Liz and Mike are both accountants in their late 40s. Their only child, Jordan, is 16 and has Down syndrome. He’s living a happy, fulfilling life, and his parents plan to put away money to cover needs he may have after they pass away. They want to create a Henson Trust, a fully discretionary trust that can grow to any amount without affecting certain means-tested government benefits. Since the trustee will have full control over distributions, choosing the right person is critical.
Many Canadians aged 65 or older want to leave as much of their estate as possible to their family or charitable causes, but only 40% feel "very well prepared" when it comes to making sure that will happen.
How to get the maximum sale price for a company
One misstep can mean a big tax bill or thwarted intentions
If your client doesn’t pay attention, she could be held legally liable if something goes amiss.
Fewer Canadians are donating to charity. Statistics Canada reports donations fell nearly 2% to $8.3 billion in 2012. What’s worse, the number of people giving slipped 1.4% to 5.6 million.
Many clients wish to leave money to charities after they die.
IIROC proposes amendments to rules relating to personal financial dealings with clients.
One-in-five Canadians with a written will (22%) plan to leave some of their estate to charity, finds a Scotiabank poll.
Between online accounts, personal records and career information, what Canadians store online is worth an average of $47,000 per person, but what’s there rarely makes it into an estate plan.