As much as our Valley has grown in the past 30 years, PIHL Law Corporation has grown with it. Today, we are a FULL SERVICE law firm of 10 lawyers focused on meeting the needs of the Okanagan's indviduals and businesses.  Thank you for taking the time to browse the first edition of our newsletter.

Focused on You.
The world is changing and our law firm is adapting and changing with it. Our new motto "People First" represents our commitment to you, to our staff, and to our community.

In Our Community
In Spring 2010, Peter Borszcz, has recently accepted invitations to sit on the Public Division of the Y Capital Campaign and as a member of one of the Central Okanagan Foundation Advisory Boards. The Y Capital Campaign is focused on raising funds to provide for a 5 million dollar expansion of the "Athans Pool" facility in Rutland where Peter spent many hours in his youth.  The Central Okanagan Foundation is a well established local granting agency focused on providing and administering funds to local charities.

Legal Alert: Real Estate in Joint Tenancy!
In the vast majority of cases couples like to own property in Joint Tenancy as, upon death of a spouse, Joint Tenancy allows the survivor of the two of them to take ownership without the property passing through probate or the terms of the will. This is the intended use of joint tenancy, and the Income Tax Act provides for this to be done on a "rollover" basis.

However, many widows/ widowers attempt to use joint tenancy as an estate planning tool to pass property to their children. This can often result in either a) an estate issue or b) an income tax issue.  If beneficial interest in the property was passed, then there is a "non-arms length" transfer and a deemed disposition under the Income Tax Act, and there is an immediate amount of tax payable on the gain. In the alternative, if beneficial ownership is not intended to pass, a "constructive trust" arises and this means the property is the subject of probate and passes through the terms of the will (and not to the surviving joint tenant).

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