Estate Planning

What is Estate planning?

Estate planning
This is one of the most difficult and incomprehensible moments in financial planning. Although all of us, one way or another, will pass away, few people deal with this issue in advance.
Estate planning is not only writing a Will (which should be handled by a lawyer), but also planning how to transfer this inheritance without delay to those you want, with the least taxes and costs. It is how to avoid the stress of family members (at least financially) and how to protect the family from future litigation or discord. Although your property is yours during lifetime, in case of death it will not always be able to get to the one you wish.
One of the aspects of Estate planning is tax planning, because in case of death (from the point of view of the CRA) it is considered that you have sold all your property and must pay the appropriate taxes (called deemed disposition). Although there is no inheritance tax in Canada, some provinces take a certain percentage of the value of most of your assets and property to the treasury.

This part of financial planning requires answers to the following questions (the answers will vary greatly depending on whether you have a well-written will or not):
- Who will be the guardian of the child/children in the event of the death of the parents or the only parent?
- Who will be the executor of the will for the payment of debts and taxes, the sale of property and the distribution of inheritance?
- Who is the beneficiary and is it correctly spelled out in insurance and investment documents?
- How to reduce the time of distribution of the inheritance?
- How to reduce taxes and related expenses?
- Does the executor of the will know about his role, the existence of the will itself and the list of assets?
- To whom are there obligations in obtaining an inheritance?
- Is the life insurance contract (if any) sufficient to pay for funeral services, debts, taxes and future family income?

We provide advice on all these issues, and if necessary, we will try to find a suitable lawyer for making a will.

We are also brokers for various types of insurance (including insurance for people with serious illnesses), we have many years of experience and will be able to choose the best option for you based on your budget and the purpose of insurance.

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