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Tax and Estate Planning Introduction / Estate Planning
Estate Planning
A properly drafted will is the cornerstone of a strategic Estate plan
Why do you need an Estate plan
A comprehensive estate plan is vital to preserve, protect and transfer your overall wealth. Strategies can be as simple as gifting during your life or having assets in joint names. For business owners and other high net worth Canadians, the plans may be more complex and include family income splitting, various types of trusts, estate freeze, or setting up a charitable foundation. Our goal is to work with you or your other professional advisor, to create an effective estate plan which will leave less for the government and more for your heirs.
Where do you start?
The first step in wealth transfer is dealing with the issues that can significantly impact your family’s accumulated wealth. Establishing a valid will, sudden death or critical illness, making yourself creditor proof, establishing qualifying spousal trusts in the will, establishing additional testamentary trusts in the will, establishing post-mortem protection of estate assets, and minimizing probate fees. Financial advisors should be familiar with these topics and able to work with your other professional advisors to create an efficient estate plan.
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