Estate planning isn’t just about deciding who gets what, it’s about preserving your wealth, minimizing taxes, and ensuring your wishes are honoured. There are several tax obligations that can affect your estate before assets are passed on to your loved ones. Understanding these obligations, and how to reduce them, is key to protecting your legacy….
An Alter Ego Trust is a special type of trust available to Canadians aged 65 or older. It allows you to transfer assets into a trust while still retaining full control and benefit of them during your lifetime. Alter Ego Trusts are often used for estate planning because they offer privacy and probate advantages….
A Power of Attorney (POA) is a crucial legal document that allows someone you trust to manage your legal and financial affairs if you become unable to do so yourself. In British Columbia, setting up a POA is an important step in your estate and incapacity planning. Here’s what you need to know about Powers…
In Canada, beneficiaries do not pay taxes on inherited money or assets; instead, the deceased’s estate settles any tax obligations before distributing assets to heirs. This approach ensures that all taxes are addressed upfront, relieving beneficiaries of potential financial burdens. No Direct Inheritance Tax Canada does not impose a direct inheritance tax. Beneficiaries receive their…
Avoid challenges to your will: learn what to know about the need for testamentary capacity when writing a will in British Columbia.
Hiring a probate lawyer can help you get through the probate process efficiently and stress-free. Contact Munro & Crawford for help today!
Here are the basics you should know about what happens to your debt after you die. Who is Responsible for Paying off My Debt? Many people are concerned about passing their debt onto their family, but this is generally not what happens. If you die with debt, and there is proof of that debt, then…
Writing Wills as a Couple: What You Need to Know Common Law Relationships & Wills Having a will is important for every couple, but this is especially true if you are in a common-law relationship. If you die without a will, you may end up leaving your common-law spouse with no claim to your assets….
