Posted on: May 11, 2020
Ottawa dropped Estate Taxes over forty years ago. All the provinces did away with Succession Duties by 1985. We thought that was the end of taxes arising at death. We were wrong.
Ask yourself these questions:
Posted on: March 9, 2020
The Baby Boomers are making history as the largest retirement migration ever seen. However, it's their parents who hold the most massive accumulation of wealth which is now being transfered to future generations. Estimated to be well in excess of a trillion dollars, the traditional rules of inheritance are changing.
Posted on: February 10, 2020
Wealth transfer can be a complex process for most families but especially wealthy ones. The range of issues involved can include family values, objectives and relationships; business continuity; investment strategy and insurance, taxes and ownership structures, amongst others. At the same time questions of control, responsibility and timing are raised.
Posted on: December 9, 2019
Almost everyone agrees that it's a good idea to have a will. However, it is estimated that about half of Canadians do not have one, and it is likely that many wills are out of date, perhaps even invalid.
Not having a will can make the sorting out of your estate unnecessarily expensive, complicated and time consuming. When having your will prepared, one of the most important decisions you will make is who you would like as executor.
Posted on: November 11, 2019
Phillip and Betty want their estate settled as smoothly and cost effectively as possible when the time comes. They have taken a number of steps to make sure this happens.
Posted on: June 10, 2019
Like many business owners, Rick and Warren thought it would be a simple process to continue the business when one of them died.
Nothing could be further from the truth.
Rick and Warren had a printing company and were equal partners. Warren died suddenly. Warren's shares passed to his widow, Sarah, who became Rick's new partner. She expected a regular paycheque to continue, even though she knew nothing about the printing business and could not contribute to the daily operations of the company.
Posted on: April 8, 2019
Earl wants to control the distribution of his estate when he dies and feels that a Will is a good idea. He had heard the ads on radio and TV about do-it-yourself Wills and bought a National Legal Will Kit.
Posted on: February 11, 2019
Ralph became concerned about what would happen to his hard-earned estate after seeing what had happened to some people he knew.
Vivian had remarried and chose to cut costs by using a do-it-yourself will kit. Because she had not allowed for the obligations set out in her deceased husband's will, it took years and cost thousands of dollars in legal fees to settle her estate. As her cash assets earned income while held in trust, her heirs had to pay income taxes on income they hadn't even received.
Posted on: December 10, 2018
Most Canadians want to pass their life savings on to their heirs. The assets remaining once retirement needs are met will be distributed more effectively if there is a properly prepared will detailing the deceased's wishes. Many people mistakenly believe that this issue is far in the future. Preparation of a valid will and its related estate planning considerations should be the cornerstone of a proper estate plan. Whenever there is a change in circumstances, the will should be reviewed and updated as needed.
Posted on: May 12, 2015
Estate planning can be an overwhelming process. Whether it is your own estate or you are the executor for someone else, the checklist can seem never-ending. A financial advisor can help make sure your checklist is complete before you start checking the boxes.
One of those items on the checklist is probate, the legal process that confirms the executor's role. A will authorizes the executor to act on behalf of an estate, but an executor may seek confirmation of their authority from a court through a letter of probate.
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