Transparent Understanding and Maximum Tax Efficiencies

Strategically planning the transition of an estate is complicated for a standard nuclear family.  If a family has a variety of different dynamics such as second marriages, natural children and step children, things can rapidly take on a new level of complexity.   A third layer to consider is if there is a family business to transition that employs some but not all family members.

Estate planning is a multi-layered process that requires numerous documents to put into place to create a tax efficient environment in which to move assets to beneficiaries.

At Investors Source Wealth Management our priority is ensuring that both partners have a transparent understanding of their estate plan.

Here are a few questions to ask yourself when considering whether a tax and estate plan is the next step in your financial progression:

1)    Do I understand the tax consequences of selling the cottage today versus after the death of my spouse?
2)    Is my Will more than 5 years old?  Does my Will name my ex-spouse as a beneficiary?
3)    I’ve remarried, and no longer wish to leave the insurance proceeds to my estate. What do I do?
4)    If one of us dies, how much money does the other need every year to maintain their standard of living?
5)    What are the costs of a funeral? Should I pre-plan one and take the burden off of my grieving spouse?
6)    How can I transition my business to my adult children and minimize the taxes?
7)    I want to protect my family’s assets, should I consider a family trust?

Tax and estate planning requires input from more than one licensed provider.  Part of the Wealth Advisory Counsel mandate at Investors Source Wealth Management is to provide clients with the professionals that they need in order to create a cohesive tax and estate plan together.

We will help you build a plan that will suit your needs, personally and professionally.