I’ve been talking a lot about sellers recently, because that’s where I’ve seen the most issues over the past several months. Last week I wrote about the problems that can come up when you forget about a rental item. Today, it’s mixing up what a survey is. A formal...
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cesia@wall-arm.ca
5 questions
Here are five basic questions that you should ask when preparing an estate plan: Would it benefit me and my family to gift during my life? Do I need to seek specialized advice? Do I have a plan in place for if I become disabled or incapacitated? Does my will include...
Selling a rental furnace
I had several clients over this past summer who had issues with selling parts of their houses. Specifically, the offer didn’t mention something that the buyer had every right to assume was owned and would be transferred (whether a hot water heater, water softener or...
Who will manage your digital estate?
A recent poll found that 70% of Americans with wills had made no provision in their wills for dealing with their digital assets, such as online gaming or financial accounts, or social media accounts. Most adults today have some sort of online presence. I personally...
Coming up short on a sale
It’s my least favourite call: telling a seller that they don’t have quite enough money to close, and that they will need to bring some in in order to satisfy what must be paid out. Sometimes, this is because there is a much higher mortgage penalty than the client...
Joint tenancy does not avoid capital gains tax
In fact, it could make things worse. I have a lot of clients who ask about adding a child on to their house or a vacation property in order to avoid probate taxes. Usually, this is a bad idea. For one specific reason, it is often a very expensive idea. Even if the...
Selling your house twice
In Barrie, most home offers are conditional on something – financing, insurance and home inspection are very common, but it’s not unusual to also see a condition of sale of the purchaser’s home, or septic or well inspections for rural properties. If you accept an...
Tips for executors
I talk a lot about planning, and getting your documents in order. Today, I’m going to talk about what executors need to do to best protect themselves when administering an estate. Don’t give out the estate money too early. You will have taxes, and there may be debts....
Life leases
In Barrie, there are several buildings that are a bit like condos, but not quite. They are designed for seniors who are independent but want to live in a community of people their own age. Life leases are popping up all over Ontario. They are built like apartments, so...
Update your documents when you update your life
In 1968, David and Sharon Johnston bought a house in Vancouver for $37,000.00. They purchased it as tenants in common, which meant that they each owned a 50% share that would fall to their estates on their deaths. A few years later, they separated and David moved out;...