Estate Planning
The Big Picture
When deciding on Estate objectives, it’s important to look at the big picture, and investigate all of your options. Estate plans need to be integrated with tax and investment strategies, as well as succession, business and risk management plans. Exploring tax efficient strategies for wealth transfer is a critical component of estate planning. Estate freezes, probate tax plans, dual wills and trusts are possible routes to achieving your estate planning objectives.
An accurate and up to date Will
We encourage individuals to have their Wills reviewed every 5 years to ensure they are consistent with present tax legislation as well as their current family and financial situation. Too often Wills are out of date and cause family strife and confusion. An accurate and up to date Will is the best way to ensure your wishes will be carried out as you intended.
Creating an estate plan that works for you
When beginning your estate plan, we will have an in-depth discussion with you about your goals. What will happen to your assets upon your retirement? How do you wish to have your assets transition upon your death? Our team will work with you to help develop a comprehensive plan that reflects your personal situation and objectives.
With our help we can ensure you a plan that will:
- Be a smooth and amicable administration of your affairs;
- Protect the financial interest of future generations;
- Minimize taxes and delays;
- Ensure your Estate is properly managed in the long run.
- Our estate will work closely with your lawyer to make sure you’re comfortable with how your finances will be managed.
Estate planning is not usually a favorite topic for a lot of people. But once you have your plan in place, most people feel peace of mind knowing when the time comes, your estate plan will look after everything you have worked for and everyone you have loved. Call us today.
What is a Rights and Things Return?
Post-mortem planning may also be useful from a compliance perspective. Unpaid bonuses, dividends or social security benefits at the time of death, may be noted on a separate tax return called a Rights and Things Return. The advantage of this special return, is that this type of income is not intermingled with other income realized in the year prior to the date of death and is therefore taxed at graduated rates with full refundable tax credits.
What if my estate will have shares in a company? How are they treated?
Different procedures are available to estates holding shares in investment corporations or in active business corporations. Estates may transfer the shares in such companies to a new holding corporation that may allow for the tax-free extraction of surplus from the corporation. A similar transaction may allow for the company to obtain an increase in the underlying tax cost of land or portfolio investments up to the fair market value at the time of death.
