Estate Planning
Have you been thinking more about your Estate Planning of late?
You have taken a life time to achieve your goals and that planning needs to be carried further now with the future plans for your estate.
You have built up and managed your wealth up to this point, it is important now to protect it. Through the use of insurance strategies, Greg can help you protect your wealth during your lifetime, and protect the value of your estate for your family and other beneficiaries. Insurance strategies will also help you maximize the wealth you pass on to your heirs.
Your assets can trigger significant tax obligations at your time of death. These obligations are often met by liquidating the assets of your estate. Your registered retirement savings, unrealized capital gains and U.S. assets are all taxable. Greg can help you and your family prepare for this tax liability.
Registered assets
Did you know that almost half of your registered retirement savings may be payable to the government at your death?
Often, the top marginal tax rate is applied to all the remaining assets in your RSP or RIF on your or your spouse's final tax return. Therefore, on a $200,000 RIF account, up to $100,000 could be payable in taxes.
Capital gains tax
Upon your death, you can make sure your assets are transferred to your spouse without triggering taxation. But when your spouse dies, the government considers your assets to have been sold at current market value (for tax purposes) even if they haven't actually been sold. This can result in taxable capital gains. Half of any capital gain must be claimed as income in your or your spouse's final tax return.