In Canada as in the United States, the transfer of property from one spouse to the other at death is typically not subject to taxation. The tax rules differ between countries however.
Should parents let children know they’re in the will?
Your clients may think trusts are just for the rich or for those with complex affairs. But this is not the case. So, here are some tips on how to use them.
Probate-related questions are among the most common questions heard during estate planning discussions. What is probate? Can it be avoided? Should it be avoided? As an advisor, it’s important to be able to answer those questions.
For most Canadians who have prepared a will, the executor was one of the least considered parts of the plan. The vast majority of testators pick a family member or friend, even if this isn’t the wisest choice.
Estate planning is an essential part of wealth management. It’s particularly important in cases where your client’s estate involves significant assets (such as cottages or small businesses), complex issues (such as foreign beneficiaries) or multi-faceted relationships (such as blended families).
Odds are, your clients all have their wills drawn up. Providing for loved ones is a crucial part of financial planning, after all. But a vital piece of that puzzle is missing, according to a survey by BMO Harris Private Banking: custody of minor children.
The headaches International Financial Reporting Standards have created for accountants will pale in comparison to the impact it will have on Canadian financial advisors and their clients.
Trustee duties explained - A trust is a relationship between three parties: the settlor, the trustee and the beneficiary.
Regular folks worry about debts, mortgages and the ability of their dependants to generate income after they die. High-net-worth clients don’t have to.