You can't take it with you!
As the old adage goes," there are only two assurances in life; death and taxes!" Though Canadians are living longer, more productive lives, we have yet to discover a means to escape our inevitable demise. Certain measures however can be taken in an effort to minimize the effect of taxation; both in life and upon our passing.
Beyond our desire to reduce or avoid final tax obligations, Estate Planning involves organizing your affairs to ensure that upon your passing, remaining assets are distributed efficiently and according to your wishes. Key considerations include:
- How to best protect your heirs from financial hardship and provide for dependents
- How to maximize the value of business interests
- Provide a clear path for business succession or sale
- Create liquidity to aid with distribution and/or to provide for final tax obligations
- Protect your estate and business interests from potential creditors
- Promote an equitable distribution to beneficiaries
- Minimize any potential for family conflict
- Provide for philanthropic and legacy goals
Elements often included in an Estate Plan:
- Business Plan and Agreements
- Personal Wealth (Financial) Plan
- Domestic/Marriage Contracts
- Wills (Personal Wills and Wills for Business interests)
- Living Will or Health Representation Agreement
- Powers of Attorney
- Living and/or Testamentary Trusts
- Insurance-backed Solutions
- Private Foundation and other legacy planning solutions.
Why assemble a Team?
Considering the many complexities involved, it is often in your best interest to have us work with your tax accountant, lawyer and other professionals to help ensure that your estate planning solution addresses your goals today and in the future.
