Sherrett Insurance Agency Ltd.
Estate Planning, Corporate Benefits, Investments, Insurance, Retirement Planning
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- Planning for retirement? Ask about RRSPs.
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Estate Planning
Estate planning involves transferring and preserving your wealth in an organized and efficient manner. When properly structured, an estate plan can reduce the taxes and expenses of your estate, simplify and speed the transition of assets to the next generation, and ensure that your beneficiaries are protected.
From a tax perspective, your estate planning objectives should include:
- Minimizing and deferring tax on your estate.
- Minimizing taxes on your death so that most of your estate can be preserved for your heirs.
- Moving any tax burden to your heirs, to be paid only upon the future sale of the assets.
You can obtain these obectives by:
- Arranging for assets to be transferred to family members in a lower tax bracket.
- Establishing trusts for your children to maximize future tax savings.
- Setting up estate freezes (generally for your children), thereby reducing the tax they pay in the future on the increased value of selected assets.
- Making optimal use of the benefits of charitable donations, tax shelters, holding companies or dividend tax credits.
- Taking advantage of special income tax options to minimize tax or payments on your present assets.
Related Products:
- Registered Retirement Income Funds (RRIFs)
- Registered Retirement Savings Plans (RRSPs)
- Retirement Planning