Trust and Henson Trust
A trust can be created as part of your will to hold certain money, property or personal items for people named in your will. These persons can either be people under 18 or an adult, in your opinion, not capable of managing the money or property. You may also create a trust to address tax implications.
When you name a person under the age of 18 as a beneficiary and/or create a trust, you can appoint either the trustee or a named guardian to administer the funds on behalf of the named beneficiary.
Henson trust: Henson trust is a way of providing for your relative or a family member who in your opinion need protection of their inheritance while preserving their eligibility for government benefits. There is no limit on the value of assets or the type of assets that can be subjected to a Henson trust. Henson trusts receive favourable tax treatment since being taxed in the hands of the beneficiary. Ontario Disability Support Program now allows disabled persons to receive $10,000 over a period of 12-month and to personally hold assets of up to $40,000.
Disadvantages of Henson trust: There’s difficulty associated with finding a trustee who is reliable and willing to manage the trust property, especially in the light of the costs involved in administering a Henson trust. The disabled beneficiary has no guarantee or control over the funds in Henson trust. Provincial and territorial governments can impact the functioning of the trust. An improperly drafted trust may disqualify a disabled beneficiary from entitlement to government benefits.
How can EVERYTHING LAW PROFESSIONAL CORPORATION help you?
If you require further assistance in the above matter, please contact us. We are Immigrant-founded, multilingual and accommodating to cater the needs of all walks of life including the working-class community. As experienced professionals, we have been successfully assisting clients in this matter to their satisfaction. Contact us today.
Real Estate
Family Law
Immigration
Disclaimer:
We aim to update our website on an ongoing basis with transparent prices, written resources and links, but they may not be current or updated, reflecting the latest changes made to any law or policy. You are advised to act independently and diligently in verifying the current legal standards and to seek advice from professional legal counsel before acting upon any information from this website.
Please note that both our contents and any links to third-party sites are not legal advice and are mere information provided on an "as-is" basis, for general purposes, without any warranty or representation, expressed or implied.
Until we sign a retainer, we are not your legal representative. Mere visiting, accessing or using our website or resources do not establish a solicitor-client relationship between us. Therefore, please do not disclose confidential information to us, in any form or manner, before we perform a conflict-of-interest check and retained.
Unsolicited communication, in any manner, does not impose any confidentiality obligations. Nevertheless, the resources on our website can help you in forming an idea about your next steps.
If you are ever in a legal crisis, it is imperative you retain a lawyer of your choice. We do not endorse, recommend, or accept responsibility for the accuracy, reliability, security, or completeness of information on this or any external links cited by us who may ask for your personal information and may have their own policies and practices.
We disclaim all responsibilities, liabilities arising out from any use or inability to use of this website, including reliance on the information provided and therefore, are not liable for any damages not limiting to direct, indirect, incidental, consequential, punitive, or special, resulting from the use of this website or any information contained within it.
We reserve the right to modify, revise, or update the contents of this website including this disclaimer at any time without prior notice.
This site may collect information from our users and we are the sole owners for any information collected from your visit on this website. We aim to comply with the rules and standards set by the Law Society of Ontario (LSO).
For any concerns regarding compliance or ethical obligations, please contact us directly to ensure clarity and adherence to professional responsibilities and obligations.