PLAN­NING YOUR ESTA­TE THE TAX-SMART WAY – PART II

Corriere Italiano - - SALUTE E BENESSERE -

Ca­na­dian so­cie­ty is on the ver­ge of the lar­ge­st in­ter­ge­ne­ra­tio­nal weal­th trans­fer in hi­stor y. Un­for tu­na­te l y, mo­st Ca­na­dians don’t ha­ve a writ­ten esta­te plan de­tai­ling how their weal­th will be trans­fer­red to the next ge­ne­ra­tion in the mo­st ef­fi­cient and tax-ef­fec­ti­ve way. Di­scuss exe­cu­tor du­ties Bring up prac­ti­cal mat­ters wi­th your fa­mi­ly, su­ch as your choi­ce for exe­cu­tor of your esta­te. Of­ten, the spou­se or el­de­st child in a fa­mi­ly is ac­cor­ded this ho­nour. Among an exe­cu­tor’s nu­me­rous du­ties are ar­ran­ging the fu­ne­ral, lo­ca­ting as­se­ts, no­ti­fy­ing fi­nan­cial in­sti­tu­tions, fi­ling tax re­turns and re­viewing and pro­ba­ting the Will if re­qui­red.

If you de­ci­de to na­me a fa­mi­ly mem­ber as exe­cu­tor, ma­ke su­re they un­der­stand all their re­spon­si­bi­li­ties – and are com­for­ta­ble wi­th them. Whi­le it cer­tain­ly is an ho­nour to be na­med an exe­cu­tor, so­me fa­mi­ly mem­bers may feel un­cer­tain about their abi­li­ty to pro­per­ly car­ry out an exe­cu­tor’s ma­ny du­ties. The­re may be se­ve­ral rea­sons for this. The fa­mi­ly mem­ber might be lo­ca­ted in a dif­fe­rent area, pe­rhaps even out of the coun­try. Or you may ha­ve a par­ti­cu­lar­ly com­plex esta­te that could re­qui­re pro­fes­sio­nal as­si­stan­ce.

Pr o v i d e for fa­mi­ly mem­bers who may need sup­port

You may wi­sh to

Newspapers in Italian

Newspapers from Canada

© PressReader. All rights reserved.