Excerpts from the Book - Preserving Wealth - written by Jack Lumsden, MBA, CFP®
Much has been written about the various strategies to avoid probate fees or the estate administration tax. The reason is simple, in Ontario, probate fees are 1.5% of the estate over $50,000. This fee is applied to assets that are transferred through the will.
However, probate may be valid for some uses, and with all strategies you must watch for unintended results.
The following excerpt from the Book - Preserving Wealth, that reviews this:
PROBATE, TRUSTS, AND ESTATE TAX MINIMIZING STRATEGIES
“This is great coffee, Sandra,” said Uncle Wayne. “I wish you could talk your Aunt Jen into buying the good stuff. She always gets coffee on sale, and it’s so weak that I end up needing a whole pot just to get my heart started most mornings. Oh well, let’s get back to work.
“I believe we were about to go over information about trusts and some methods you could use...