168272 Satisfied customers
Expert in: Family Law, Legal, Estate Law, Real Estate Law, Criminal Law, Employment Law, Business Law, Consumer Protection Law, Bankruptcy Law, Traffic Law, Personal Injury Law.
Verified lawyers, 10+ years of experience
Save time and money. Get specialized help.
168272 Satisfied customers
Hello and Welcome to JustAnswer. My name is***** will be working on your question today and I am looking forward to our conversation.
Please note that the experts don’t text so there may be a bit of a delay. If you don’t answer back for a while I may not be online when you do but I will never desert you and will check back often. As well, as I am working from home it is possible that I will be interrupted but I will always return back as soon as I can.
I am sorry to hear of this difficult situation.
I want to confirm that all the money is going directly into the trust which is an absolute discretionary trust. Correct?
If you are on disability benefits the only way you do not lose them when you inherit is for the money to be placed in an absolute discretionary trust. They will have to give the trustees discretion so that you cannot take the position that you are entitled to the money. If you take the position that you are entitled to the money then it's your money and you will lose your inheritance. That is why the will was drafted this way.
At the same the trustees have to consider your best interest and they owe you a fiduciary duty. If they decide to put their interests first and they are in a conflict of interest position, you can apply to the court to have them removed as trustees.
If you don't trust your trustees than your best next step, without a doubt, would be to consult with a lawyer in your city with a view to having a lawyer send the trustees a letter putting them on notice that the lawyer will be monitoring the situation.
What you can do to find a lawyer is one of the following things.
You can contact the BC Branch of the Canadian Bar Association and use their Lawyer Referral Service. You will be given the name of a lawyer and can consult with the lawyer and the first half hour will be $25.
The number is:
***-***-**** or 1.***-***-****.
Or you can check on a site called lexpert. This is a legal directory of leading lawyers and law firms throughout Canada and is well-respected by the legal community.
Here's the link to their website:
Does that help as a starting point?
I am sorry for that typo. Yes I meant you would lose your disability pension.
That makes perfect sense. The limit is absolutely $100,000 for one person and it's $200,000 for a couple. The law has changed quite drastically.
It's still $100,000.
It has to be an absolute discretionary trust.
I am sorry for the delay.
The trust will have to file a tax return each year. That has to be done by the trustees. But the trust will pay any taxes that the trust has to pay on earned income over the year.
There are no taxes on the $100,000 because inheritances aren't taxed.
And yes I do want you to get back to me and let me know how it works out!
Thank you for trusting us to help you here at JustAnswer. I am marking this post as complete. If you would like to ask me more questions please start a new post and if you do if you say “This is only for Debra” I will be sure to give your post top priority.