Become Principal Residence Savvy!
Real estate has long been a much sought after type of investment due to its income earning potential and its historical trend of increasing in value over time. In fact, many believe they will “cash in” by holding real estate in their asset portfolio and eventually selling it for significant profits. However, there are tax implications that threaten to erode any profit you may make in such an investment which should be assessed as early as possible. When you sell your home, a capital gain will result if the sale price is higher than the cost at which you acquired it, requiring you to pay...
Read MoreDoes Your Estate Have Moral Obligations?
One of the many benefits of preparing a will or estate plan is the opportunity to direct how your assets should be distributed on your death. However, as each individual’s circumstances are different, your freedom to have your instructions followed may be affected by obligations your estate will eventually owe to others. Provincial legislation enables dependants of a deceased person who feel they have been inadequately provided for to apply to the Court for support. The Court may, in turn, order that the estate of the deceased provide what the Court feels is proper support to one or...
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Andrea P. Kelly is a legal practitioner and notary public, called to the Ontario Bar in 2001, with practice focus in Estate Planning and Administration, including wills, estates, trusts and powers of attorney. She also practices Real Estate.
Prior to opening her law firm, she worked in various capacities including litigation support lawyer for the Ministry of Attorney General regarding complex commercial litigation, private practice in corporate/commercial law and numerous legal research and writing positions.