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…
An Alzheimer’s diagnosis brings unique challenges, but it also serves as a reminder to make the most of the time you have. While every individual’s experience with the disease is different, taking proactive legal steps now will provide clarity and peace of mind for both you and your loved ones. Regardless of when you receive…
When someone passes away, the property and estate they leave behind must undergo a legal process called estate administration. If the deceased left a will, then their assets will be distributed according to their wishes, applicable debts or taxes will be paid, and so forth. If there wasn’t a will, then this process proceeds according…
Life can be unpredictable, so it’s vital to protect the people you care for. Estate planning is the process of arranging what will happen to your assets after you die, or if you become incapacitated. A well-crafted estate plan will preserve your wealth and put your mind at ease. Don’t wait – take control of…
Settling an estate, typically called the “administration of an estate”, can be a complex process, with numerous legal and logistical hurdles to overcome before assets can be properly distributed. However, every situation is unique. Estate timelines will vary depending on the specifics of each person’s case. This guide will give you an idea of what…
When someone creates a Will or a trust, they are considered to have the free will and mental capacity to make their own decisions about what happens after their death.
If you’re planning your estate and have recently learned about probate, you’re likely asking yourself whether there are any opportunities to reduce the costs of the process or avoid it altogether.
