1 / 15

Estate Planning – Tips, Traps and Tricks

Learn important estate planning objectives and tools, including wills, insurance, trusts, and power of attorney. Discover tips for blended families and handling digital assets. Ensure your estate plan is up to date and meets your needs for the future.

shermank
Download Presentation

Estate Planning – Tips, Traps and Tricks

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Estate Planning – Tips, Traps and Tricks Andrea Riccio Kre8tive Law Group October 24, 2016

  2. Estate Planning - Objectives • Provide financial security for retirement • Provide for potential disability • Implement distribution plan after death • Minimize taxes on death • Minimize cost & inconvenience on death • Maximize gifts to beneficiaries

  3. Estate Planning Toolbox • Financial Advisors • Insurance • Pension • RRSP • Tax plans

  4. Estate Planning Toolbox • Lawyer • Will • Enduring Power of Attorney • Personal Healthcare Directive • Supported Decision Making Authorization • CRA Form T1013 • Structured Asset Ownership • Trust • Estate Freeze and Buy/Sell Agreements

  5. Insurance • Death benefit paid to beneficiaries • Used to pay taxes • Used to fund corporate obligations

  6. RRSP • Main tool for retirement income security for self-employed persons • A supplement to employee pension plans • Tax deferral for spouses • Tax relief on contributions to maximums • Watch in will situations

  7. Structured Asset Ownership • Bank accounts • Real estate • Investments • Gifts • Direct Ownership

  8. Death – Tax Implications • Look ahead for tax impact • Deemed disposition of capital property • Ensure sufficient liquidity to pay taxes and debts

  9. Wills • Control - distribute your property your way • Essential for: • parents with minor children • common law couples • same-sex relationships • multiple families • special needs situations • Minimizes taxes and estate administration costs

  10. Wills - Children • Appoint Guardians • Who will administer your children’s trusts • Give Guardians/Trustees discretion to do what is best for children • Specify how and when children will receive the share

  11. Tips – Blended Families • Specific Estate Planning Tools • Marriage Contracts • Mutual Wills • Direct Ownership • Revisit Existing Estate Planning Tools • Beneficiary Designations • Structured Asset Ownership • Trusts

  12. Tips – Digital Assets • Digital assets you have purchased • Digital assets you created stored in the cloud • Personal information collected by social media • Information contained on personal devices • Issues – Access, Valuation & Ownership

  13. Incapacity • Two types of Enduring Powers of Attorney • Immediate and Springing • Difficulties when no power • Significant saving on lawyer’s fees • Other Documents • Considerations

  14. Personal Care • Two components to a Personal Care Directive • Express wishes for care • Empower a trusted person • Effective on disability • Consequences of no power • Considerations

  15. Final Tips • Carry Contact Information On You • Your attorney in the event of incapacity • Your children’s guardian • Review Estate Plan • Every Five Years • Significant Change in your life

More Related