Estate planning is the process of transferring the assets for an individual. The primary goal is to devise a plan to ensure that the estate reduces administrative fees, taxes and other expenses when assets are passed on. Anybody or any organization can be the beneficiary of the estate but naturally the beneficiaries are the children of the person’s estate.
At SRJ we provide estate planning services in Toronto to guide you and your family through the process. We will devise a plan that suits your needs and ensure that we maximize the value of the estate. Estate planning can be quite complex but our goal is to simplify what would otherwise be a difficult task. Our estate planning services will gather a team of specialists and guide your family through the process to ensure your loved ones are protected and your wealth is transferred in a smooth and orderly fashion. When you work with us we want to achieve the following:
- Ensuring you and your family have control over who oversees the estate.
- Explaining what you can expect to pay in estate fees and keeping these fees to a minimum.
- Establish a method by which your family will receive money and property from the estate in the least stressful and costly matter.
- Reviewing your Will with you and help you update or change the document according to your wishes.
- Anticipating and avoiding any family conflict that may arise after death.
- Implementing a tax planning strategy that will minimize the taxes of the estate.
Our estate planning services in Toronto review in detail all of the potential tax consequences to the estate. Upon death, the Canadian tax rules discusses “deemed disposition,” which is essentially an estate tax that assumes all of your investments are sold at death and your estate is liable for the taxes. If you own a significant amount of investments your estate could be liable for those taxes owing, which can be substantial. At SRJCA our estate planning specialists will review your unique circumstances and anticipate your potential tax liabilities and devise a plan for the estate to minimize taxes and other expenses.
- There is no immediate tax liability on the estate freeze and the future taxes owing from the disposition of the asset at death is established.
- You still maintain control of the corporation and its assets even though future growth is passed on to family members.
- Income splitting tax strategies can be used to pass income to family members in lower tax brackets.
- The estate freeze could allow for the use of the lifetime capital gains exemption.
Preparing yourself and your family to plan for your estate can be a daunting task. Naturally, this is a very important issue for you and your family. At SRJCA our estate planning services specialists have years of experience and have guided several families, step-by-step, through the process of establishing an effective estate plan and ensuring that you are comfortable knowing your loved ones will be taken care of.