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What is Estate Planning?
Estate Planning is the process
of foreseeing and arranging for the proper disposal of an Estate.
Planning for your estate is one of the most essential duties you
must perform for your family's welfare. You must also know that
your death causes significant legal, tax and investment issues
that can only be simplified with careful Estate Planning. If you
do not write a Will before you die, your estate could be administered
without considering your wishes and perhaps without any sensitivity
to your family's needs and eventually cause hardship and worry
to those you wished to protect.
Estate Planning in Canada
is Essential
Although Canada does not have
any direct death tax, they do have something called a probate
fee which in essence is a form of tax on one’s assets when an
individual passes away. Canadians spend a considerable amount
of time researching safe investments and trying to save money
and accumulate wealth for retirement. In some cases, if not in
most cases, unfortunately, Canadians do not spend much time on
Estate Planning which would ensure the passing of one’s assets
to one’s heirs including spouses, children, grandchildren and
others in the most effective and tax effective ways possible.
From an investment vehicle standpoint, all assets are not taxed
at death at the same rates or in the same manner
Estate Planning – 4 Crucial
Factors
• Your Estate Plan
You can leave your loved ones behind to struggle with several
legal issues and payments of unnecessary taxes – Or you may form
an Estate Plan that ensures the passing over of your assets to
your heir’s with no problems and least taxes.
• Your Will
As you will be leaving all your assets behind, why not make sure
they go where you want them to go? A Will would give you the power
to do that even if you are not there anymore. You must consider
a Will if not an Estate Plan, this way you secure the lives you
leave behind.
• Minimize Your Estate Taxes
You pay taxes throughout your lifetime and you will still have
to pay taxes after you die. But there are considerable ways to
minimize them – Estate Planning. After all do you want your money
to go to the Government or the ones you loved?
• Including a Trust in your Estate Plan
Trusts have certain advantages in your Estate Plan – They help
reduce Capital Gains upon death, they allow you to split incomes,
defer taxes and reduce overall taxes, they also help and allow
you to avoid the high costs involved in Probate.
 Proper
Estate Planning is Mandatory for Potential Retirees in Canada
Individuals and estates can
avoid probate fees in most cases with proper planning on non-registered
investments. Individuals, who invest in Segregated Funds, Guaranteed
Investment Funds or Guaranteed Investment Certificates (GICs)
issued by Canadian Insurance Companies whereby a named beneficiary
exists, can avoid probate fees and other expenses at death.
For additional information visit Guaranteedinvestments.com and
ask to speak to a professional advisor.
If you are interested in ensuring your investments are transferred
to your heirs in the most effective way, please CONTACT
US today.
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