Estate planning utilizes tax strategies with trusts and wills to minimize tax liabilities at the investor’s death. It achieves the investor’s property and wealth distribution in an efficient manner.
Properly structured life insurance provides funds to the estate or holding company to meet fund obligations, estate tax liabilities, and fund to replace lost income.
We have years of experience, so our professionals consider the client dynamics that maintain family harmony when effectively planning the estate.
Even if you can’t take money with you at death, you still require money when you die. People typically work hard to accumulate assets that they can pass down to their loved ones. A will would be a good starting point because it provides a roadmap for planning your estate.
By having a will, it is the executor’s responsibility to file the tax return on your behalf, and the government considered you had sold all your assets before your death, leading to a large tax bill.
Part of the final tax bill includes probate fees on bank accounts and income taxes on RRIFs and RRSPs. These taxes reduce the assets’ value by 25 to 50%.