When you’re gone, you want all your assets to go to the people you love and want to help. The problem is, in Canada it doesn’t always work that way. When you die, unless you leave everything to your spouse, the tax laws deem that you’ve sold your assets. Your estate may have to pay taxes on capital gains, reducing the amount of money that goes to your loved ones.

Plan Carefully

Protecting your estate requires careful planning and in-depth knowledge of family, estate and income tax laws so it is important to enlist the help of a lawyer as well your Barrons advisor. They can help you:

• Identify your goals;
• Identify strategies to help reduce estate taxes;
• Make charitable bequests;
• Update your will and power of attorney.

Estate planning is not a simple process. There are numerous things to consider, especially if you have substantial assets or unique circumstances such as you own a business and need to plan for its succession. That’s why a good lawyer and financial advisor are worth their weight in gold. Contact your Barrons advisor today.