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An increasing number of Canadians are planning for their estates to minimize expenses and income taxes, as well as to protect their loved ones.
Upon the death of an individual, the assets are deemed to be disposed off and can result in income tax liability on the deceased’s estate. Furthermore, the provincial governments levy probate fee (charges vary according to the province) for granting a certificate to appoint an estate trustee. These additional expenses can be a significant drain on the estate if steps are not taken in advance to minimize them.
Estate Planning refers to the process of organizing your estate in such a way so that your heirs receive maximum benefit from the disposition of assets after death.
Our experts can help guide you down the path of planning for your estate in such a way to incur the least amount of probate fee and income taxes upon the disposition of the estate.
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