Estate Planning Flashcards

You may prefer our related Brainscape-certified flashcards:
1
Q

Basic clauses in a will

A
  1. Identification of testator
  2. revocation of former wills
  3. appointment of excecutor
  4. payment of debts and expenses
  5. specific bequests
  6. general distribution instructions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Spousal trust

A

Can transfer assets at ACB by taking advantage of rollover provisions in the Income Tax Act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Taxes at death

A
  1. income tax due to the deemed disposition rules
  2. provincial probate taxes
  3. US estate tax on your US assets
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Final tax returns

A

In addition to final or terminal return:

  1. rights or things -eg dividends declared but not received, CPP and OAS payments received after death, salary, vacation pay owed by employer
  2. business or proprietor return
  3. testamentary trust - for income from the trust from the end of the trust fiscal period to the date of death
How well did you know this?
1
Not at all
2
3
4
5
Perfectly