Estate and Tax Planning

There are two certainties in life: One is Death, the other one is Tax.

What is estate planning?

Many people mistakenly think that estate planning only involves the writing of a will. Estate planning, however, can also involve :

  • Financial planning
  • Taxing planning
  • Medical planning
  • Business planning

A will is part of the planning process, but you will need other documents as well to fully address your estate planning needs.

Estate Planning is a process. It involves :

  • People – your family, other individuals and, in many cases, charitable organizations of your choice.
  • Assets – Your property and the various forms of ownership and title that those assets may take.
  • Whether your estate is large or small, you should designate someone to manage your assets and make health care and personal care decisions for you if you ever become unable to do so for yourself. A power of attorney should be set up properly in advance
  • For minor children(under age 19 in B.C.) would not be legally qualified to care for him or herself and manage their own assets if both parents were to die. You should nominate a guardian to supervise and care for your children. You might consider setting a trust to be held, administered and distributed for the child’s benefit until the child is 19 or older.
  • If your estate is large, our financial advisors and lawyer will also discuss various ways to preserve your assets for you beneficiaries and of reducing or postponing the amount of estate tax (Estate Freeze) which otherwise might be payable after you death.
  • If you fail to plan ahead, a judge will simply appoint someone to handle your assets and personal care. And your assets will be distributed to your heirs according to a set of rules known as intestate succession.

Our financial advisors will provide you professional advice and arrange a lawyer and accountant to provide professional services for the process of estate planning.