Tag: tax reduction strategies
In looking forward to 2007 and the consideration of your estate plan, you might ask what is my estate plan meant to accomplish?
Simply put, an estate plan should ensure that your assets go to the people you intend, reduce, where possible, your estate’s potential tax liabilities upon your death and protect your assets if you should become disabled. A Will, tax reduction strategies and powers of attorney can be prepared and/or considered to accomplish the goals of your estate plan.
In his book, “Advising Families on Succession Planning, The High Price of Not Talking”, Ian Hull discusses, among other things, the need for an estate plan, the make-up of an estate plan, the most frequent causes of estate litigation, the legal process and, when necessary, the family conference. The family conference being a professionally mediated family meeting intended to obtain the beneficiaries approval of one’s estate plan through the signing of a family constitution.
As noted by Mr. Hull, “A family constitution sets out the framework for both the estate plan (which then needs to be implemented by the family lawyer) and the process of ongoing family conferences and dispute resolution.”
In tomorrow’s blog I will look at several causes of estate disputes; disputes that may be avoided with a good estate plan.
Have a great day.
READ THE TRANSCRIBED PODCAST HERE
During this podcast, Suzana discussed the type of taxes that arise on death and suggested ways to defer or reduce each of them:
(i) capital gains tax;
(ii) tax on RRSP and RRIF assets; and
(iii) probate fees Suzana then discussed other tax reduction strategies as well. ——–