Tag: TOPICS

05 May

Judgment Creditors – What Assets Can They Claim?

Hull & Hull LLP Estate & Trust, Estate Planning, Executors and Trustees, Litigation, TOPICS, Trustees Tags: , , , , , 0 Comments

Ker Estate v. Stevenson, a recent decision from the Ontario Court of Appeal, considered whether an annuity left to a beneficiary under a will could be encroached upon by a judgment creditor. 

In this case, the deceased directed that half the residue of her estate be used to purchase a non-commutable life annuity for her daughter.  On the daughter’s death, what remained in the annuity was to be used to purchase a non-commutable annuity for the deceased’s grandson. 

After the deceased’s death, the daughter had been involved in litigation which resulted in a judgment against her.  Prior to the annuity being purchased, the judgment creditor sent a notice of garnishment to the executors requiring them to satisfy the judgment.

The executors sought the court’s direction as to, in part, whether the share of the deceased’s daughter could be encroached upon to satisfy the judgment. 

The motions judge found that the funds available for the daughter’s benefit vested in her on the deceased’s death and were available to satisfy the judgment. 

The grandson (who had an interest in the remainder of the annuity) appealed the decision on a number of grounds, a major one of which was that the court erred in finding that the annuity vested in the daughter on the deceased’s death. 

The Court of Appeal examined the nature of an annuity and, in its review of the jurisprudence, found that it could best be characterized as a legacy.  The fact that it was “non commutable” was not sufficient to persuade the court it should be characterized otherwise.  Moreover, the Court pointed to case law which suggested that the beneficiary of an annuity under a will had the right to call on the payment of the cash value of the annuity prior to its purchase. 

As a result, it affirmed the motions’ judge’s finding that the right to the annuity vested in the daughter at the deceased’s death and could be encroached upon by the judgment creditor. 

Have a great day!

Megan F. Connolly 

09 Dec

Managing Estate Issues – Hull on Estates #140

Hull & Hull LLP Estate & Trust, Hull on Estates, Hull on Estates, Joint Accounts, Mediators, Podcasts, PODCASTS / TRANSCRIBED, Show Notes, Show Notes, TOPICS Tags: , , , , , , , , , , , , 0 Comments

Listen to Managing Estate Issues

 

This week on Hull on Estates, Ian Hull and Suzana Popovic-Montag talk about how to manage an estate dispute as opposed to preventing it. They use an example of a joint account shared between ‘Mom’ and ‘daughter’ to examine the best way to approach posthumous problems and misunderstandings.

Feel free to send us an email at hull.lawyers@gmail.com or leave us a comment on the Hull on Estates blog.

 

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09 Dec

Guardianship in Canada – Hull on Estate and Succession Planning

Hull & Hull LLP Beneficiary Designations, Capacity, Estate & Trust, Ethical Issues, Guardianship, Hull on Estate and Succession Planning, Hull on Estate and Succession Planning, Podcasts, PODCASTS / TRANSCRIBED, Show Notes, TOPICS Tags: , , , , , , , , , , , , , , , , , , 0 Comments

 

Listen to Guardianship in Canada

This week on Hull on Estate and Succession Planning, Suzana Popovic-Montag speaks with Rodney Hull about how the law has changed in Canada as it pertains to the appointment of guardians. Rodney suggests that today’s laws (post-1994) are clearer than they were in the past.

If you have any comments, send us an email at hullandhull@gmail.com or leave a comment on our blog.

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03 Dec

The Benefits of the Family Meeting – Hull on Estate and Succession Planning #141

Hull & Hull LLP Beneficiary Designations, Estate & Trust, Hull on Estate and Succession Planning, Hull on Estate and Succession Planning, Podcasts, PODCASTS / TRANSCRIBED, Show Notes, TOPICS Tags: , , , , , , , , , , , , 0 Comments

 

Listen to The Benefits of the Family Meeting

This week on Hull on Estate and Succession Planning, Suzana Popovic-Montag speaks with Rodney Hull about the benefits of holding a family meeting to discuss estate matters while the testator is still alive. They both extend their condolences to the family of Ted Rogers, who passed away today.

If you have any comments, send us an email at hullandhull@gmail.com or leave a comment on our blog.

02 Dec

Rose v. Rose – Hull on Estates #139

Hull & Hull LLP Beneficiary Designations, Estate & Trust, Hull on Estates, Hull on Estates, Podcasts, PODCASTS / TRANSCRIBED, Show Notes, Show Notes, TOPICS Tags: , , , , , , , , , , 0 Comments

Listen to Rose v. Rose

This week on Hull on Estates, Rodney Hull and Jonathan Morse discuss the case of Rose v. Rose [which can be found at 24ETR(3D)217 or 81OR(3D)349]. The case is valuable and instructive as it  raises questions about rectification, rescission and removal of the trustees.

Feel free to send us an email at hull.lawyers@gmail.com or leave us a comment on the Hull on Estates blog.

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25 Nov

Direct and Indirect Approaches to Estate Planning – Part 1

Hull & Hull LLP Beneficiary Designations, Capacity, Estate & Trust, Estate Planning, Executors and Trustees, Hull on Estate and Succession Planning, Hull on Estate and Succession Planning, Litigation, Podcasts, PODCASTS / TRANSCRIBED, Show Notes, TOPICS Tags: , , , , , , , , , , , , , , , , , , , 0 Comments

 

Listen to Direct and Indirect Approaches to Estate Planning – Part 1

This week on Hull on Estate and Succession Planning, Ian and Suzana start a discussion on their global philosophy toward the estate planning process. There are direct and indirect approaches to capacity and estate planning and in this episode, Ian and Suzana explore these approaches as they pertain to the choice of attorney.

If you have any comments, send us an email at hullandhull@gmail.com or leave a comment on our blog.

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10 Nov

The House Owner, Her Contractor, The Stasher and His 21 Descendants

Hull & Hull LLP Estate & Trust, Litigation, TOPICS Tags: , , , , , , , 0 Comments

Eighty years ago, at the height of the Great Depression, a wealthy Ohio businessman hid $182,000 in minted $50 bills in a wall in his house.  There it hung peacefully by a wire in a green metal lockbox, disturbed only by inflation.  A contractor discovered the money while tearing down the wall, and he honestly and very admirably informed the home owner. 

Unfortunately, things spiralled out of control.  First, the home owner and the contractor were unable to agree on a division of the money.  She offered the contractor 10%, he asked for 40%.  Then the story made it into Cleveland’s local news, and the estate of Patrick Dunne, the guy who hid the money, got involved (Patrick Dunne had 21 descendants).  The dispute went to litigation. 

For various reasons, the home owner dropped her claim.  However, the county court probate magistrate ruled that $157,000 was clearly marked as Patrick Dunne’s property and therefore was the property of his estate.  Of the remaining $25,000, the judge recommened the estate receive 83.3% and the contractor receive 13.7% – approximately $3,400

CBS News produced an interesting podcast of the legal issues, posted here.  More food for thought: $182,000 in 1930 is the equivalent of $2,384,341.68 according to the Bureau of labor Statistics inflation calculator.  Of course, some of the rare bills are worth up to $500,000 to collectors…

There are a lot of lessons here.

Have a great week,

Chris Graham

04 Nov

Dealing with Estate Issues That Arise Immediately Upon Death – Hull on Estates #135

Hull & Hull LLP Estate & Trust, Executors and Trustees, Guardianship, Hull on Estates, Hull on Estates, Pets, Podcasts, PODCASTS / TRANSCRIBED, Show Notes, Show Notes, TOPICS, Wills Tags: , , , , , , , , , , , , , , , , , 0 Comments

Listen to  Dealing with Estate Issues That Arise Immediately Upon Death

This week on Hull on Estates, David Smith and Natalia Angelini talk about the duties an estate trustee he or she is charged with from the moment of a testator’s passing. Duties include locating the will, making funeral arrangements and being responsible to see the intentions of the testator preserved.

Feel free to send us an email at hull.lawyers@gmail.com or leave us a comment on the Hull on Estates blog.

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28 Oct

The Law as it Affects Older Adults – Hull on Estates #134

Hull & Hull LLP Elder Law, Hull on Estates, Hull on Estates, Podcasts, PODCASTS / TRANSCRIBED, Show Notes, Show Notes, TOPICS Tags: , , , , , , , , , , , , 0 Comments

Listen to The Law as it Affects Older Adults

This week on Hull on Estates, Ian Hull and Suzana Popovic-Montag discuss a recent consultation paper from the Law Commission of Ontario(LCO) titled: The Law as it Affects Older Adults. The LCO has initiated a project to develop a legal framework for the law as it affects older persons and will be essential in addressing the needs and experiences of this group.

Feel free to send us an email at hull.lawyers@gmail.com or leave us a comment on the Hull on Estates blog.

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21 Oct

The Interrelationship Between a Guardian of Property and a Trustee Under a Testamentary Trust – Hull on Estates Podcast # 133

Hull & Hull LLP Beneficiary Designations, Capacity, Estate & Trust, Guardianship, Hull on Estates, Hull on Estates, Podcasts, PODCASTS / TRANSCRIBED, Show Notes, Show Notes, TOPICS Tags: , , , , , , , , , , , , , , , , 0 Comments

 

Listen to:

The Interrelationship Between a Guardian of Property and a Trustee Under a Testamentary Trust

This week on Hull on Estates, Rick Bickhram and David M. Smith discuss the complications that can arise when an incapable person is both the subject of a guardianship order and the beneficiary of a testamentary trust.

Comments? Send us an email at hull.lawyers@gmail.com, call us on the comment line at 206-350-6636, or leave us a comment on the Hull on Estates blog.

 

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