Money Management Newsletter: Taxes
and Estate Matters
Some simple estate planning solutions
What we do, what needs to be done, the process to follow...
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.
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
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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