Your Wealth Advisor - Canada

"30% of  Your Wealth could be in Danger"

If you have a complex life you most likely have tax and/or estate issues to consider. Imagine, your key trusted advisors all working efficiently and effectively with a single purpose. To give you "Peace of Mind".

Be smart and ask me about our exclusive process targeted to you.

Complete Estate & Tax Planning in SIX Steps

TARGETED TO YOU

 

"Our Tax & Estate plan process is Simple:

 

Six meetings, over six months. - This includes

group meetings with your legal, accounting,

and other advisors. We stick to the process,

follow agendas and get results."

The fundamental objective of Estate Planning is to nurture wealth building in one’s own estate while minimizing the overall tax burden for all beneficiaries. Thus, Estate Planning is all of the following: the creation of wealth, the preservation of wealth and the conservation of the estate at death, or even beyond death.

The goals of Estate Planning are many, and varied, however they are all encompassed by the following four principles:

1)         Meet your own needs first.

2)         Protect your estate from erosion caused by taxes and other expenses.

3)         Judgment proof your estate to the maximum extent possible.

4)         Distribute your estate in an orderly fashion.

Regardless of age, Estate Planning goals should be integrated into the broader decision making process. It is an essential and important part of personal financial management.  Many believe that Estate Planning is only for those who are of advanced age or who are approaching death. This is a misconception. The waste of a single asset to taxes could hinder the accomplishment of the desired objectives and bring hardship to the family unit or business. For this reason, Estate Planning may be even more important to the owner of a small or medium-sized estate than to the owner of a large estate.

Awareness of Estate Planning creates the impetus to pull together all components in the financial and personal affairs of the individual and their heirs into a viable and workable plan, with help from competent advisors.

Estate Plans range from a simple Will and purchase of life insurance to a complex trust with a holding company. Other progressive planning strategies involve crystallization of capital gains, estate freezes, transfers or gifts of properties, use of direct beneficiaries outside of the testamentary estate, joint title or life interest in properties, joint, alter ego and spousal trusts, just to name a few.

Effective Estate Planning requires the advice of specialists from all fields (tax law, estate law, family law, and insurance). Since each case is different, a complete understanding of the relevant facts as well as the needs and intentions of the individual and the heirs are essential as preliminary steps in developing an Estate Plan. None of these factors can be dealt with in isolation.

This task is less onerous when completed under the auspices of a strategic wealth advisor to effectively co-ordinate the development and implementation of a framework for decision-making and subsequent action. Without this framework, along with ongoing evaluation, an individual may end up receiving what appears to be conflicting and/or unsuitable recommendations from various advisors. High-quality, safe professional advice should be consistent.  

Once an Estate Plan is completed, it should be reviewed periodically to ensure that changing circumstances, such as divorce, death, disability or re-marriage, do not result in unintended beneficiaries. A review is also recommended after any tax law changes.

This brief outline is intended to increase the awareness of Estate Planning for the reader. We recommend you consult with us for individual recommendations and other Estate Planning issues not covered in this summary.

You want detailed information on estate & tax planning, we have everything you need.

Visit our Estate Planning Library - for the Accountant in you.

Click on the green links for more information

THE ANNUITY SETTLEMENT OPTION - Potentially an Efficient Alternative to a Trust

There is now another appealing wealth transfer option available to Canadians, which has considerable merit due to its simplicity and flexibility.

The Annuity Settlement Option will automatically transfer the proceeds of your investment account upon death, into an annuity. The resulting annuity will then make gradual income payments to your beneficiaries, as specified by you.

It is a simple, inexpensive and effective wealth transfer tool. It provides the advantage of replacing a lump sum death benefit with smaller, scheduled payments while providing probate fee savings, increased privacy and potential creditor protection.

Unlike trusts, which can incur contract preparation costs and annual trustee and accounting fees, the Annuity Settlement Option has no fees or ongoing management requirements.

It is a strategy that will appeal to most investors, regardless of whether the amount of the inheritance will be $50,000 or $1 million.

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