Estate & Succession Planning

Family structures have changed significantly in recent years and it is not uncommon for people to enter a second, third, or even fourth marriage. Some who have been through a traumatic divorce may decide not to marry their current partner, but instead to live in a common-law relationship. If one or both partners have children, the family dynamic may become quite complicated, so it is important to have a proper estate plan in place.

Nadia runs a successful consulting business in downtown Calgary. It struggled a bit during the pandemic, but is rebounding nicely. Recently divorced, Nadia lives with her three school-aged children and is also a part-time caregiver to her ailing mother who lost her husband to cancer three years ago.

If you own a vacation property, this provides information on the tax consequences of selling a second home and highlights important estate planning considerations, if your plan is to keep your vacation property in the family for the next generation.

You have devoted yourself to providing for your family and saving for a comfortable retirement, but have you also planned for what would happen if you were no longer around to take care of things or if you became incapacitated? While there are a number of legitimate reasons for avoiding the issue – ranging from “I don’t have time” to “it’s a difficult topic to think about” – estate planning is too important to ignore.