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TRUSTS
Trusts can be a valuable tool for anyone looking to protect their assets and provide for their loved ones. However, with so many different types of trusts available, it can be difficult to know where to start. Contact us if you're interested in learning more about trusts and how they can benefit you.
Purpose of a Trust
Trusts are an important aspect of estate planning. They allow you to transfer assets to a trustee who will manage and distribute them as you wish. Trusts can serve a variety of purposes, including protecting assets for minors, avoiding probate and protecting assets from creditors or lawsuits. Our team is experienced in creating trusts that meet your individual needs and goals.
Types of Trusts
Alter Ego Trust
Charitable Trust
Child Trust
Disability Trust
Discretionary Trust
Income Trust
Joint Partner Trust
Life Interest Trust
Qualified Disability Trust (QDT)
Spousal Trust
Testamentary v inter vivos
We offer both testamentary and inter vivos trusts to our clients. Testamentary trusts are established in your will and only come into effect after you pass. Inter vivos trusts, on the other hand, are created while you are alive. The type of trust you choose will depend heavily on your goals and needs, which we will carefully consider with you during our consultation. Contact us today to learn more.
Alter Ego Trust
inter vivos
An Alter Ego Trust can be a valuable tool for Canadians aged 65 and older. By placing assets in the trust, they will not be included in your estate upon passing, which means probate tax won't apply. Additionally, an Alter Ego Trust offers several incapacity planning benefits. Contact us to learn more about how an Alter Ego Trust can benefit you.
Joint Partner Trust
inter vivos
A Joint Partner Trust is similar to an alter ego trust except that both the owner of the trust and their spouse, together, must be entitled to receive all of the income of the trust. This type of trust provides a peace mind that you and your partner will receive income from the trust as long as one of you is alive. Assets of a joint partner trust will not be taxed at the time that the transfer is made into the trust, but rather on the disposition on the passing of the second spouse.
Spousal Trust
Testamentary
A Spousal Trust is created within the Will for the benefit of the surviving spouse. This is an excellent tool if you wish for your estate to be held for the benefit of your spouse and then passed to your children upon your spouse's passing.
Charitable Trust
inter vivos
A charitable trust provides a gift to a charity of your choice on your passing. It may be cash, securities or property. A charitable trust results in an immediate tax receipt based on the fair market value of the gift. This is an irrevocable gift, meaning you cannot change the trust once created.
Disability Trust
Discretionary Trust
A discretionary disability trust, also known as a Henson trust, may be created to financially support a disabled person without affecting their government benefits. . AISH policy notes that the value of any assets (e.g. cash, investments, property, etc.) that are held in a trust in which an applicant, client or cohabiting partner is named as a beneficiary, is not included in a determination of assets.
Alter Ego Trust
The Alter Ego Trust is a powerful financial tool for Canadians aged 65 and older. Assets in an alter ego trust will not enter your estate on passing, as such, probate tax will not apply. Alter ego trust also offers a variety of incapacity planning benefits.
Spousal Trust
A Spousal Trust is created within the Will for the benefit of the surviving spouse. This is an excellent tool if you wish for your estate to be held for the benefit of your spouse and then passed to your children upon your spouse's passing.
Henson Trust
A discretionary disability trust, also known as a Henson trust, may be created to financially support a disabled person without affecting their government benefits. . AISH policy notes that the value of any assets (e.g. cash, investments, property, etc.) that are held in a trust in which an applicant, client or cohabiting partner is named as a beneficiary, is not included in a determination of assets.
Joint Partner Trust
A Joint Partner Trust is similar to an alter ego trust except that both the owner of the trust and their spouse, together, must be entitled to receive all of the income of the trust. This type of trust provides a peace mind that you and your partner will receive income from the trust as long as one of you is alive. Assets of a joint partner trust will not be taxed at the time that the transfer is made into the trust, but rather on the disposition on the passing of the second spouse.
Charitable Trust
A charitable trust provides a gift to a charity of your choice on your passing. It may be cash, securities or property. A charitable trust results in an immediate tax receipt based on the fair market value of the gift. This is an irrevocable gift, meaning you cannot change the trust once created.