The personal estate planning goals of our ElderCare Concierge clients are unique, and involve complex family, investment, tax and legal considerations.
The ElderCare Life Plan properly integrates those unique needs with solutions.
Estate planning is not just planning for death; it is also essential to ensure that your affairs are handled in accordance with your wishes while you are alive.
Many Canadians die every year without completing a will, resulting in the provincial government taking control of the estate to decide how assets are to be distributed. Even for smaller estates, the costs and delays of probate can have devastating consequences. The goal of estate planning is to arrange your financial affairs as efficiently as possible in order to save time, tax and probate fees, and most importantly the goal is to preserve harmony in family relationships.
While Canadians are not subject to "inheritance taxes", depending on the type of assets in an estate there may be "deemed disposition tax" that could seriously impact the estate. Properly planned estates have assets arranged and titled in such a way as to minimize any taxes payable and estate planning tools such as trusts are often employed to reduce the exposure to various taxes and fees.
As stated, estate planning is not just planning for death; it is also essential to ensure that your affairs are handled in accordance with your wishes while you are alive. Should you become mentally or physically incapacitated and unable to manage your own affairs, tools such as a power of attorney and trusts become important life planning tools.
Many people avoid estate planning because they think it is complicated, expensive and only for the wealthy, which, for most estates, is not true. While it usually requires the guidance and assistance of an estate planning professional or attorney to execute the legal documents, a lot of time and expense can be saved by organizing your financial information and determining your goals and objectives prior to meeting with one.