Tel: 905-685-6277
Toll Free: 1800-267-8331

Address

BMO Nesbitt Burns
80 King Street
Suite 600
St. Catharines, ON
L2R 7G1
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Trust and Estate Considerations

Trust & Estate Considerations

 
  • Do your loved ones rely on you financially?
  • Do you have any assets that may attract U.S. estate taxes?
  • Are you intentions for your estate clear?
We work with you and your legal advisors to ensure that your estate plan is clar and accomplishes what is important to you in a tax-efficient manner.
 

Protecting your family through trusts

We work with you and your legal advisors to ensure that your estate plan is clar and accomplishes what is important to you in a tax-efficient manner.

With professional guidance & advice, a trust can: 
  • Provide asset protection for your family
  • Preserve your wealth
  • Reduce taxes
  • Create provisions for heirs to access your assets (for wayward beneficiaries)
  • Have potential protection from creditors

Testementary Trust

Is created upon your death under the provisioins of your will.
 

Inter-vivos trust

Exists during your lifetime for family or spousal benefit.
 

Henson trust

Created for the benefit and financial security of a disabled family member who is financially dependent or unable to manage their own money.
 

Having a will & power of attorney is essential

Without a will, provincial laws dictate who receives your assets. A will gives you the comfort of knowing that your wishes will be respected after your death.

A properly drafted will should minimize income taxes, appoint an executor, and provide instructions regarding all your assets, including your business and personal effects.
 

Power of attorney

A continuing power of attorney for property (POA) provides for the management of your property should you become physically or mentally incapable during your lifetime.

When planning for incapacity, knowing there is a trusted decision maker, authorized to manage your financial and/or health affairs on your behalf is vital.
 

Joint ownership of property is not an adequate estate plan

There are definitely benefits to joint ownership such as ease of transfer between spouses upon death. However, conflicts can arise if disgruntled heirs or creditors try to claim that the property should form part of the estate to be distributed by the terms of the will.

Again, professional advice is recommended. Talk to us as well as your tax and legal advisors about the benefits and risks.

Let's talk about estate planning. Contact us today.