Do you care about holding on to as much of your hard-earned income, securing your future, and leaving the maximum amount possible to your loved ones?

If so, then estate planning must become an integral part of your overall financial plan.

The key to prudent financial planning is making sure that your wealth and investments are being handed down to your family or beneficiaries in the most effective way possible. Since Canadians are living longer lives than ever before, estate planning and future income streams are vital to securing your future.

Estate planning should be tailored specifically to your current situation, your present needs, your future goals, and your family’s situation. While some general strategies can be helpful to get you started, professional advice is essential to make sure you’ve covered all the bases and made sure you have chosen the best – and most efficient – options for you and your family. Here are five ways to get started:

1. Start with Overall Wealth Management

Here are three critical questions to help you get the “big picture”:

How are you accumulating resources?

Are you employing the best tax-saving strategies?

What are your goals?

Seeking expert advice from financial planners is an important step that step cannot be underestimated. We have a wide range of experience in working with a variety of clients and can give you insight that is a cut above the standard advice found on the internet.

Today’s best wealth management tools will help you set goals, create workable solutions, and keep track of how your investments are performing. We can show you how. [link to contact form]

1. Minimize Your Tax Burden

Did you know that there are many ways to save money on taxes?

This is not only important for the present. Tax planning is an important consideration of any estate plan, and it is very important to ensure that the taxes paid by your beneficiaries are minimized upon inheritance.

Creating a trust helps protect your assets during bankruptcy or divorce. It helps provide income for children with disabilities and ensures that your children receive your assets if your surviving spouse remarries.

Double-taxation  [link to article] is another important consideration.

Did you know that withdrawing money from your corporation may resulting in paying taxes not once, but twice?

Standard tactics have helped many people in the past, but with our experience, we can show you better ways to keep more of your money [link to contact form] and pay less tax than ever before.

2. Get The Best Level Of Insurance

Are you interested in no-stress protection for your business in the case of an emergency?

Unforeseen events like death or disability are not only tragic, but they can eat away at your wealth.

Business Overhead Expense Insurance [link to article] protects your business in the event of a disability by covering your expenses. Not only does it give you peace of mind, but it’s also a tax-deductible expense.

But did you know that you can pay too much for insurance?

There are many insurance products available today, and it can be difficult to know if you’re optimizing your insurance. Some people spend too much on insurance. Not only does this drain their wealth, but it can even be suboptimal, leaving you unprotected when you need it most.

3. Buy & Sell Agreements

Does your incorporation consist of two or more shareholders?

Would you be prepared in the event of critical illness, disability or death of one of your partners? 

A Buy and Sell Agreement [link to article] can protect you if you lose a partner in your business, and can even prevent bankruptcy.

Unforeseen circumstances might have you working with the beneficiaries of your business partner. That is not always an ideal situation. In fact, it rarely is.

Closing down the business or selling your shares may be a terrible option when you worked so hard to build up your business.

Put the fate of your business in your hands by being the one that decides. This is not only good for the business, but it will save time and stress, and help you preserve more of the wealth you have worked so hard to achieve.

4. Business Loan Protection

Are you concerned about the financial obligation of your business in the case of a negative future event?

Do you own a business with many financial obligations? Between all tasks of day-to-day operations, wouldn’t you want peace of mind by making sure every single financial obligation is covered in case something happens with a key employee, owner or partner due to critical illness or disability?

Avoid bankruptcy. Choose a business loan insurance policy [link to article] so you can secure your business finances.

5. Funding Capital Gains Tax on a Business at Death

Have you worked tirelessly for your business? Could you imagine the CRA taking a huge chunk of it if something happens to you?

Situations can change in a matter of seconds, and in the event of death, and the last thing needed is a tax liability in the form of recaptured capital cost allowance and capital gains.

Imagine your beneficiaries not having the available funds to handle the payment. This may result in the CRA liquidating your business assets below the market value so that they can obtain the debt owed them.

Choosing the right life insurance policy is the best way to fund your business as well as beneficiaries, and will ultimately allow you to maintain the business as well as the assets without liquidation. Not only does this preserve your wealth for your loved ones, but it gives you peace of mind that your hard work won’t go wasted today.

Getting the right advice pays dividends!

Creating an expert estate plan is fundamental, and will pay itself many times over. Regulations and laws change, as do family situations and the number of beneficiaries. Continuously updating your plan will empower you to maintain operations and preserve wealth for your loved ones.

Our firm has the expertise and creativity to devise unique solutions that are best for your situation. We can help you with success planning strategies and estate planning resources tailored to your unique situation.

Strategies involving estate-planning can be complicated, and the failure to act according may result in the CRA taking a large portion of your estate.

Click here for the best strategies tailored to you for preserving your wealth and future security.