Leaving money to a secret beneficiary is very very tricky experts warn

by David Hodges, The Canadian Press Posted Apr 27, 2017 9:33 am MDT Last Updated Apr 27, 2017 at 10:40 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email TORONTO – When it comes to requests to have inheritance money left discreetly, Toronto estate lawyer Ed Olkovich says it’s typically not the racy stuff most people might expect, such as funds for a secret lover or a child out of wedlock.Rather, he says, it’s often done to avoid having something that could appear unseemly included in a will — which becomes a public document once it’s probated.“I’ve had a strange case where somebody said to me, ‘Don’t put that person’s name in the will because my partner will go crazy if I left this person money,’” Olkovich says, citing the example of a client wanting to leave a sizable gift to a loyal employee without raising any suspicions from his wife.“The next thing you know, somebody is accusing them of having an affair.”But regardless of why you may want to leave money for a secret beneficiary, there are lawful ways to do it, says Ottawa-based estate lawyer Norman Bowley.One option is to make arrangements with a trust company — legal entities often used when dealing with estate planning matters — that administer the money either during your lifetime or after your death.“They’re discreet and professional and you would literally put in the trust, ‘When I die you are to give this $100,000 to such-and-such-a-person,’” says Bowley. “That is not going to get out in the public, provided that you take the care to use an instrument for which you don’t need probate.”Another option for leaving money confidentially is a secret trust in which you leave assets to a person named in your will with prearranged instructions that they privately give the funds to someone else who has not been named in the will.For instance, Bowley says, you could leave money to a sibling, with the understanding that they would give the funds to your secret beneficiary — “a mistress, for instance.” That means the gift is secret even after the will becomes public.However, enforceability of a secret trust may be a concern because there is little you could do to ensure your wishes are actually carried out. Bowley says that “if your brother turns out to be a scalawag after your death, he may just keep the money for himself.”An altogether different option is a permanent insurance policy that guarantees a payment, says Lorne Marr of LSM Insurance in Markham, Ont.“The owner of the policy can choose whoever they want as the beneficiary, so long as they’re is an insurable interest” says Marr.“But the nice thing about an insurance policy also is that it supersedes the will,” he adds, meaning that whatever you designate in your insurance policy is not part of your estate and therefore subject to probate.But in terms of the actual pay out, the insurance company needs two things from the beneficiary: a claimant’s form explaining their relationship to the insurer, as well as a copy of the death certificate — the latter of which could be tricky, Marr says.Olkovich points out, however, that while an insurance company won’t tell you who a designated beneficiary is, that doesn’t mean the policy becomes confidential.“If it’s for a large sum of money a court can order that information to be disclosed,” he says.Generally, Olkovich says, the difficulty with trying to leave money in secret is that after you’re gone it’s no longer a secret once the beneficiary actually starts receiving the funds.“If all of a sudden a large sum of money is missing out of your account, someone is going to follow that paper trail and they’re going to say, ‘Well, whatever happened to this money?’”Follow @DaveHTO on Twitter. Leaving money to a secret beneficiary is very, very tricky, experts warn read more

Harmony Gold Mining bioenergy project on tailings

first_imgVIASPACE partner Selectra and Harmony Gold Mining Co recently formally announced Harmony’s implementation of the first bioenergy project on mining property in South Africa. The goal of the project is to grow energy crops—sugar beets and Giant King Grass–on contaminated mine affected lands in order to restore and rehabilitate the land.Harmony is the third largest gold mining company in South Africa, and the fifth largest gold producer in the world.So, a small biogas company in South Africa has teamed up with one of the largest mining companies in the country to seriously tackle the issue of land rehabilitation and energy security all in one go.What began as an idea and then an enormously successful trial to grow sugarbeet—the temperate kind, not the tropical variety—has now been extended to include Giant King Grass too. The crops are grown on the super-fine mine tailings, bringing value back to the land.The plan is to use the beet and the king grass as feedstock for on-site biogas production at Harmony Gold’s mine near Welkom in South Africa’s Free State that will then be piped into the Harmony 1 metallurgical plant where it will be burnt in the place of ‘Polyfuel’—an HFO type fuel—in the thermal oil heaters.The project envisioned by Selectra, the growing biogas company that developed and eventually sold the idea to Harmony Gold, is not only good for the land and good for the region, but it also inherently replicable. Any mine in the world could implement this project, at the appropriate scale with the appropriate feedstocks, to take control of not only environmental impact but also energy costs.Dwight Rosslee from Selectra commented on how rewarding it is to develop a project that carries only proven positive impacts: “The Harmony Bioenergy project is surely the gold standard in the production of renewable energy – no negative impacts on the environment, only positive benefits, no question of food versus fuel as the land cannot sustain food crops due to the presence of heavy metals. The land is remediated by cultivation and harvesting of bioenergy crops and local employment in farming activities is expanded on previously unused lands.  Simultaneously, carbon emissions are reduced through substituting fossil fuels. All this, and more, while saving on production costs.”VIASPACE CEO, Dr Carl Kukkonen, stated, “This project is a major milestone. We applaud and congratulate Selectra and Harmony for their successful demonstration. We first delivered Giant King Grass to Selectra in January 2013 and it was planted on Harmony land. We were very apprehensive about the project because the worst mine affected lands were so poor in quality, we didn’t even know if Giant King Grass would grow. Selectra and Harmony have proven that Giant King Grass can grow well. The grass mitigates erosion and contaminated dust from the slimes dams, and Selectra has shown that it is a good feedstock for anaerobic digestion to produce biogas. We believe that Giant King Grass can be used to remediate a wide range of contaminated soil and to make it productive.Rosslee concluded, “Giant King Grass should have a bright future in South Africa and other African countries as it plays a critical role in a number of our programs including off grid power solutions.”last_img read more

Tahoe suffers PLS spill at La Arena gold mine in Peru

first_imgTahoe Resources has reported what appears to be attempted theft at its La Arena gold mine after discovering five “significant” holes cut into the top of the pregnant solution pipeline at the operation in La Libertad, Peru.The cuts on the pipeline that transfers solution from leach pad 4B to the pregnant solution pond caused discharge of solution from the pipeline into a storm water collection pond designed to discharge clean water into the nearby Sayapampa Creek, which runs through part of the property.Tahoe said: “Based on a preliminary internal investigation, the company believes that in an apparent theft attempt, holes were cut into the top of the pipeline in order to place bags of carbon inside of the pipeline to absorb gold from the solution. One of the bags of carbon blocked the pipeline and the solution sprayed from the hole onto the top of the raincoat sitting above the pipeline.”Subsequently, the solution flowed across the raincoat into the storm water collection pond.The company’s initial investigation estimates around 600 cu.m of pregnant solution may have flowed into the Sayapampa Creek via the storm water management system.“Upon identification of the discharge, the company immediately initiated our emergency response protocols including conducting extensive inspections of the surrounding areas from the operation and assessing the potential impacts to the communities and environment downstream,” Tahoe said.Tahoe reported the incident to the Agency for Environmental Assessment and Control (OEFA), the Ministry of Energy and Mines, the police, the public prosecutor and surrounding communities. The police and OEFA were both expected on site on August 29 to conduct investigations.“Given that the impacted pipeline is a gravity-flow line and the holes are at the top of the pipeline, the company is able to safely maintain solution flow from pad 4B without leakage into the storm water management system now that the obstruction has been removed,” Tahoe said.“The company expects that the damage to the raincoat and pipeline will be repaired over the next several days, once all relevant authorities have conducted their initial investigations. Equally important, the company is already in the process of addressing the contamination to the storm water management system. As a result, the company does not anticipate a material impact to production at this time.”A full internal investigation and review of security procedures will be conducted in order to avoid and prevent future incidents, Tahoe said.The La Arena heap leach operation was previously slated to produce 160,000-185,000 oz of gold in 2018 at all-in sustaining costs of $950-1,050/oz.last_img read more