ESTATE PLANNING


What we do…

 

We work with our clients  to leverage opportunities, maximize cash flow, and assist in the  management of succession strategies for families who are seeking to preserve the legacy of what they have built. Estate planning will allow you to be remembered the way you want: to leave a legacy to the ones you love that reflects your wishes and gives purpose to what you’ve accomplished in your life. Without estate planning, that likely will not happen. Working closely with your advisor and a team of experts, you’ll find the estate planning process to be liberating. It will provide you with the peace of mind that comes from knowing your loved ones will not be burdened by resolving your personal and financial affairs.

 

Estate planning is generally guided by three rational
motivations…

 

  1. To provide adequately for family members and/or other loved ones.
  2. To ensure that your estate is distributed in the most timely manner possible after your death
  3. To minimize taxes during your lifetime and, equally important, for the
    beneficiaries of your estate

 

 Why do you need an estate plan? So you can…

 

  • Distribute your assets as you intended: provide funds to cover your funeral expenses, as well as immediate and/or long-term family living costs
  • Keep more of your money in the hands of your heirs
  • Minimize income tax and probate fees; designates charitable gifts; and declare your personal care preferences, including terminal medical treatment and organ donation intentions
  • Provide for the tax advantages of income splitting
  • Ensure business continuity in the event of death, disability, divorce or bankruptcy.
  •   Identify the people to carry out your last wishes
  • Choose the caregiver or guardian to care for your children

What are the consequences of dying without a Will?

The legal term is “intestate” and there are several major drawbacks. Firstly, when you die intestate, legal fees and taxes can take a sizeable portion of your estate. It can also have serious financial consequences for your loved ones.

Secondly,when you die without a Will, your assets are distributed according to provincial laws and generally divided among your surviving relatives in order of family ties, which may be very different from what you would have wanted.

Creating a Will is a simple and inexpensive thing to do. And for the small amount of time and effort it takes, you get a great deal of satisfaction and peace of mind knowing your personal and financial affairs are in order.