Estate Planning
Estate planning is not just planning for death; it is also essential to ensure that your affairs are handled in accordance with your wishes while you are alive. Should you become mentally or physically incapacitated and unable to manage your own affairs, tools such as a power of attorney become important life planning tools.
Why is Estate Planning Important?
Many people assume that estate planning is only for the wealthy.
So, it must come as a shock to the families of all the Canadians who die every year without a will when the province takes control of the estate to decide how the assets are to be distributed.
Even for smaller estates, the costs and delays of probate can have devastating consequences.
The goal of estate planning is to arrange your financial affairs in a way so that your assets can be passed to your heirs as quickly and as completely as possible.
The good news for Canadians is that…
NO ESTATE TAX is owed when an estate is transferred to your heirs after you die.
The bad news, however, is that depending on the type of assets in an estate there may be “deemed disposition tax” that could seriously disrupt the financial lives of your surviving family.
Properly planned estates have assets arranged and title to minimize any taxes payable. Estates planning tools such as trusts are often employed to reduce the exposure to taxes.
Estate planning is not just planning for death; it is also essential to ensure that your affairs are handled in accordance with your wishes while you are alive. Should you become mentally or physically incapacitated and unable to manage your own affairs, tools such as a power of attorney become important life planning tools.
While it usually requires the guidance and assistance of an estate planning professional or attorney to execute the legal documents, a lot of time and expense can be saved by organizing your financial information and determining your goals and objectives prior to meeting with one.
At the very least, everyone should have a simple will, which for the amount of distress and costs it can prevent, is very inexpensive. Larger estates may require additional layers of estate planning tools, such as trusts. Still the more preparation done in advance, the easier and less expensive the process will be.
Many people think estate planning is too complicated and expensive.
But, for most, that is not true.
Additional Estate Planning Resource Links
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Related Services
We offer a number of financial management services, all individually tailored for your goals.
If you have an established Retirement Savings Plan or are just beginning, it is never too late to begin saving.
Estate taxes, income taxes and education funds are just some of the other complex aspects of your total financial picture.
An investment tax strategy is a process that takes into account many variables. It is more than paying the government.
Proper analysis is vital to ensure that you aren’t paying too much and that you have the correct type of insurance.
