Articles & Resources
A Power of Attorney’s Power to Make Gifts
An enduring property power of attorney (POA) is the written legal authorization in which a person known as the “grantor” designates a person known as the “attorney” to make decisions about the grantor’s property and finances. Essentially, a POA allows the attorney to step into the shoes of the grantor for the purpose of making decisions […]
Risks associated with advancing an inheritance early
It is not uncommon for farming families to gift land or assets to the next generation with the intention that such gift is an advance on one’s inheritance. There are many benefits of “giving sooner”, including: While providing an advance on someone’s inheritance may seem like a good idea at the time, doing so comes […]
Estate Litigation: Who pays the legal bills?
An estate will normally bear the burden of all legal fees incurred by the executor for its administration, which includes not only fees for core services but also those paid to handle more complex matters, including when a dispute arises and litigation ensues. However, there are some exceptions to that general rule and, in addition, […]
Selling the Farm
It is never too late to incorporate your farm, even if done shortly before you stop farming. If you don’t have a successor to take over the farm, it is likely that an auction is part of your retirement plan. This means that there will be a year where you have a significant amount of […]
What happens to the family farm when the family breaks up?
When a farming couple separates, the breakdown of the spousal relationship can also have a significant impact on the family farm. Family farms are often businesses in which both spouses, and often children or other family members, play an integral part. The issues that arise upon a separation or divorce when a family farm exists, […]
Estate Planning & RESPs
Registered Education Savings Plans (“RESPs”) are a common tool for saving for your child’s post-secondary education. Under the RESP contract, the “subscriber” is the person or persons who have opened and contribute to the RESP. There may be a sole subscriber or joint subscribers. The “beneficiary” of a RESP is generally your child or your […]