Essentially both trusts allow a settlor of an inter vivos trust to transfer capital assets into a trust on a tax deferred basis if the following conditions are met:

Joint partner trust bc. Be entitled to receive all of the income from the trust The difference is that an alter ego trust is for one person, whereas a joint partner trust is for married or common law couples. To be able to qualify for one of these trusts, you must:

The only difference between the two trusts is that an alter ego trust is created by and for a single individual, whereas a joint partner trust is created by and for a couple. The settlor must be at least 65 at the time the trust was created. Web joint partner trusts are used the same way as alter ego trusts but the relationship is generally married rather than common law.

Web a joint partner trust is used where the settlor and the settlor’s spouse are to be the only beneficiaries during their lifetimes. Web we will discuss alter ego trusts below (for single individuals), but the concepts are equally applicable to joint partner trusts (for couples). Web alter ego and joint partner trusts if you are over the age of 65 you may want to consider an alter ego trust (aet) or joint partner trust (jpt) as part of your estate plan.

The alter ego and joint partner trust. Web in 2001 canada introduced two new trusts; Alter ego and joint partner trusts can serve as an alternate option instead of a.

Because they are creatures of statute, there are some restrictions in using such trusts. Marital assets are all together in a single trust. On the death of the last surviving spouse, the taxes are due.

Web the usefulness of alter ego and joint partner trusts is worth considering for individuals or couples who are aged 65 or older, as well as individuals with parents aged 65 or older who anticipate becoming responsible for managing their parents’ estates in the future as executors or trustees. Keep in mind, though, that a joint revocable living trust, when not set up properly, may result in estate tax issues. The settlor must be a canadian resident and over the age of 65