My question is: Canadian-specific
QUESTION: I remarried 11 years ago. I have 2 children, my husband has 4. We both have
a child on disability(one (his)is severly handicapped, the other (mine)high
functioning but
needs support)Both live with care givers. My question is. When making a
will I want to
divide the assets 50/50. My 2 kids get 50%, his 50%. He doesn't agree. We
would set it up
so one sibling would take care of the ones on disabilities so that is
worked out. I don't think it
would be fair to divide it up 6 ways especially when I had an inheritance
and he had nothing
when we married. I'm curious for your
answer.
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david ingram replies:
First of all, if your
child is a high functioning Asperger's child, get him or her to see Dr Paul
Swingle in Vancouver. (604) 608-0444---------------------------------------------------------------------------
david ingram replies:
http://www.swingleandassociates.com/home.
He is a miracle worker when it comes to curing ADD and Asperger's . I am not kidding, he has an amazing success rate using neurobiofeedback.
I have two specific cases in my own family and would walk across burning coals and swim ice choked rivers to get my child or spouse, best friend or worst enemy to see Paul if they had a brain injury, trauma, or wiring disconnect.
Back to your question
After 11 years I think it is too late to do anything but split it equally among all the children .
However, a will is a secret thing.
You can make a very public will that splits everything as your husband wishes and then make another will the next day that takes your assets and splits them as you wish. Leave the copy with someone who you know will be there when you die and bring it forward when you do die.
The worst thing that can happen in your case is that you leave it to him and he leaves everything to you on the understanding that each of you will look after "all' the kids. He dies, you get everything, remarry and somehow or other leave his kids out of everything and leave it to your new husband or your kids only. 'Or.' it happens in reverse and 'your' children are left out.
You can solve the 'getting it in the kids name' problem by leaving all of your property to the kids and give your husband the right to use the house, etc, while he is alive but he does not actually inherit the house, etc. You need to sit down with a very good lawyer with experience in dealing with disabled children as beneficiaries, etc.
Although, not the same situation, my reply in the following will give you an idea of where I am coming from. The writer contacted me to say that it was a twenty year marriage and I think it was ludicrous that his two children got 80% and she got 20% of the family home after twenty years. I offer the life estate as a solution here as well.
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1] have you received my cheque for my 2006 taxes invoice?
2] my mom's husband [my stepfather] passed away earlier this year. He willed his xxxxxxxx townhouse (in which he & my mom lived, and in which she still does) to be split as follows:
40% to son [my stepbrother]
40% to daughter [my stepsister]
20% to my mom.
The three of them are on very good terms.
The thinking has been that sometime over the next few months the townhouse would be sold, the proceeds divided and my mom would move to a smaller place. My mom is now considering (subject to stepfather's kids agreeing):
i) having the townhouse appraised/valued; she figures it's about $300,000
ii) using her RRSP to buy the home, and pay each of them 40% of appraised value (i.e. $120,000 each in this example) and staying there.
Further background:
- she has never been a homeowner in whole or in part
- her RRSP is not worth much more than $250,000
- she's 68, in good health, has a part time job
- she realizes that her post-purchase income (job/pension) will also be a determining factor
So, my/her questions are:
a) is there still a program in which first-time home buyers can use their RRSP to purchase, with minimal or no tax consequence?
b) what is your opinion on what she's considering?
My humble thanks,
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david ingram replies;
I received and deposited the cheque. thank you.
I am surprized at the will. It is unusual for your stepfather to break it up that way unless it was a very very short marriage. If it was a long marriage, she can challenge the will and get the whole house or 80% herself or at the very least, the use of the house as a life estate. A life estate leaves the house to his children but she gets the use of the house until her death. in the case of a life estate, ther is no onus on her to pay anything to them in the meantime. If they wanted money, they could mortgage their respective shares but would have to make payments themselves.
Usually, he would at least leave her with a life estate for the use of the house until her death. I think she should challenge the will and the house should be hers to live in until her death or inability to look after herself in the house.
On the other hand, if they were only married for three years and that was what she understood would happen, she should just proceed.
There is a first time homeowner's RRSP loan for $20,000 but it does not apply in her case becasue to use it, neither she nor her husband could have owned a home in the last five years.
She can arrange to use her RRSP to put a first mortgage on the house to buy it from the kids if that is what she decides to do.
She needs to see a good family lawyer. AND, it does not matter what the relationship with the step kids is. It is to their advantage to leave the will as it is. If they have not themselves recognized the inequity, the relationship will not remain 'good'. I am putting this on the list to see if any of the others want to comment with suggestions.
-------------------
People do funny things with their wills. In one I have dealt with lately, Dad disowned his son (who admittedly he had little contact with for 10 years) and left all his estate to an old girl friend from when he was 16 or 17. He had two wives in between then and his death at 64. The old ex-girl friend did not even go to the funeral.
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David Ingram
wrote:
However, I regularly search for the words"PAYING CUSTOMER" and
always answer them first if they did not get spammed out. As an example, as I
write this on Oct 18, 2007 since June 16th (124 days), my 'spammed out' box has
34,939 unread messages, my deleted box has 11854 I have actually looked at and
deleted and I answerd 1078 email questions for clients and strangers. I
have also put aside 622 messages that I am maybe going to try and answer because
they look interesting. -e bankruptcy
expert US Canada Canadian American Mexican Income Tax
help
Therefore, if an email is not answered in 24 to 36 hours, it is lost in space. You can try and resend it but if important AND YOU TRULY WANT OR NEED AN ANSWER, you will have to phone to make an appointment. Gillian Bryan generally accepts appointment requests for me between 10:30 AM and 4:00 PM Monday to Friday VANCOUVER (Seattle, Portland, Los Angeles) time at (604) 980-0321. expert US Canada Canadian American Mexican Income Tax help.
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$1,700 would be for two people with income from two countries
Catch - up returns for the US where we use the Canadian return as a guide will be $150 to $500.00 depending upon numbers of bank accounts, RRSP's, existence of rental houses, etc.
Just a guideline not etched in stone.
David Ingram expert income tax and immigration help and preparation of US Canada Mexico non-resident and cross border returns with rental dividend wages self-employed and royalty foreign tax credits family estate trust trusts income tax convention treaty advice on bankruptcy
It is very unlikely that blind or unexpected email to me
will be answered. I receive anywhere from 100 to 700 unsolicited
emails a day and usually answer anywhere from 2 to 20 if they are not from
existing clients. Existing clients are advised to put their 'name and
PAYING CUSTOMER' in the subject and get answered first. I also refuse to
be a slave to email and do not look at it every day and have never ever looked
at it when I am out of town. e
bankruptcy expert US Canada Canadian American Mexican Income Tax
help
Therefore, if an email is not answered in 24 to 36 hours, it is lost in space. You can try and resend it but if important AND YOU TRULY WANT OR NEED AN ANSWER, you will have to phone to make an appointment. Gillian Bryan generally accepts appointment requests for me between 10:30 AM and 4:00 PM Monday to Friday VANCOUVER (Seattle, Portland, Los Angeles) time at (604) 980-0321. expert US Canada Canadian American Mexican Income Tax help.
david ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office) expert US Canada Canadian American Mexican Income Tax help.
Disclaimer: This question has been answered without detailed
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income tax & immigration help to non-resident Americans &
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Phone consultations are
$400 for 15 minutes to 50 minutes (professional hour). Please note that GST is
added if product remains in Canada or is to be returned to Canada or a phone
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This is not intended to be definitive
but in general I am quoting $900 to $2,900 for a dual country tax
return.
$900 would be one T4 slip one W2 slip one or
two interest slips and you lived in one country only (but were filing both
countries) - no self employment or rentals or capital gains - you did not move
into or out of the country in this year.
$1,100 would be the same with one rental
$1,300 would be the same with one business no
rental
$1,300 would be the minimum with a move in or
out of the country. These are complicated because of the back and forth foreign
tax credits. - The IRS says a foreign tax credit takes 1 hour and 53
minutes.
$1,600 would be the minimum with a rental or
two in the country you do not live in or a rental and a business and foreign tax
credits no move in or out
$1,700 would be for two people with income from two countries
$2,900 would be all of the above and you moved
in and out of the country.
This is just a guideline for US / Canadian
returns
We will still prepare Canadian only
(lives in Canada, no US connection period) with two or three slips and no
capital gains, etc. for $175.00 up.
With a Rental for $375
A Business for $375 - Rental and business
likely $500
And an American only (lives in the US with no
Canadian income or filing period) with about the same things in the same range
with a little bit more if there is a state return.
Moving in or out of the country or part year
earnings in the US will ALWAYS be $800 and up.
TDF 90-22.1 forms are $50 for the first and
$25.00 each after that when part of a tax return.
8891 forms are generally $50.00 to $100.00
each.
18 RRSPs would be $900.00 - (maybe amalgamate
a couple)
Capital gains *sales) are likely $50.00
for the first and $20.00 each after that.
Catch - up returns for the US where we use the Canadian return as a guide will be $150 to $500.00 depending upon numbers of bank accounts, RRSP's, existence of rental houses, etc.
Just a guideline not etched in stone.
This from "ask an income trusts tax and immigration
expert" from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram
deals on a daily basis with expatriate tax returns with multi
jurisdictional cross and trans border expatriate problems for the United
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