Estate Planning Avoiding The Taxman's last Grab

"As in life so in Death"

The death of a taxpayer triggers tax consequences which can be costly if he is not prepared. This is the taxman's last dig into his pocket.

When there is considerable wealth,careful preparation is required to avoid paying unnecessary taxes.  The more wealth involved the more complex the process and there may be a need for tax, legal, accounting, business and liability advisors to be involved.

Unfortunately, not much attention is paid to this aspect of wealth preservation, since for most people the settlement of one's affairs is a fairly simple process. Also it seems so far away we often think of it as something to do closer to retirement.

The truth is that financial planning should be started very early in the wealth creation process and modified as the circumstances evolve.

Estate Planning is an integral part of financial planning and involves the orderly distribution and transfer of assets and wealth, as well as the winding up of the financial affairs, upon someone's death.

The purpose of planning is to make the transfer process as simple and orderly as possible. Do you have a current will? Have you designated beneficiaries for your RRSP's? Will your businesses survive after you pass? are all issues that should be addressed during this process.

What is the Future Value of your Investments?

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