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Wills & Estate Planning

How do you deal with RRSP transfers upon death?

When RRSP assets are present in an estate, there are a few steps to follow to assist transferal in the event of inheritance, death or separation. A surviving spouse can transfer the full amount of a spouse’s RRSP as a refund of premium by rolling it into...

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Parents: Do not make this mistake in your will

How does the Guardian Clause in your will protect children? Caring for your priceless assets – your children. Very few Canadians have a will, fewer have a currently updated will. Without a will, you cannot outline directives regarding your most priceless...

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Should every adult have a Living Will?

The Living Will (or Advance Medical Directive) is a document in which you state your wishes regarding the continuance or refusal of extreme medical care. It comes into play only if and when you cannot make those decisions yourself. If you become incapacitated,...

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8 mistakes not to make in your estate plan

What is estate planning? The nature and extent of the rights to asset ownership with respect to land, property, and financial assets and/or life insurance benefits can be given over to heirs using documents referred to as the Last Will and Testament, drawn...

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How does life insurance benefit a Testamentary Trust?

A testamentary trust is established using a will when someone dies, including the following types which direct a named trustee to manage and distribute assets and income to named beneficiaries of the trust. You can designate the number of years it will survive,...

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How do you establish a Testamentary Trust?

You establish a testamentary trust in a Will. It directs a named trustee to manage and distribute assets and income to designated beneficiaries of the trust. You can designate the number of years it will survive, within permissible, legal limits. The trust...

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What special powers do executors have?

Before naming or agreeing to act as an executor, be sure to consider what is involved. Naming co-executors, one of whom is a professional in the field, can be a wise decision. • An executor carries out the instructions in your will. Co-executors can share...

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What are the key reasons to review your Will?

Keeping your Will up-to-date is just as important as having a Will. Consider updating your Will for the following reasons. • Marriage. You recently married, or a marriage ended since you made out a reciprocal (joint) Will. Your Will may be revoked upon marriage,...

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The Guardian Clause: Protect your children

A will can protect your children’s financial future Very few Canadians have a will, and fewer have a currently updated will. Without a will, you cannot outline directives regarding your most “priceless asset” – your children. A will allows you...

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How do you transfer a family cottage to the children?

If you want your heirs to inherit the family cottage, rather than a capital gains tax bill, examine the benefits of life insurance. Only your principal residence can accrue capital gains without capital gains coming due in the estate. Where the cottage has...

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How do you insure your estate taxes?

Your heirs will inherit certain assets tax-free, but not all. Life insurance can cover estate liabilities which would otherwise leave your beneficiaries with debts rather than an inheritance. “Are you kidding? I thought I would inherit.” Hopefully...

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Can life insurance solve tax liabilities in my estate?

There are many ways to reduce your estate liabilities. You work hard to earn a living, save for retirement, and own property. It is important to know what your estate liabilities are in relation to: capital gains, mortgage debt, car loans, unpaid taxes, and...

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