Senior Investment Advisor, Financial Planner
Toll Free: 1800-663-0242
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Plan to maximize what you leave to your heirs
Many people don't realize the hidden tax liability in their estate. Here are some of the ways taxes and fees can erode your estate's value:
By developing an estate plan you can minimize their effect and leave more for your heirs.
- Capital gains tax on the appreciation of your assets.
- Income tax on the remaining value of your RRSP or RRIF.
- Probate fees based on the value of your estate.
The role of life insurance
Life insurance can be an important component of your estate plan. When a beneficiary is named, the proceeds from the policy bypass probate fees providing more for your beneficiaries. The death benefit can provide the funds to cover any tax liability. Or it can be used to create a larger estate for your heirs.
To learn more
If you'd like to learn more about planning for your estate, I can introduce you to one of our Estate & Insurance Advisors from BMO Estate Insurance Advisory Services. For more information or to arrange an appointment, please contact me directly: Don Foster (604) 631-2611.
Give to charity and provide for your heirs
Would you like to make a gift to charity through your estate but are concerned about providing for your heirs? Life insurance makes it possible to do both. You can leave your estate to your heirs and let the charity receive the tax-free death benefit from your life insurance.
Choice of tax benefits
How you give life insurance to a charity determines the tax benefits. You can:
To learn more
- Enjoy tax credits today. Designate the charity as the owner and beneficiary of the policy. You will receive a tax receipt from the charity for the premiums you pay and the charity will receive the proceeds from the policy.
- Provide tax credits for your estate. You remain the owner of the policy but the charity is the beneficiary. As owner you still control the policy and can change the beneficiary if you wish. When you die, the charity receives the death benefit and your estate gets a tax receipt for the entire amount.
Charitable giving can be very rewarding. To learn how you can make a gift to charity with life insurance, I can introduce you to one of our Estate & Insurance Advisors from BMO Estate Insurance Advisory Services. For more information or to arrange an appointment, please contact me directly: Don Foster (604) 631-2611.
*Insurance services and products are offered through BMO Estate Insurance Advisory Services Inc., a wholly-owned subsidiary of BMO Nesbitt Burns Inc.