Power of Attorney for Personal Care and Property
When hard-working people craft a Will, the fundamental idea behind that thoughtful legal directive is that your loved ones will enjoy the fruit of your labour. The notion that the government expects to take a slice of your heirs’ pie is somewhat repugnant. But that’s precisely what can happen unless you enlist the services of a qualified tax planning lawyer to navigate the legal impediments. At the law firm of George Murray Shipley Bell, LLP, our team of skilled estate planning lawyers are determined to secure the maximum possible benefits for your loved ones.
Estate Planning Strategies
Although the Ontario government does not usually impose taxes on estates, gifts, or succession, there are notable exceptions to keep in mind when designing an estate plan. For instance, a capital gains tax could be assessed if an asset, such as stock in a family business, has increased at the time of transfer. It’s essential to close potentially taxable scenarios to unburden your loved ones. These are proven strategies.
Spousal Gifts and Trusts
One of the most successful ways to avoid unnecessary tax liability is to transfer or trust over family assets. In many cases, this allows you to kick the can to the next generation on accrued value taxation.
This strategy allows you to maintain the current value of a business and potentially defer paying capital gains.
This estate planning vehicle allows you to own and oversee valuable assets and transfer them without certain encumbrances levelled by probate.
A smartly crafted estate plan allows you to eliminate unnecessary probate fees and defer or minimize capital gains penalties. By optimizing your estate plan, you can maximize the benefit your beneficiaries enjoy from your hard-earned wealth.
Contact The Experienced Estate Planning Lawyers in Sarnia
If you do not have a last Will or would like to update an existing estate plan, it’s crucial to work with a tax planning lawyer to reduce or eliminate excessive taxation and probate costs. At the law office of George Murray Shipley Bell, LLP, we work with our valued Sarnia community members to ensure loved ones enjoy the fruits of your labour. Contact our office and schedule a tax planning consultation today.