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Estate Planning

Estate Planning with Jeff Ponting

  • Live in your own home?
  • Have a business?
  • Hold some investments?

Estate planning ensures what you leave behind goes to the people you want it to go to, not the taxman.

 

What is estate planning?

Estate planning ensures that your assets can be transferred to the people you wish to have them in the most tax-efficient ways. They don't have to wait until you die either, as you can pass on assets during your lifetime, which can minimise the amount of tax you or your estate will need to pay.

 

Planning your estate dispersal now can save you and your heirs considerable time and may reduce both probate and legal fees. (As far as the CRA is concerned, when you die, it is considered that you have sold all your assets and your estate is taxed accordingly.)

 

Estate planning: where there's a will...

Many people think that making a will is sufficient to ensure everyone is taken care of. Certainly, a will should be at the heart of your estate planning, but you might wish to make other special provisions to minimise the tax due on your estate, such as trusts, loans or gifts.

 

You might also wish to put in place provisions to meet your family's financial needs such as life and critical illness insurance, or measures should you not be able to manage your own affairs, such as power of attorney.

 

Business succession planning

If you're a business owner, you'll want to ensure your company passes on to the best people to look after it. Your estate plan should always include details of business transfer, or you can choose to put this into action when you retire.

 

Key features of an estate plan

  • Strategies to reduce estate tax liabilities
  • A detailed, legal will with an appointed executor
  • Customised to your specific assets and requirements
  • Named beneficiaries for insurance and savings plans such as RRSPs
  • Strategies for your properties, such as joint ownership
  • Early inheritance strategies for children
  • A pre-paid funeral plan
  • Details of charitable gifts

 

How Jeff can help

At Ponting Financial Group, Jeff and the team want to make sure your wealth passes on to the next generation, not to the government. We'll work with you to examine your assets, and devise a comprehensive plan to manage their tax-efficient transfer to the people you want to have them, be they family, friends or business partners. We have the experience to put in place strategies to reduce your estate's tax liability both during your lifetime and beyond. We'll also work to ensure your loved one are not hit by unexpected costs and taxes through measures that are legally sound.

 

For all your estate planning needs, call us at 519-485-5801 or send us an email.

Find Us

Get in Touch

7 St. Andrew Street

Ingersoll, Ontario

N5C 1K6 Canada

 

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