Uses of Trusts in Estate Planning - Stewart McKelvey

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Insurance Trusts (Cont’d) • If the beneficiary is the executor and trustee (not “estate”), then the policy proceeds will also pass outside of probate • But consider cases of Carlisle Estate (Re), (2007) SKQB 435 and Sun Life v. Taylor, 2008 Carswellsask 678 • Reading both together means clear drafting needed to: – clearly designate beneficiaries of the insurance trust – clearly designate trustees (Q – different than executors?) – consider different beneficiaries or different trust terms from residual trusts in the will
Insurance Trusts (Cont’d) • Policy also retains its creditor exempt status under the PEI Insurance Act provided the beneficiaries of the trust are the prescribed class of family members (spouse, child, grandchild or parent)
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 and 28: Testamentary Trusts (Cont’d) - To
Page 29: Insurance Trusts (Cont’d) • If
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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