Estate Planning, Part 1
Updated: Oct 27, 2020
The Importance of a Plan
"Life’s tragedy is that we get old too soon and wise too late" - Benjamin Franklin
The words of Benjamin Franklin apply well to drafting a comprehensive and effective estate plan. Too often, estate planning matters are left until it is too late.
Death carries with it significant financial and tax obligations. A passing without a proper estate plan can but significant stresses and financial burdens on the deceased’s loved ones during an already difficult time.
A well-crafted estate plan can help mitigate these issues. Proper planning can ensure that the wealth accumulated during your lifetime is used in a manner according to your wishes and can look after those whom you care about most.
The process of a plan should be considered a journey. Each plan should be customized to an individual’s desires and life circumstances. Boilerplate plans will ordinarily result in suboptimal outcomes, and more time and stress later on.
Examples of some simple steps that can be taken are as follows:
Review your Will following any significant life changes
Have a plan in place should you pass away suddenly
Discuss changes in finances and wishes with your significant other
Ensure that your plan is consistent with the tax laws in the province or country in which you reside
Review your life and health insurance needs
Discuss the tax implications of your passing with your accountant and ensure that the resulting liability is sufficiently funded
Discuss if it makes sense to pass wealth on to heirs while they are alive to mitigate tax issues on death
At GGT Chartered Professional Accountants, we work closely with our clients to ensure that their financial and tax affairs are in order.
If you would like to discuss estate planning with one of our advisors, please contact us at (403) 475-8033 or info@ggtcpa.com
The information in this publication is current as of October 15, 2020.
This publication has been carefully prepared; however, it was written in general terms and should not be seen as legal or tax advice. This publication should not take the place of professional advice specific to your own family circumstance. GGT Chartered Professional Accountants, its partners and employees do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken based on a decision made in relation to the concepts discussed in this publication.