Hi,
My father left my children a Trust fund when he passed away in 2009. I am the bare trustee for the children. I am not a beneficiary, only the children.
My ex wants the trust fund to pay for section 7 expenses. The trust does make income on investments and pays taxes on said income. (except the ex is now keeping the income, but that's another thread)
The trust fund is for the purpose of education and I'm fine taking over the RESPs from the ex and having the trust pay for those. I'm thinking he's going to go for a situation such as: he pays a portion, I pay a portion, the Trust pays a portion OR the trust takes over paying for Section 7 - the ski racing the ex wants to continue the boys in will decimate that trust in a couple of years time.
Would my ex have a claim for getting the Trust to pay Section 7? Has anyone heard of a case law involving children's Trust funds?
My father left my children a Trust fund when he passed away in 2009. I am the bare trustee for the children. I am not a beneficiary, only the children.
My ex wants the trust fund to pay for section 7 expenses. The trust does make income on investments and pays taxes on said income. (except the ex is now keeping the income, but that's another thread)
The trust fund is for the purpose of education and I'm fine taking over the RESPs from the ex and having the trust pay for those. I'm thinking he's going to go for a situation such as: he pays a portion, I pay a portion, the Trust pays a portion OR the trust takes over paying for Section 7 - the ski racing the ex wants to continue the boys in will decimate that trust in a couple of years time.
Would my ex have a claim for getting the Trust to pay Section 7? Has anyone heard of a case law involving children's Trust funds?
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