Restructure Janice Mucalov, LL.B. Contributing Writes CARING for the estate of an aging or mentally incompetent relative isa concern for many adults these days, as it was for Frederick O'Hagan. He had been appointed the “committee” of his father’s estate under the Patients Property Act. This act allows 2 relative (or other person ) to apply to the court sor an order declaring that a person is inca- pable of managing his or her own affairs and giving, the applicant the right te look Sofi spot NORTH Vancouver District worker Spencer Howard places safety Capilano Road. Water flooded the front yards of two nearby homes and destroyed a section of the road. Traffic was backed up for 45 minutes. Steelhead fishing restrictions set TO protect critically low steelhead stocks, the province has introduced new sport-fishing regu- - lations for the Capilano River. As of Sept. 1, anglers are required to release all steelhead caught, including hatchery -steelhead. _ Steelhead returns to tribu- --taries in the Georgia Basin, “both on the east coast of ‘Vancouver Islnd and in the Lower. Mainland, have been extremely poor in recent: years. Some stocks are at risk of extinction if current freshwater and ocean survival trends con- tinue. In. particular, returns of both winter and summer steel- head to the Capilano River Water District to compensate for potential fisheries impacts because of dam upgrades. Compensation may include improvements in water flows for fish, habitat restoration work, and fish culture activities to seed river habitat upstream of the Capilano Reservoir. Tc is important to have as many steelhead as possible in the Capilano River for natural spawning, and to provide a brood stock source for fish cul- ture activities with the steel- Wednesday, September 6, 2000 - North Shore News - 13 estates to avoid tax grab tier that penson. Frederick's SO-vear-old sather suffered from Alzheimer’s disease, and Frederick had been appointed as his committee in 1994, Frederick and his brother were the sole beneficiaries under their father’s will, Their tather’s estate was worth almost SH million. The bigest asset was 2 private company that owned a large tract of very valuable vacant land in Vancouver's west side, a small hotel in downtown Vancouver, ave other proper: Ties and some securities. The problem was that the estate could be fiable for more than $5 million in taxes upon old Mr. O° Hagan’s death. But it was possible to signiticantly reduce that Hability by reorga- nizing the shares in the com pany and cresting various trusts. This was what Frederick Proposed to the court. It was a olan which his brother agreed with and which British Columbia’s top court charac- head hatchery program, espe- cially with the upcoming dam work. Therefore all harvest impacts must be reduced. Eventually, angling regulation changes and compensation activities will benefit: steelhead angling in the Capilano River. Since 1997, the province has implemented conservative sport-fishing regulations, including complete angling closure on some rivers to con- serve steelhead. Lower Mainland steelhead anglers can NEWS photo Cindy Goodman tape at a hydrant that broke Aug. 22 on expect farther angling regula- tion changes for the 2000- 2001 season. Conservation officers with the Ministry of Environment, Lands and Parks will enforce the restrictions and closures on the Capilano River. The public can assist in. protecting steel- head stocks by reporting illegal fishing activities to the local or the Observe, Record, Report num- 1-800-663-WILD conservation — oftice ber at (9453). COLLISION SPECIALISTS For Foreign & terized as one thara “prudent businessman of advanced vears would see fit to undertake in order to minimize tax on his death and maximize the value passing to his heirs.” A committee must act in the patient's best interests, however. The Patients Property Act requires a com- inittes to exercise his or her powers “tor the benefit of the patient and the patient's fami- ly. having regard to the nature and value of the property of the patient and the circum- stances and needs of the patient and the patient's fami- ly.” Up until the O°Hagan case, the courts were very reluctant, for obvious reasons, to allow a committce to make a gift or dispose of sonse part of a patient's estate (or even to make changes). In considering a comm tee’s application, the court said one important factor is the chance that the patient will recover. If that possibility is extremely small or non-exis- tent, it shouldn't overshadow the benefits the patient's fami- ly may receive from altering the estate. Another factor is the chance of the patient's condition worsening, requiring more expensive care in future. In the O’Hagan case, restructuring the company to save Taxes would benefit the two OY Hagar sons. It also wouldn't diminish the estate or affect old Mr. O° Hagan’s abiligy to resume control of his company if he miraculously recovered. The B.C. Court of Appeal thus allowed Frederick's application. In another application, however, te court refused Edward Haupunan’s request to transfer more than $130,000 of his incompetent wife’s $2.5 million estate to himself and her three children cach year to timit the U.S. taxes payable on her death. The court concluded that this plan, which would ultimately diminish her estate by nwo thirds, wasn't in the patient's best interests. The bottom fine, however, is that you can be proactive in manageng the financial affairs ofa parent or spouse who is no longer able to look after himself or herself. Your lawyer can advise you how. This coluinn has been written with the assistance of Darvl Collier of the North Vaucouver law firm of Ratcliff & Company, Suite 500, 221 W. Esplanade, 988-5201. The col- unin provides information only and must not be relied on for legal advice. Z oo if includes: up to § liters of olf,::) oll filter, chassis lubrication: and 10 point inspection. 7% Most makes and models; (Don't be a Cyber-Nstrich : ES) “Introductory Computer * Courses for adults & eniors “> Where silly questions are allowed! - Computer Courses For. Kids “Cool activities with ; sat teachers, small class sizes all in our high tech learning centres! 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