Estate planning will allow you to leave behind the legacy you've worked so hard to create. Reflecting your wishes, and incorporating longevity to what you've accomplished in your life. Without estate planning, that likely will not happen.
Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries who are incapacitated. Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney.
The major components of an effective Estate Plan include:
strategies to minimize your estate taxes
establishment of a trust to protect your assets and speed their transfer to your beneficiaries
Plan an insurance strategy that carries your wealth to future generations. Intergenerational estate planning helps you contribute to society, honour your obligations and provide a legacy for those you love.
Build your philanthropic legacy and write your name on the future. Recent changes to the Federal Income Tax Act have made it easier to donate money, time and estate values to charitable organizations at the same time as tax reduction legislation has created significant financial challenges for the not-for-profit sector.
We can help you plan a strategy which maximizes the effectiveness and tax-efficiency of your gift.
For those who have built some measure of wealth over a lifetime, there will likely come a time to consider the best way to pass some of it along to loved ones. Often, the subject comes up when a will or estate plan is being written. While not right for every situation, it may make sense to set up a family trust. A trust can be an effective way to move taxable income out of the hands of a high-income earner and into the hands of lower-taxed family members.