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Difference between revisions of "Four Key Duties of a Fiduciary"
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Four Key Duties of a Fiduciary (view source)
Revision as of 16:50, 20 March 2018
, 16:50, 20 March 2018→Don’t give or loan Martina’s money to yourself or others
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Any gifts or loans should be in line with what Martina would have wanted. For example, Martina may have made some regular gifts or loans, such as to a preferred charity. You can continue this, as long as '''both''' of these conditions are met: | Any gifts or loans should be in line with what Martina would have wanted. For example, Martina may have made some regular gifts or loans, such as to a preferred charity. You can continue this, as long as '''both''' of these conditions are met: | ||
# Martina will have enough remaining to meet her personal care and health care needs as well as those of her dependants, and to satisfy any other legal obligations. | #Martina will have enough remaining to meet her personal care and health care needs as well as those of her dependants, and to satisfy any other legal obligations. | ||
# You don’t spend over a certain amount. Under [http://canlii.ca/t/8p5w the law], there is a maximum value of all gifts and loans of this type that an attorney can make in one year. The maximum is the smaller amount as between (a) $5,000 and (b) 10% of the adult's taxable income for the previous year. | #You don’t spend over a certain amount. Under [http://canlii.ca/t/8p5w the law], there is a maximum value of all gifts and loans of this type that an attorney can make in one year. The maximum is the smaller amount as between (a) $5,000 and (b) 10% of the adult's taxable income for the previous year. | ||
For example, let’s say Martina’s taxable income for a year is $20,000. 10% of that amount would be $2,000. That amount is smaller than $5,000. So $2,000 would be the total maximum value of all gifts and loans (of the type Martina regularly made) you could make in the following year. | For example, let’s say Martina’s taxable income for a year is $20,000. 10% of that amount would be $2,000. That amount is smaller than $5,000. So $2,000 would be the total maximum value of all gifts and loans (of the type Martina regularly made) you could make in the following year. | ||
