Unlike some municipal vacant home taxes in locations such as Toronto and Vancouver, where homeowners receive notification of the tax, with the UHT, homeowners must self-report
This article appears in the March 2021 issue of Advisor’s Edge
Testators leaving an asset to someone may not want others even family members to know about the gift. One way to keep gifts confidential is through the use of secret trusts.
With a secret trust, an individual makes a gift to a person typically in a will but privately agrees with that person that they are to hold the gift in trust for a third person. For example, Jim names Bob as the beneficiary of a gift in a will. Separately, Bob agrees to a request from Jim, made before Jim’s death, that Bob will hold that gift in trust for Kate after Jim dies.