Estate planning with George Clooney

Estates, Trusts and Living Wills are perhaps not typical subject matters for Hollywood movies. In his new movie, The Descendants, George Clooney’s character Matt King struggles with a conflict over a beautiful piece of undeveloped land in Hawaii that his family has owned for generations.

As the Trustee of the land, King is torn between carrying out what he believes his ancestors wanted – keeping the land for intact for future generations – and the demands of the Trust’s beneficiaries, his cousins, who want the cash and urge him to sell out to land developers.

The situation depicted in the film is certainly realistic – being a Trustee is never an easy task, and careful advice should be obtained when preparing any estate plan to minimize the risk of future family conflict.

As one review says: “The Descendants thoughtfully, honestly, and tenderly asks its audience, “What do we inherit, and how do we pass it on?” It’s both a beautiful question and a wonderful movie to consider.”

Leaving a legacy doesn’t just have to be a metaphor

I was interested to see new changes in the UK inheritance tax rules designed to encourage charitable giving.  As a result the leaders of the three main UK political parties each recently promised to donate 10% of their estates to charity.

According to Statistics Canada, Canadians donated a total of $10 billion to Charity in 2007.  Gifting through Wills in Canada, however, is still relatively small – currently only 7% of Canadians support charities in their will. Fortunately we do not have inheritance tax any more here in Canada – but I was pleased to see that a committee of the federal government is scheduled to review tax incentives for charitable giving.

Don’t be offended if I leave you in the waiting room

When I meet with a client to take their Power of Attorney or Estate Planning instructions, it is important that I meet with them alone without anyone else present. This typically means that if a friend or family member has driven a client to my office, that friend or family member will have to wait in our waiting room during the meeting. Fortunately we have [...] Read more »

Keeping your Will up to date

A recent survey suggests that most Canadian Boomers (aged 45+ with investable assets, including real estate, of over $500,000) have their act together when it comes to estate planning, with 85% having a Will in place. The survey states that the main motivations for making a Will were: A significant change in wealth (25 per cent) A change in a beneficiary’s marital status (21 per [...] Read more »