Why Probate may be a good thing!

Why Probate may be a good thing!

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...
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COVID-19 and the Essential Family Conversations You Should be Having

COVID-19 and the Essential Family Conversations You Should be Having

  COVID-19 has brought family planning and care issues to the forefront for many families as concerns for their loved ones and their economic well being have become top of mind.  Everyone’s life has been impacted, regardless of age. As a result, families realize they should focus more on these concerns, but are often unsure where to start. Based on my experience of helping many families over the years, I have found there are four essential conversations that families should have concerning their financial and estate plans.  These are: The Estate Documents Conversation, The Eldercare Conversation, The Legacy Conversation, and The Next Gen Financial Education Conversation. The Estate Documents Conversation The estate documents conversation is a conversation you should have with your parents, children, executors, and powers of attorney to review and discuss the following key issues: With your parents: Find out who their powers of attorney and executors are. Obtain copies of their wills and powers of attorney (or the location of the documents). Meet your parents’ financial advisor(s). Obtain the listing of...
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