All Trusts Lawyers in Regina

Trust and Estate Planning Lawyers in Regina

Regina, situated in the heart of the prairies, is a city deeply connected to agriculture, government, and resources. For the residents of Saskatchewan’s capital, protecting hard-earned assets and ensuring the smooth succession of family businesses and farms is a top priority. Trusts Lawyers in Regina provide the specialized legal expertise needed to create and administer trusts under Saskatchewan’s common law system and The Trustee Act, 2009. While a will only takes effect upon death, a trust can be an effective tool for managing assets during your lifetime, saving taxes, avoiding probate, and protecting vulnerable family members. On this page, you can find a trusts lawyer in Regina who understands the specific needs of the local community, from the family farm to the corporate boardroom.

Family Farm Trusts and Succession

In Regina and the surrounding rural municipalities, the Family Farm Trust is a cornerstone of estate planning. With land values increasing, transferring a farm to the next generation can trigger significant capital gains taxes. Trusts Lawyers work with families to implement structures that utilize the Lifetime Capital Gains Exemption (LCGE) for qualified farm property. By placing the farm lands or the shares of a farming corporation into a trust, the parents can retain control of the operations as trustees, while the growth in value accrues to the children as beneficiaries. This structure can also handle the sensitive issue of ‘fair vs. equal’ distribution, allowing non-farming children to receive other assets while the farm remains intact for the farming child.

Avoiding Probate with Alter Ego Trusts

In Saskatchewan, probate fees (court fees) are calculated at $7 for every $1,000 of estate value. For large estates, this can amount to a significant sum, not to mention the legal fees and time delays associated with the probate process. Trusts Lawyers in Regina often recommend ‘Alter Ego Trusts’ or ‘Joint Partner Trusts’ for individuals over the age of 65. By transferring your assets-such as your home, savings, and cottage-into these trusts while you are alive, you effectively remove them from your estate. Upon your death, the assets pass directly to the named beneficiaries without the need for probate. This also maintains privacy, as the trust document does not become a public court record like a will does.

Henson Trusts for Disability Planning

For families supporting a loved one with a disability, standard inheritance planning can unintentionally disqualify the beneficiary from provincial support programs like the Saskatchewan Assured Income for Disability (SAID). Trusts Lawyers draft ‘Henson Trusts’ (absolute discretionary trusts) to solve this problem. Because the trustee has full discretion over if and when to pay out funds, the assets in the trust are generally not considered ‘owned’ by the beneficiary for means-testing purposes. This allows the trust to provide supplemental support for things not covered by the government-like vacations, electronics, or better housing-without jeopardizing the beneficiary’s monthly SAID payments. Legal precision is required to ensure these trusts comply with Saskatchewan regulations.

Tax Minimization and TOSI Rules

Trusts have long been used for income splitting-distributing income from a high-earner to family members in lower tax brackets. However, the federal ‘Tax on Split Income’ (TOSI) rules have complicated this strategy. Trusts Lawyers in Regina advise business owners on how to navigate TOSI. While ‘kiddie tax’ prevents splitting income with minors, there are still opportunities for adult beneficiaries who are actively engaged in the business or who hold shares in specific types of corporations. Lawyers review existing family trusts to ensure compliance and restructure them if necessary to avoid punitive tax rates. They also advise on the 21-year deemed disposition rule to prevent unexpected capital gains liabilities.

Trustee Duties and Dispute Resolution

A trustee is a fiduciary with a legal duty to act in the best interests of the beneficiaries. Saskatchewan’s The Trustee Act, 2009 codifies the ‘prudent investor rule,’ requiring trustees to invest trust assets with reasonable care. Trusts Lawyers advise trustees on these duties to prevent liability. They also assist in the preparation of accounts to be presented to beneficiaries. If disputes arise-for example, if beneficiaries claim the trustee is favoring one sibling over another or taking excessive fees-lawyers represent the parties in the Court of King’s Bench. Whether defending a trustee’s actions or advocating for a beneficiary’s rights, specialized legal counsel is essential to resolving these emotional and financial conflicts.

Professional Trust Drafting

Creating a trust is not a fill-in-the-blanks exercise. It requires a custom-drafted ‘Trust Indenture’ that reflects your specific goals and family dynamics. Trusts Lawyers in Regina ensure that the three certainties (intention, subject matter, and object) are met to create a valid trust. They also address practical issues, such as the appointment of alternate trustees and the power to vary the trust in the future. The lawyers listed in this directory are experienced professionals dedicated to helping Regina families preserve their legacy. We encourage you to browse the profiles on this page and reach out to a lawyer to discuss how a trust fits into your overall estate plan. 🍁