Estate Planning

Ontario has a wonderful regime to support residents who are disabled. This includes income support as well as many other benefits and services. However, the ODSP (Ontario Disability Support Program) is not available if you have assets that exceed $40,000.  If your die without a will or you have not considered this in your estate planning, your beneficiary will most likely lose these benefits. To prevent this, certain assets get earmarked in the will- but must not vest – for your disabled beneficiary.  Their inheritance can be paid out bit-by-bit to purchase things to improve their quality of life without ruining their ODSP benefits.

There is no greater blessing (nor responsibility) than being a parent. The whole of point of having a will is avoiding the situation where the government takes your kid’s inheritance and holds it with little or no return. Then at age 18 EVERYTHING gets given to your kids Whoa!!. Not a good plan. When do you think your kids should your kids get their inheritance if you’re gone? We work with you to establish several instalments spaced out at the perfect ages. In the meantime, you may consider giving a Trustee the discretion to pay it ahead of time if the kids need it for education or some other reason that you would have approved of – if you were there.

Ontario has a wonderful regime to support residents who are disabled. This includes income support as well as many other benefits and services. However, the ODSP (Ontario Disability Support Program) is not available if you have assets that exceed $40,000.  If your die without a will or you have not considered this in your estate planning, your beneficiary will most likely lose these benefits. To prevent this, certain assets get earmarked in the will- but must not vest – for your disabled beneficiary.  Their inheritance can be paid out bit-by-bit to purchase things to improve their quality of life without ruining their ODSP benefits.