Gift, Legacy & Estate Planning

A poll by CIBC in 2012 discovered that as many as one-half of adults do not have a Will, the most basic starting point for your estate plan. If you own a home, any investments, or even just a car, you need an estate plan.

Without a Will, government laws will dictate where your estate will be distributed, and the allocations may not reflect your wishes, or the needs of your beneficiaries. The result can be the selling of assets that your family needs, or paying unnecessary taxes.

As a matter of process, I ask all clients to have a Will. Assembled below are a variety of articles addressing various aspects of your estate plan, as well as options to consider.

Your Will Planning Workbook

A great deal of thought and planning needs to go into preparing your Will. Not only should you consider what your estate is currently worth, you should also consider your future sources of wealth. Click here to download a helpful will planning guide.

Personal Record Keeper

Take the time to document important information such as investment accounts, bank savings and debt, insurance policies, and who are your professional advisors. This record will be convenient for you and invaluable for your executors.

Will Planning Checklist

There are many decisions to make when you draft a Will. If not thoroughly considered, some may have unintended consequences.

Here is a checklist of some of topics to consider.

Having Crucial Conversations

Estate planning is done to prepare families for the financial circumstances when a loved one passes away. Read more.

Guide to passing on wealth

Planning for death is difficult because it’s an emotional topic. A checklist can enable a thorough discussion and encourage trigger questions. Read more.

Executor’s Handbook

An Executor is a legal Trustee with all the rights and responsibilities that come with that position. This handbook provides an overview of estate settlement and tools to expedite your responsibilities in a timely and competent fashion. Read more.

Charitable Giving Programs

Certain mutual fund companies have established a way to promote philanthropy by offering Canadians an easy and convenient way to manage their ongoing charitable giving and potentially leave a lasting legacy.

HERE ARE SOME OF THE BENEFITS THESE PROGRAMS CAN OFFER DONORS:

You can set up a charitable giving fund account, which will operate as a foundation
The Foundation can be named by you, the donor
Make irrevocable donations to the Foundation of either cash, securities or life insurance
Capital gains on donations of securities transferred in-kind to a Foundation are tax-exempt
Receive an official donation “Tax Receipt”
Recommend grants annually from your Foundation to eligible charities for the donor’s lifetime and beyond
Increase the amount you can grant over time through the tax-free growth of assets in the Account; and
Simplify charitable giving by consolidating your activities into one Account.