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Pointers, Pitfalls & Other Observations

Pointers, Pitfalls & Other Observations. Debra Stephens Jan Goddard & Associates LLP February 2, 2012. Guardianship for Minors (1). Personal vs. Property – assumptions CLRA s.51 - $10,000 limit Alternatives:-

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Pointers, Pitfalls & Other Observations

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  1. Pointers, Pitfalls & Other Observations Debra Stephens Jan Goddard & Associates LLP February 2, 2012

  2. Guardianship for Minors (1) • Personal vs. Property – assumptions • CLRA s.51 - $10,000 limit • Alternatives:- a) trust documentb) Accountant, Superior Court of Justicec) Court appointed Guardian of Property (CLRA s.48)

  3. Guardianship for Minors (2) • Application • Affidavit • Draft Plan of Care and Management • OCL review (CLRA s.47) and advice to client • Custody; suitability of guardian; financial acumen; investment strategy; risk tolerance; horizon; potential for conflict; child’s views; bond; compensation; accounting obligations; liability.

  4. Guardianship for Minors (3) • Judgment – terms; Care and Management Plan • Termination of Guardianship – age, mental capacity

  5. Accessing Minors’ Funds Through OCL • Accountant (PGT) • Fiat Process: • communication • procedure • timing • cheques • Alternative

  6. Minors’ Interest in Real Property • Vested or Unvested? • Vested – Children’s Law Reform Act – Court approval • Unvested – Estates Administration Act – OCL approval • Requirements for Approval

  7. RESP’s • Estate Investment Strategy – contributions/grants • Issues: • ownership – freedom to collapse or change beneficiary designation • death of subscriber • claims of creditors/bankruptcy/FLA claims • “what ifs”?

  8. Management and Investment Issues • Risk Tolerance and Diversification • Horizons • Co-mingling of trust monies • Purpose of Funds – SABs vs. Tort settlement • Accounting

  9. Children and Limitation Periods • Limitations Act • Succession Law Reform Act • Litigation Guardian for minor • appointment • specific actions

  10. “Directionless” Trusts • “Beware”: • bank accounts • insurance designations • Solutions

  11. Child Support and Insurance Designations • Deficient separation agreements • Communication between lawyers and financial advisors • Insurance trusts or designations • trustees/powers/purpose/termination

  12. Grab-Bag of “Minor” Issues • “to my children per stirpes” • “Saunders and Vautier” • “forgetting the residue” • “the other or love child”

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