Establishing trusts
Trusts help with bypassing probate and offer creditor protection. Privacy is also protected. Arrangements are made based on your own terms and conditions. However, start up costs may be substantial, and the income that arises from the assets within the trust are subject to taxation in Canada. There are different types of trusts and it is important to determine whether trusts are suitable for your situation.
Schedule a meeting for establishing trustsWills
Wills are established based on the deceased’s wishes and must involve the assets left after death, and must deal with personal and not corporate assets. Wills do not include assets with named beneficiaries. Limitations to wills include potential disputes between surviving family members and the lack of privacy protection. Taxes and probate fee liabilities may also arise, and assets are considered deemed disposition which may trigger capital gains taxes. Consult a professional on which tools to use to complement wills with regards to proper estate planning.
Schedule a meeting for willsLife Insurance
Certain types of life insurance offer principal protection, growth, and asset creation. All assets are left to named beneficiaries and cannot be challenged by law. The death benefit is paid out tax free, and growth is accumulated within the policy in a tax deferred manner. Insurance offers creditor and privacy protection, and the death benefit bypasses probate. Limitations include underwriting requirements as not everyone will be qualified to acquire insurance. Meet with our advisors to determine if this is a viable estate planning solution for you.
Schedule a meeting for life insurance
