Uses of Trusts in Estate Planning - Stewart McKelvey

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Insurance Trusts • A form of testamentary trust funded with the proceeds of an insurance policy payable on death of the testator • Executor and trustee of the will is designated as beneficiary in the will “in trust” • Terms of trust can either mirror the terms of testamentary trusts for spouse, children or other beneficiaries in the will or can have different terms (to further enhance income splitting opportunities)
Insurance Trusts (Cont’d) • If the trust is funded only from the proceeds of a life insurance policy, the terms of the trust have been established by an individual during his or her lifetime and the trust is separate from that individual’s estate, CRA will consider that trust as a testamentary trust • The document creating the trust must be a “testamentary instrument” under provincial law • Placing the designation directly in the will is therefore preferable
Page 1 and 2: Uses of Trusts in Estate Planning C
Page 3 and 4: What is a Trust? • A legal relati
Page 5 and 6: What is a Trust? (Cont’d) • Per
Page 7 and 8: Taxation of Trusts • Detailed and
Page 9 and 10: Taxation of Trusts (Cont’d) • I
Page 11 and 12: Inter Vivos Trusts • Any trust cr
Page 13 and 14: Family Trusts • Not a defined ter
Page 15 and 16: Family Trusts (Cont’d) • Truste
Page 17 and 18: Alter Ego and Joint Partner Trusts
Page 19 and 20: Alter Ego and Joint Partner Trusts
Page 21 and 22: Spousal Trusts (Cont’d) • Alter
Page 23 and 24: Testamentary Trusts • Established
Page 25 and 26: Testamentary Trusts (Cont’d) •
Page 27: Testamentary Trusts (Cont’d) - To
Page 31 and 32: Insurance Trusts (Cont’d) • Pol
Page 33 and 34: RRSP Trusts • Similar principles
Page 35 and 36: RRSP Trusts (Cont’d) • As a res
Page 37 and 38: Seeding Trusts • Another form of
Page 39 and 40: Conclusion • A properly structure
Page 41: Contact Information Richard Niederm

Uses of Trusts in Estate Planning - Stewart McKelvey

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