Estate Planning Flashcards
1
Q
Basic clauses in a will
A
- Identification of testator
- revocation of former wills
- appointment of excecutor
- payment of debts and expenses
- specific bequests
- general distribution instructions
2
Q
Spousal trust
A
Can transfer assets at ACB by taking advantage of rollover provisions in the Income Tax Act
3
Q
Taxes at death
A
- income tax due to the deemed disposition rules
- provincial probate taxes
- US estate tax on your US assets
4
Q
Final tax returns
A
In addition to final or terminal return:
- rights or things -eg dividends declared but not received, CPP and OAS payments received after death, salary, vacation pay owed by employer
- business or proprietor return
- testamentary trust - for income from the trust from the end of the trust fiscal period to the date of death