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Estate Planning Archives

Tips for navigating the creation of a succession plan

Family is an important part of life for many people who live in Ontario. The nature of the relationship family members have with each other will vary from family to family based on a wide variety of circumstances including whether the members work together at a family business.

Breaking down estate planning process may make it easier

There is no question that estate planning can be overwhelming. Depending on one's assets as well as what they wish to do with them, the person seeking to create an estate plan may not know where to start. While there are many details that need to be addressed in the course of creating an estate plan the process can be broken in to two parts: defining and designing.

Things to keep in mind to prevent estate litigation

When a loved one is lost great sadness is a normal part of the mourning process for many. That sadness can become even more difficult to bear when a dispute regarding the deceased person’s estate arises. Disputes can take multiple forms including: trust administration, disinheritance, conflicts regarding personal items, estate administration and the validity of a will.

In cases of incapacity power of attorney plays important role

If you have been named as an attorney for property over the financial matters of a loved one you may be wondering just what your role is. While the specifics of each situation will of course determine exactly what needs to be attended to, there are some general guidelines that all should keep in mind.

Estate planning the right way now could prevent litigation later

Financial planning is not always straightforward. This especially true for high net worth individuals. Persons, who fall into this category may need to address issues that others do not. In this post we will focus on three things that people in this demographic should take into consideration.

Creating a succession plan to transfer a family farm

When it comes to planning for the succession of a family business farms are likely not the first thing that comes to mind. The reality however is that for some families in the Mississauga area farming is how they make a living. As is the case with any other type of family owned business there are sometimes issues with the transfer of the business to the next generation. To try to keep those issues to a minimum is it important to work with an estate planning lawyer to create a succession plan.

Did you make these estate planning mistakes?

If you have or are in the midst of creating an estate plan, congratulations! Your willingness to take the time to let your loved ones know how you would like your assets distributed upon your death could make things easier for those you left behind, after you are gone. If you are going to undertake this endeavour it is important that you do it correctly. Doing so could be the difference between your estate plan being successful or not. Here are two mistakes that many Canadians may be making in the course of creating an estate plan.

Planning ahead for incapacitation, not just death, a good idea

When it comes time to create an estate plan the first documents that come to someone’s mind are probably a will and perhaps a basic power of attorney. These may of course be an important part of a plan but in many cases are not enough. People should look to the future—not to their death—but rather to how they want to be cared for if their health fails and they are no longer to make decisions about the care they should receive. 

Financial planning to meet your estate planning goals

If you have significant assets that you want to see grow and mature, then a financial advisor can be a great help, particularly with the technical aspects of your investments. It is also important to stay informed and be aware of what your financial advisors are doing.

How can I reduce my estate's exposure to taxes and other costs after my death?

When a person dies, his or her debts must be paid before any estate assets are passed on to a spouse or heirs. Common debts that must be settled are funeral expenses, taxes on Registered Retirement Savings Plans, taxes on capital gains and the estate administration tax, which in Ontario is nearly 1.5 per cent of the estate's value.