Estate Planning

Decorative pattern

Estate Planning

How to appoint the right executor

Picking an executor is one of the most important decisions when your clients draft a will. Generally speaking, the executor implements your client’s last will and testament – his instructions and wishes. More specifically, this includes identifying and collecting assets; determining and paying liabilities, preparing and filing tax returns; paying taxes on time; and communicating […]

By Danny Dochylo |September 1, 2009

5 min read

Decorative pattern

Estate Planning

Multiple jurisdictions might mean multiple wills

When advising clients on making a will, it isn’t uncommon to discover they have assets in foreign jurisdictions. That being the case, advisors need to know how to deal with issues that may arise from having overseas wealth. Consider the following scenario. Mary is a Canadian citizen who lives in Ottawa but spends her winters […]

By Akua Carmichael |September 1, 2009

4 min read

Decorative pattern

Estate Planning

Bequeathing the family cottage

In my last column, I discussed the two most basic elements of estate planning — wills and powers of attorney — and how they affect the intergenerational transfer of wealth that your clients must eventually deal with. Now let’s look at one of the more common intergenerational asset transfers — the family cottage. Many of […]

By Michelle Munro |August 5, 2009

6 min read

Decorative pattern

Estate Planning

Insurance and the U.S. estate tax

Individuals in Canada often purchase insurance to help fund tax liabilities that arise on death. In addition, some insurance products are purchased as an investment vehicle to shelter income from tax. Generally speaking, estate planning with insurance is effective in Canada because insurance proceeds are received tax-free. However, for U.S. citizens living in Canada, great […]

By Nadja Ibrahim |July 21, 2009

4 min read

Decorative pattern

Estate Planning

Estate planning 101

A reluctance to tackle touchy subjects can prove costly. I remember a long-ago conversation with one of my earliest personal tax clients about aging parents and estate planning. The client — let’s call him Bob — was the only child of a well-to-do couple. Bob had no children of his own, and was relatively well […]

By Michelle Munro |July 6, 2009

5 min read

Decorative pattern

Estate Planning

Business bonanza

Whether it’s because they’ve decided to leave the corporate world to venture out on their own, reenter the business world after taking some time to raise children, or just capitalize on their skills and talents, more and more women are entering the ranks of business owners. According to Statistics Canada, in 2006 women accounted for […]

By Gena Katz |May 29, 2009

3 min read

Decorative pattern

Estate Planning

How to minimize the U.S. estate tax

If you have a client who is married to a United States (U.S.) citizen or a dual citizen, you may need to advise the person to watch out for U.S. estate tax. U.S. estate tax is a wealth transfer tax levied upon death, on the fair market value (irrespective of any accrued gains in value) […]

By Nadja Ibrahim and Christopher Gandhu |May 19, 2009

4 min read

Decorative pattern

Estate Planning

RESPs and estate implications

Registered education savings plans have become the cornerstone for saving for a child’s or grandchild’s post-secondary education. With this increased popularity, you can expect that your clients will more often encounter RESPs during their administration of estates. And because of the larger RESP values, it is more likely that disagreements will arise respecting the administration […]

By Floyd Gradley |May 12, 2009

6 min read

Decorative pattern

Estate Planning

TFSA holders don’t understand death benefits

Although minor, the ability to tack a beneficiary designation onto tax free savings accounts is one of those small bits of advice that can differentiate an advisor from the herd. While most Canadians understand and appreciate the tax-free feature of the TFSA, a survey by Mackenzie Financial shows few are clear about the implications of […]

By Mark Noble |April 20, 2009

4 min read

Decorative pattern

Estate Planning

U.S. estate tax for Canadians

If you have Canadian clients who are married to a citizen of the United States or a dual citizen, you may need to advise them to prepare for U.S. estate tax. U.S. estate tax is a wealth transfer tax levied at death on the fair market value of property held by an individual. The top […]

By Nadja Ibrahim, Christopher Gandhu |April 17, 2009

5 min read

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