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Pointers, Pitfalls & Other Observations

Explore key pointers and pitfalls of guardianship for minors, including financial acumen, investment strategies, access to funds, and legal considerations. Learn about managing minors' assets, Real Estate Strategy Plans (RESPs), and potential issues to address in estate planning.

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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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