Estate planning is a component of smart money management – it involves creating, managing and preserving wealth for loved ones, dependents and life's own enjoyments.

Estate planning should not be considered as an after-effect of retirement – estate planning formalizes actions to transcend our own demise. For example, if you're responsible for a young family, then life insurance is a major financial support mechanism to safeguard and provide funding for schooling and other life needs, therein providing a particular estate planning solution.

If you have accumulated a lot of assests, you need to understand the impact of taxation on their value and the consequences of your demise. Try to manage your portfolio to lessen or remove any negative impact of your accumulated wealth. Insurance to offset taxation is among a group of strategies available to you.

The creation of specialized trusts such as Testamentary and Intervivos (living trusts) are considered excellent planning tools for assisting in the deployment of assets. Trusts and Power of Attorney's (POA) can be created to provide direction for personal care and or monies at the time of need for you or your loved ones.

- Beneficiary designations where enacted, can circumvent probate under certain situations. Probate is automatic if no Will is found. The Public Trustee will assume the responsibility of executor and proceed to settle the estate. This is by far the most expensive course of action.

- Death without a Will inflicts an added financial and emotional burden that may never be congruent to your wishes, plus fundamentally detrimental to the well being of the bereaved left behind.

Estate planning is about you, your family and those who are special in your life. It's an emotional issue that requires forethought, as well as calm and rational contemplation. It also requires the services of professional advisors. The four key advisors are:-

Lawyer – Wills, probate, POA, trusts, estate settlements;

Accountant – Tax planning and preparation and/or business interests;

Financial Planner or Investment Advisor; Wealth accumulation and management;

Insurance specialist/agent; Funding estate tax liabilities, estate preservation.

Professional guidance is needed to ensure emotions don't overrule good judgment or common sense - caused by misdirection or lack of experience.

How can Fiscal Agents help:

We can help as the Investment Advisor and Insurance specialist, working with your accountant and legal advisor and you. We can assist you with our easy to understand record keeping and to-do-lists.

Fiscal Agents Cornerstone Planning - incorporates the exclusive executor organizer, by utilizing a step-by-step approach. It helps you bring into focus the task at hand – peace of mind when completed and a better understanding of having your "house-in-order"... Well prepared for the formulizing steps ahead.

We can provide advice on wealth creation and preservation, retirement savings and retirement income options, investment registration and beneficiary designations. Some issues of joint ownership will require legal and/or tax opinions from other members of your advisor group.

Our advisors can help simplify the initial process of estate preservation planning as noted above, or provide on the spot solutions for the GIC type portfolios with our GIC Estate Services option. For a small fee our administration service department coordinates the re-registration of GICs and RRSP accounts into the names of the recipients.

We continually monitor and publish Canada wide industry product studies that help financial services professionals and financial institutions better understand the complexities of available products. As the source of such information, Fiscal Agents is uniquely qualified to help you.

For more information on estate planning and GIC Estate Services please call 905-844-7700, or visit our Learning Centre - Estate Planning section.

Related information on Fiscalagents.com

	Ten estate planning tips Make sure you plan and discuss with your family or professional advisors how you want your estate to be distributed; don't keep everybody in the dark until the end.
	How to revoke that power of attorney Has the person you gave Power of attorney (PA) over your affairs not lived up to your expectations, and now you wish to remove and revoke their authority?
	New Substitute Decisions Act People have heard that they must make a Power of Attorney before the legislation becomes effective, otherwise the government will take over their affairs.
	Incapacity - Planning ahead helps What is a Power of Attorney? A will gives an executor or liquidator the authority to manage someone's affairs after death, whereas a power of attorney gives a person named the power to make decisions on your behalf, while you're still alive.
	Death, disability and the family business To deal with the possibility of a serious disability, a business owner must have a continuing power of attorney for the management of property in place.
	What happens to your property if you don't leave a will? The following is a quick synopsis of how your property would be divided if you died without a will in the Province of Ontario.
	Exercise caution when trying to avoid probate costs Since June 1, 1992 when probate fees in Ontario were increased, we have noticed many clients taking extra precautions registering the ownership on investments and designating beneficiaries.
	Estate planning from the Muskoka chair Canadians love their cottages and chalets. Many have been in the family for several generations. Estate Plans must be set up to keep these much-loved properties in the family for future generations... optimal plan may be to ensure that the cottage owner has a valid Power of Attorney for the Management of Property.
	Income-splitting using testamentary trusts If you're considering leaving an income-producing inheritance to someone, putting part or all of it in a trust instead of giving it directly to your beneficiary can help reduce the family tax bill.

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.

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