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Estate Planning
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Estate Planning
Commonly when estate planning is discussed, many Canadians think that only the wealthy need to be concerned about placing a plan for their estate. This is a common misconception which could result in unnecessary costs and additional burden for the survivors. The most valuable that one could leave for the family and the survivors are the gift of security and peace of mind. At Apluswealth Inc. we strongly believe that the implementation of estate planning strategies will aid the Canadian families to reduce taxes and expenses that an estate might go through, no matter if you are young or old, wealthy or middle class.
A common misconception is that only the wealthy need to concern themselves with estate planning. This misconception can result in significant unnecessary costs
to the estate and additional burdens for survivors. In fact, just about everyone can benefit from estate planning. Young or old, wealthy or middle class, an estate plan can reduce the taxes and expenses of an estate, simplify and speed the transition of assets to the next generation and ensure that beneficiaries are protected. Estate planning should be a financial priority at almost any stage of life. In fact, sometimes the words, estate planning, financial planning, and retirement planning are interchangeable and refer to a similar type of planning.
Our professional advisors consider each client’s specific circumstances and will craft a personalized plan that considers family dynamics, tax position, risk tolerance, and long-term objectives. In doing so, we:
- Preserve Wealth
- Protect Your Bloodline
- Ensure Family Harmony and Peace of Mind
- Minimize Tax
Here are the 4 areas of state planning that each Canadian Family need to take into consideration:
A will is a legal document that explains in detail how you would like your estate and assets to be divided once you passed. What is considered your estate? An estate includes everything that a person owns or controls – from financial accounts to physical possessions. Everything from clothes, jewelry, art, vehicles, antiques, homes, land, cash, checking and savings accounts, retirement accounts, life insurance, stocks, bonds, and more are considered part of a person’s estate. Businesses and business interests are also considered part of a person’s estate, as are any debts or obligations (called liabilities) owed to others. An up-to-date will can help your estate representative deal with your estate when you die. Provinces and territories set the laws for estates.
The Government of Canada does not impose a legal requirement for Canadians to prepare a will. However, in the event of your death without a will in force, your estate will be divided based on the laws governing your province or territory.
You need the professional help of expert advisors to help guide you toward this process. A will is better to be written by a legal professional. Also, you need to ensure to keep your will up-to-date if changes have happened to your estate.
A Power of Attorney is a legal document which provides one or more individuals the authority and ability to manage your money and property for you. The Canadian Government has no legal requirement for the Canadians to name individuals as their Power of Attorney, however, having a Power of Attorney is critical and important in cases where you become unable to manage your own finances. The individual/individuals named as the Power of Attorney does/do not have to be lawyer or experts in the legal profession.
The Power of Attorney gives the attorney complete access to your finances.
This means they can:
- do your day-to-day banking
- sign cheques on your behalf
- buy or sell real estate on your behalf
- borrow money on your behalf
- take on any other responsibilities listed in the Power of Attorney
- There are different categories of Power of Attorney:
1) General Power of Attorney
2) Enduring or Continuing Power of Attorney
In Ontario, estate administration tax, previously known as probate fees, is charged on the total value of the deceased’s estate. The total value of the estate is the value of all assets owned by the deceased at the time of death, including:
- real estate in Ontario
- bank accounts
- investments (e.g., stocks, bonds, trust units, options)
- vehicles and vessels (e.g., cars, trucks, boats, ATVs, motorcycles)
- all property of the deceased which was held in another person’s name
- all other property, wherever situated, including:goods
- intangible property
- business interests, and
- insurance, if proceeds pass through the estate, e.g., no named beneficiary other than ‘Estate’
Currently, the tax rate is calculated as the following:
- $5 for each $1,000, or part thereof, of the first $50,000 of the value of the estate, and
$15 for each $1,000, or part thereof, of the value of the estate exceeding $50,000.
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