The Cottage, the Spider Brooch, and the Second Wife: How to Overcome the Challenges of Estate Planning

314 Pages·2004·13.15 MB·English

by  Sandy Cardy

THE COTTAGE,
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AMD TH F
SECOND WIFE
How to Overcome
the Challenges of Estate Planning
SAN DY CARDY
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WITH MICHAEL FITZGERALD
ECW PRES S
Copyright © Sandy Cardy, 2003
Published by ECW PRESS
2120 Queen Street East, Suite 200, Toronto, Ontario, Canada M4E IE2
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system,
or transmitted in any form by any process — electronic, mechanical, photocopying, recording,
or otherwise — without the prior written permission of the copyright owners and ECW PRESS.
NATIONAL LIBRARY OF CANADA CATALOGUING IN PUBLICATION
Cardy, Sandy, 1958-
The cottage, the spider brooch and the second wife : how to overcome the
challenges of estate planning / Sandy Cardy.
ISBN 1-55022-596-0
I. Estate planning — Canada - Popular works. 2. Inheritance and succession -
Canada - Popular works. I. Title.
KE5974.z82C3<J 2003 346.7105 ^ C2OO3-9O2I99- 8
KF750.Z9C36 2003
Cover and Text Design: Tania Craan
Cover photo: © George Shelley/coRBis/Magmaphoto.com
Production and Typesetting: Mary Bowness
Printing: Webcom
This book is set in Trajan and Garamond.
The publication of The Cottage, the Spider Brooch, and the Second Wife has been generously
supported by the Canada Council, the Ontario Arts Council, the Government of Canada
through the Book Publishing Industry Development Program. Canada!
DISTRIBUTION
CANADA: Jaguar Book Group, 100 Armstrong Avenue, Georgetown, ON, L7G 554
345
PRINTED AND BOUND IN CANADA
ECW PRESS
eavpress.com
CONTENTS
Chapter 1 DISCLOSURE 1
Chapter 2 WILSON' S ADVICE
9
Chapter 3 INSEPARABLE 2 1
Chapter 4 MOVIN G RIGHT ALONG 2
5
Chapters DOMESTICIT Y IN THE CITY
3 5
Chapter 6 OL D WILLS, NEW WILL S 4 1
Chapter 7 MIRROR, MIRROR, ON THE WILL 49
Chapter 8 THE LION' S SHAR E 6 1
Chapter 9 CLASH OF THE BOOMER 73
Chapter 10 SIBLING SUMMIT 8 1
Chapter 11 RRSPS PLEASE 8 5
Chapter 12 JOINT OWNERSHIP 101 9 7
Chapter 13 A BARBECUE AT ALFRED'S 111
Chapter 14 GOTHIC NOVEL NIGHT 12 3
Chapter 15 BI G CHILL S OVER WILLS 13 3
Chapter 16 BOATING MAD E DIFFICUL T 14 7
Chapter 17 HEIM'S HAPJIOWING STORY 16 9
Chapter 18 HEL P FROM HELFENBAUM 177
Chapter 19 TH E POWER S OF COMMUNICATIO N 18 7
Chapter 20 TH E SPIDE R BROOCH 195
Chapter 21 COTTAG E LIF E CRISIS 20 3
Chapter 22 COTTAG E ALTERNATIVE S 21 5
Chapter 23 GETTIN G IT DONE 23 1
Chapter 24 A PEAC E OFFERING 24 7
Chapter 25 LAS T WILL AND TESTAMEN T ALFREDO 25 5
Chapter 26 TH E RIGH T STUFF 28 7
Chapter 27 ON E YEA R LATER 29 5
ALFRED'S GLOSSARY OF ESTATE PLANNING TERMS 30 0
DISCLAIMER
This book is not intended to be a formal estate planning reference for estate plan-
ners, lawyers, or accountants. The purpose of this book is to provide a basic
foundation of estate planning information for many Canadians. This book dis-
cusses general issues and strategies with respect to the laws surrounding issues
such as powers of attorney, wills, trusts, and probate. These laws are governed
provincially and the rules therefore vary from province to province.
Any financial projections and illustrations used in relation to the Hilroy family in
this book are provided solely for illustrative and discussion purposes. The analy-
sis and solutions contained herein represent the opinion of the authors and should
not be interpreted as being applicable to your particular situation. There are many
different strategies to consider. This book does not exhaust all alternatives and
combinations and is not designed for you to 'do-it-yourself.' This book is not a
substitution for the services of a legal or tax expert. Readers are encouraged to
consult with a professional before deciding on a course of action.
The analysis in this book represents legislation in effect at the time of publication.
ACKNOWLEDGEMENTS
Michael and I are indebted to the people who provided us with
guidance and encouragement on this project over the past two years.
I a m ver y thankfu l t o m y agen t Do n Bastia n o f Bastia n
Publishing Services and to Jack David at ECW Press both of whom
believed i n thi s boo k right fro m th e beginning . Davi d Chilto n
encouraged me to keep moving ahead in the early stages whenever
we had the inevitable periods of doubt. Th e financial professionals
who gave their time to give suggestions and make corrections —
Bruce Cohen, Miriam Kelly, Joseph Sardella, and Teresa Lee — were
invaluable in helping me transform some of the complex tax and
legal concepts into meaningful and understandable form.
Stephen Beattie was of tremendous help to us not only in pol-
ishing the manuscript, but also critiquing the narrative and aiding
us on any editorial questions .
Thanks also to Fina Scroppo, James FitzGerald, and Mark Nolan
for editorial suggestions in the early going, and to Joy and Nadine
at ECW for their work in the late going. Special thanks to Roland
Cardy, Davi d Chilton , Do n Bastian , Jon Nussbaum , Stephe n
Dunn, Judy (Puffer) Higgins, and Mark Smyka for their contribu-
tion as 'test readers.' To us, they were critical in telling us if we were
on the right path in our efforts to reach those readers who want to
know more about estat e planning an d the communication chal -
lenges that can arise in families. Also, Dr. Jon Nussbaum of Penn
State University provided many insights on aspects of family com-
munication that helped us greatly.
Lastly, my gratitude to my husband Roland for his patience and
understanding while this project continued past the two-year mark!
Sandy Cardy
March, 2005
/ dedicate this book to the older generation in our family —
my parents Russell and Margaret Dunn
and my in-laws, Gordon and Bay Cardy.
I also dedicate this book to my brother Stephen Dunn,
the real Michael Hilroy!
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