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Estate Planning Review

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Ernie Cosgrove

Estate Planning Estate The Assets and Liabilities left by a person at death ie your Estate is your Net Property Definition A Plan to ensure that the following objectives are achieved1 Your property is used and distributed to your wishes2 Achieve the greatest possible accumulation of assets3 Achieve the highest aftertax income both before and after death Timely Orderly and Tax Efficient OngoingIntegrative Process 1 CreateExtend the Estate2 Preserve the Estateinsurance tax planning education debt mgmt retirement investments 3 DisposeTransfer of the Estate Distribution of Assets 1 Transfer of Property While Livingi Saleconsideration capital gains deemed at FMVii Giftno consideration capital gain attributioniii InterVivos Trust assets transferred to trusteetrustee acts for beneficiaries trust agreement law of truststaxed at highest rate 2 Transfer Property at Death anything in your estate is subject to probate fees creditors have accessi Designated BeneficiaryThe beneficiary is designated in the contractplan and receivesproceedsinsurance policies pension plan interests DPSPs RRSPs RRIFsBenefitsno probate fees protected from creditorsii Joint Propertydoesnt go through estate Not subject to probatecreditorsA Tenancy in Commonon death of one tenant that share of the property passes toestate of deceased and then to the beneficiariesB Joint Tenancy Ownershipon death of one tenant that share of the propertypasses directly to the surviving tenants It is not part of the estate Avoids probatedelaysiii Will or NoWillAssets Distributed As Will Dictatestestamentary trusts bequestsAssets Distributed As Provincial Law Dictatesprovincial succession laws govt IntestacyDying without a Will or with an invalid or ineffective Will 25k to daughter and this is all your write Turns out you die later than planned and now you have more than 25k The will is still valid but called partial intestacy The intestacy laws will deal with the additional 25k A way to avoid this is to have a residual clause any excess amounts go to this person
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