|
 The
Money Management Newsletter: Taxes
and Estate Matters
What you need to know about Estate Planning
and More…
Part 2: Your life - your estate planning goals
Compiled by David Newman
Money Management Newsletter, August 2005
Your estate planning goals will depend on a number of factors,
including:
1. Your age
2. The ages of your family members and other beneficiaries
3. The needs of your beneficiaries
4. The current value of your estate
5. Your beneficiaries' ability to handle their own financial affairs
6. Your tax situation
Prioritizing your goals before you meet with your professional advisor
will help ensure your estate plan will reflect your objectives and wishes.
Every situation is unique. Most people have estate-planning goals that
can be broken down into things they want to "achieve" and things
they want to "avoid". Some common goals are listed below:
Achieve:
1. Maximize estate proceeds for heirs
2. Distribute assets in accordance with wishes
3. Provide for loved ones
4. Ensure adequate liquidity in estate to pay taxes and any liabilities
5. Ensure guardian for minor children |
 |
Avoid:
1. Needless taxation
2. Family strife
3. Delays in settling the estate
4. Costly legal challenges
5. Probate fees charged by provincial courts
6. Loss of control of family assets, such as a cottage property, farm
or family business |
You should list and prioritize your goals before meeting with your professional
advisor. This will help ensure your estate plan and will reflect your
wishes.
Fiscalagents.com Site-links:
Why You Need an Estate Plan - 10
Simple steps: This article was created to give you an outline of what
you need to do to make your estate plan complete. You will need advisers,
including a financial adviser, lawyer and possibly a tax professional
to apply the most current tax, trust, estate and family laws of your province
to your personal situation. Our comprehensive estate planning checklist
and recommended reading list will help to expand your knowledge. Above
all, we hope this article inspires you and gives you the confidence to
deal with the challenges associated with handling estate matters.
Principle
10: Estate Planning, Retirement: This article is from the downloadable
booklet "10 Principles of Being Rich", the chapter deals with
the end of accumulation mode; capital preservation; tax planning and capital
gains; business succession; selling real estate; wills and charitable gifting
Editors Notes: These articles
are only covering some of the areas that need examination when drawing
up an estate plan. If you do not have a Will, or if your Will has not
been updated recently, perhaps it is time to meet with a lawyer and get
the job done. Special thanks to (NC) and Ontario March of Dimes
Getting Advice: We believe that a "Will" requires careful planning
to ensure all essential matters are covered. It should also be reviewed
periodically and discussed with a qualified adviser or team of advisers
to incorporate any changes in your personal circumstances.
Notice: Fiscal Agents Financial Services Group are not engaged in rendering
tax, accounting or legal professional services or advice. The comments
in this newsletter are not intended, nor should they be relied upon, to
replace specific professional advice. Before acting on material contained
herein. Readers should seek advice that is appropriate to their personal
circumstances from a professional advisor.
*
* *
|
|
Use this link to load a printer-friendly
version of this document. |
Have a question regarding
this article? Use our feedback form
to send us a note.
©
, Fiscal Agents Money Management Newsletter
25 Lakeshore Road, Oakville, On L6K 1C6.
(905) 844-7700
|
