If you are an estate executor in Ontario, then the administration of the estate may seem like an impassable web of affidavits, notices and forms. Following the correct procedure is highly important, however, and you're not alone if you feel overwhelmed by the requirements. Many estate trustees turn to an experienced estate administration lawyer for help.
A few strategies for minimizing Ontario's estate administration tax
Avoiding taxes or minimizing their impact on your estate is an essential part of comprehensive estate planning. Compared with other provinces, Ontario has a particularly high estate administration tax. However, there are strategies that a lawyer can help you implement in order to minimize your estate's tax burden.
Have you considered all of the benefits of a tax free savings account?
The tax free savings account is a cost-effective investment tool not only because it shields your savings from taxes, but also because a TFSA is not necessarily subject to probate and can be used to pass an inheritance confidentially to a beneficiary.
Poll: 40 per cent of Canadians draw down retirement savings before career's end
A comprehensive estate plan can include multiple vehicles for retirement savings. For example, a trust, a tax free savings account and a registered retirement savings plan can all be coordinated in the same estate plan in order to maximize your finances during retirement.
Importance of timely resolution of estate disputes cannot be overstated
Estate beneficiaries find themselves in disputes for a variety of reasons. The grief of losing a loved one, unresolved divorce-related issues, mental health issues, lack of mental capacity, and deep-seated family disagreements can all factor largely. In most cases, though, the main cause of conflict is inaccurate or inappropriate estate planning.
