Estate Planning Wealth Management

Estate planning is vital to protect your assets and ensure your wishes are carried out after death, minimize taxes, and provide for loved ones. You are in the drivers seat about where your wealth will go; to the people and causes you care about.

 

Estate Planning Checklist:

Having diligence in your estate planning is important to ensure that your assets are distributed according to your wishes, minimize potential conflicts among beneficiaries, reduce tax liability, and provide financial security for your loved ones. Without proper planning, your assets may be distributed according to provincial law, which may not align with your intentions. 

  1. Create a will: A will is a legal document that outlines how you want your assets distributed after your death. Make sure to update it regularly to reflect any changes in your assets or beneficiaries.

  2. Consider a living trust: A living trust is a legal document that allows you to transfer your assets to a trust during your lifetime. The trust can then distribute the assets according to your wishes after your death, without the need for probate.

  3. Plan for incapacity: Create a power of attorney for property and a power of attorney for personal care. This will ensure that someone you trust is able to manage your financial affairs and make important decisions regarding your health care if you become incapacitated.

  4. Review beneficiary designations: Make sure that the beneficiaries on your insurance policies, retirement accounts, and other accounts are up-to-date and reflect your wishes.

  5. Consider tax implications: Consult with a tax professional to understand the tax implications of your estate plan and to explore strategies to minimize your tax liability.

  6. Review your life insurance: Consider purchasing life insurance to ensure that your loved ones are financially secure after your passing.

  7. Review and update your plan regularly: Review and update your estate plan regularly to ensure that it reflects any changes in your assets, beneficiaries, or wishes.

  8. Consider philanthropic giving: If you wish to support charitable causes, consider incorporating philanthropic giving into your estate plan.

  9. Seek professional guidance: Consult with an estate planning attorney and a financial advisor to ensure that your estate plan is comprehensive and tailored to your specific needs and goals.

 
“The wise man bridges the gap by laying out the path by means of which he can get from where he is to where he wants to go.”
— John Pierpont Morgan
 

Estate Planning In Canada

Estate planning in Canada is unique in that it involves navigating complex tax laws and regulations at the federal and provincial levels, including the use of trusts and other legal structures to minimize taxes. Canada also has specific laws governing the distribution of assets, such as spousal entitlements and rules around estate administration. Additionally, estate planning in Canada may involve addressing issues related to intergenerational wealth transfer, given the country's aging population and wealth distribution trends.

Retire Abundantly - SJB Wealth

  • Tax Planning

    Tax Planning

    Tax planning involves making informed financial decisions to minimize tax liability, utilizing deductions, credits, and investment strategies.

    Tax Planning
  • Financial Planning

    Financial Planning

    Create a roadmap to manage finances and achieve long-term goals through analysis, identification, and planning.

    Financial Planning
  • Retirement Planning

    Retirement Planning

    Develop a comprehensive retirement plan by setting evaluating your current financial position, consistently saving and investing prudently.

    Retirement Planning

Estate Tax Planning

Estate tax planning can reduce the amount you are involuntarily paying to the CRA, allowing you to make choices as to where your wealth will end up.  By creating a comprehensive plan, the estate can take advantage of various tax-saving strategies, such as trusts, gifting, and charitable contributions, to reduce the amount of taxes that must be paid.

For example, trusts can be used to transfer assets to heirs while minimizing tax liability. Gifting during one's lifetime can also be a tax-efficient way to transfer wealth, as it allows individuals to give gifts up to a certain amount without incurring gift tax. Charitable contributions can also be an effective tax-saving strategy, as they can provide significant tax benefits while also benefiting a worthwhile cause.

By engaging in estate tax planning, you can make sure your estate ends up with the people and causes you care about!

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