Do you know what estate planning is?
An estate plan is a set of instructions detailing what happens to your assets if you die or become incapacitated. To ensure your family don't have to guess what your final wishes are, you will create a variety of legal documents and financial tools in your estate plan. With an estate plan, you must take your assets and your money into consideration for the future. Considering this future could also be beneficial.
By controlling expenses like taxes and probate fees that reduce the inheritance you decide to leave your heirs, life insurance protects the value of your estate.
Knowing about life insurance & estate planning
Estate planning employs tax strategies such as trusts and wills to reduce tax liabilities upon the death of the investor. It efficiently distributes the property and wealth of the investor.
An estate or holding company can access assets from properly structured life insurance to cover fund obligations, and estate tax liabilities to make up for lost income.
Due to our many years of experience, our experts consider the client dynamics which preserve family harmony when estate planning.
Creating an estate plan for wealthy individuals
Even if you cannot take money with you when you pass away, you still need money. Most people put a lot of effort into acquiring wealth that they may leave to their loved ones. A will would be a smart place to start since it offers a guide for planning your estate.
Since you had a will, it was the executor’s job to file the tax return on your behalf because the government believed you had sold all of your possessions before passing away, which resulted in a huge tax bill.
Probate costs on bank accounts and income taxes on RRIFs and RRSPs are included in the ultimate tax bill. These taxes devalue the assets by 25 to 50 percent.