British Columbia residents wondering whether to create a trust fund to provide for their children may consider the decision made by the late well-known actor Philip Seymour Hoffman not to do so for his own. Hoffman died in February and left his money to his girlfriend instead of his three children. The reason for this, […]
British Columbia residents may be surprised to learn that, according to a 2012 survey, more than 50 percent of Canadians have not completed a will, in part because they either don’t think they can afford it or they don’t know where to start. They could be right about the price: After all, a basic will […]
According to a recent survey, the average Canadian who receives an inheritance gets just under $100,000. The average inheritance was $96,000 across the country; however, there were regional variations. In Atlantic Canada, the average inheritance was $32,000, while it was in excess of $120,000 in British Columbia. About two-thirds of individuals in Ontario and throughout […]
British Columbia residents who have drawn up an estate plan may be surprised to learn that they may have to revisit their plan periodically to make important updates. Due to changes in a person’s life and the law, these updates can potentially have a large effect on how their property is distributed. Even when a […]
Many British Columbia residents and others across the nation enjoy vacation time and wonderful memories spent at family cottages. Part of the responsibility of owning a getaway home includes knowing when it’s time to sell the property or turn over ownership to an heir. Tax considerations generally mean that a person should transfer the property […]
Many senior citizens in British Columbia may live frugally as they try to help their children cope with financial challenges and leave as much of their estate intact to pass on after they do. However, some financial planning experts believe that this may not always be a prudent path to take. Health care costs that […]
The laws regarding power of attorney changed in British Columbia on Sept. 1, 2011. While any power of attorney documents prior to this date are still valid in most cases, it is advisable to have a lawyer review the documents to ensure that they do not need to be updated. Any powers of attorney signed […]