New Tax Rules Change Will Drafting

Since the time of tax reform back in the 1970s, estate planning rules under the Income Tax Act have gone relatively untouched and in fact have probably even been liberalized. A primary ingredient for many estate plans and especially ones for high wealth individuals are trusts embedded in wills. Such trusts can solve financial and tax-planning objectives not available with other mechanisms. Recent amendments to the Income Tax Act should cause people to take a careful look at their wills...