.190-07:00It is possible, of course, for parents to give pro...It is possible, of course, for parents to give property to their children while they are alive. However, when a parent is frail, or ill, or the first stages of incapacity have begun, it's a terrible idea. Unfortunately, that is exactly the time that the impatient children start turning their minds to getting the inheritance "early", as they've decided the parent doesn't needLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-45709227254840831852015-05-06T14:34:38.915-07:002015-05-06T14:34:38.915-07:00@ Peggy - Use a different term if you want, but a ...@ Peggy - Use a different term if you want, but a gift is not a gift if the giver did not explicitly make it so. Family who want help should help each other rather than robbing a parent before the Will is executed.<br />Sure the parent can gift anything, but an Attorney better not do it on presumption. New Saskatchewan legislation now limits POA gifting to $1,000 a year, unless otherwise SK Plannerhttps://www.blogger.com/profile/04079418328912851546noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-84271224052005178182015-05-03T13:20:58.029-07:002015-05-03T13:20:58.029-07:00another aspect of this, that may be behind some qu...another aspect of this, that may be behind some questioners is: a person can GIFT property while they're alive. i.e. can't a parent gift the family home to the children while still alive? and personal property? maybe they're using the wrong term in saying 'liquidate'? It can be a way to help family members when there is a need. How do you feel about gifting before death? peggynoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-59252896503771907542015-05-03T07:33:33.547-07:002015-05-03T07:33:33.547-07:00Amen to that.
Perhaps that should include sibling... Amen to that. <br />Perhaps that should include siblings that try to get away with claiming a parent (often in ill health) has given them X amount of money as a 'gift' but the beneficiary has no documentation to prove it and then try's to pass it off as a 'directive'.webeyehttps://www.blogger.com/profile/10591157930288427778noreply@blogger.com