Gift, Legacy & Estate Planning
If you have accumulated assets during your lifetime, you likely will want to ensure that wealth transitions cost effectively. 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 to continue, 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 the important information in your life, such as your household accounts, savings and insurance plans, and who your professional advisors are. Not only is this a convenient way to keep a better handle on your personal and financial information, it also becomes an invaluable tool for your loved ones should anything happen to you.
Will Planning Checklist
There are many decisions you will have to make when you draft a Will. If not thoroughly considered, some of these decisions can have unintended consequences.
Here is a checklist of some of the issues that should be discussed before you make your Will:
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. However, to preserve wealth, it’s important to employ a checklist to enable a thorough discussion and encourage trigger questions. Read more.
When you become an Executor you are really becoming a legal Trustee with all the rights and responsibilities that come with that position. This handbook provides you with a solid overview of estate settlement and will hopefully provide you with some useful information 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.