If you are between the ages of 35 and 65, it is quite likely that someone you know has recently been diagnosed with a terminal illness. Hopefully, there is time for them to review and organize their estate to ensure their loved ones are properly taken care of.
From a tax planning perspective, it is wise to ensure that heirs receive the maximum value of the estate. It is tragic when someone works hard all their life only to have much of their assets taxed heavily by the government because of an insufficient estate plan. The Canada Revenue Agency will happily accept whatever income and assets are not protected by a proper estate plan.
This may also serve as a wake-up call to:
Gather and Organize Legal Documents
Review and Update Insurance policies:
Organize Personal and Business Finances:
Reviewing and updating the estate plan in conjunction with tax planning strategies can offer more favorable opportunities:
Work with a professional to explore the various options to make the transition flow smoothly. It can be very reassuring to know that your loved ones will be taken care of.
Copyright © 2018 AdvisorNet Communications Inc. All rights reserved. This article is provided for informational purposes only and is based on the perspectives and opinions of the owners and writers only. The information provided is not intended to provide specific financial advice. It is strongly recommended that the reader seek qualified professional advice before making any financial decisions based on anything discussed in this article. This article is not to be copied or republished in any format for any reason without the written permission of the AdvisorNet Communications. The publisher does not guarantee the accuracy of the information and is not liable in any way for any error or omission.