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[00:00] OPENING MUSIC
[00:12] Welcome to a new episode of “Just a Minute” by Landmark Law. This episode is presented to you by Mabel on August 18 2023, to help educate our listeners on various legal scenarios.
[00:25] BELL CHIME
[00:27] Continuing from last week’s topic, we are focusing today on the risks of holding assets jointly to avoid estate administration taxes.
[00:35] If holding assets jointly for the purpose of avoiding estate administration taxes, please note that:
a) you lose some control of the asset when you hold it jointly rather than in your own name;
b) there is a risk of misappropriation of funds by the joint owner;
c) there could be a relationship breakdown between owners;
d) the spouse of a joint owner may argue entitlement to the joint account during divorce proceedings;
e) the trustee in a bankruptcy may argue entitlement to a bankrupt joint owners account during a bankruptcy proceedings;
f) there may be a loss of principal residence designation for income tax purposes; and
g) where a bank account is held jointly between a parent and adult child there is the presumption that the funds are held as a resulting trust for the parent's estate unless there is evidence of an intention to gift the funds to the adult child
[01:42] Landmark Law assists in Wills and Estates planning matters. Please feel free to book a 30-minutes consultation with us today at landmarklaw.ca/book
[01:48] CLOSING MUSIC