Estate & Succession Planning

You’ve been devoted to establishing your medical practice, providing for your family and saving for a comfortable retirement. As busy professionals, doctors may overlook the potential impact on their family and practice if they were to become critically ill, incapacitated or pass away unexpectedly. That’s why it’s important for physicians to prioritize estate planning within their wealth management planning.

The Why and When of Wills

Executor's Task List

Many Canadians are concerned about their financial security in retirement and preserving the value of their estates for the next generation. It’s a common and understandable situation.

We’re truly living in a digital world where, increasingly, routine tasks are conducted online and important information is stored digitally. Digital assets include, but are not limited to, online accounts (e.g., social media, email, eCommerce, banking and investment), loyalty programs, cloud storage, domain names, and website content. Until recently, the idea of leaving a digital inheritance wasn’t generally a consideration for most people, but not anymore. In fact, it’s become a necessity when preparing your estate plan.

As a Canadian you may be unaware that your estate could be impacted by U.S. estate tax if you own U.S. securities or U.S. real estate. This article highlights the potential U.S. estate tax implications that could apply to Canadian estates and suggests a number of planning opportunities to help Canadians minimize these taxes. The strategies discussed in this article apply to individuals who are tax residents of Canada and are not U.S. citizens or taxed as a U.S. person. All amounts quoted are in U.S. dollars.

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.

Entrepreneurs who have built successful companies often want to see their business passed effectively to the next generation. However, a sale or transfer of ownership of the business will generally trigger capital gains tax. If the value of the shares of your business has increased, you or your estate may be burdened with a substantial tax bill. The business may even have to be sold to cover the liability.

How Critical Illness and Disability Insurance Fit Together into a Wealth Plan

Estate planning is an essential component of a successful wealth management program. A good estate plan will provide you with the peace of mind that comes from knowing your family will be taken care of, and your financial affairs will be in order and administered according to your wishes. An important key element of any estate plan is a Will.