Did you know that many Canadians are not adequately prepared to pass on or inherit family wealth? This is often due to a lack of communication and planning. The good news is that it’s never too early or too late to start. Planning helps you identify tax saving opportunities, mitigate potential financial gaps and maximize your current lifestyle.
It’s wonderful to be able to leave children an inheritance, but you want to make sure that the wealth you’ve worked so hard to build and set aside for their future is protected, regardless of where life takes them.
As a member of a blended family you need to pay careful attention to how your estate is structured to avoid inadvertently disinheriting your children.
Adding your adult child as a joint owner to your property could have unintended tax and legal consequences.
Individuals can grant powers to others to manage their affairs in a number of different circumstances using various types of documents, often known as a power of attorney. Being appointed as a substitute decision-maker for someone’s financial affairs through a power of attorney is both an honour and an obligation.