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Estate planning and Segregated Funds

Posted by on in Estate Planning

Planning one’s estate is important because it helps minimize taxation and makes certain that your assets got to you family and friends, or charitable organisation in accordance with you wishes thereby avoiding headaches and problems for those left to settle your estate.

 

There has been much talk in the media regarding probate fees and new rules and liabilities that face an executor in Ontario. For many older Canadians, there is a great interest in estate planning.

 

Probate fees in Ontario are the highest in the country and will cost an estate approximately 1.5% of the estate’s value.

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Probate fees in Ontario

Posted by on in Estate Planning

Probate Fees in Ontario

 

I get many questions about probate fees at the estate planning seminars that I run at Toronto seniors’ residences. As an insurance broker and estate planning advisor I am quick to point out that I cannot give legal or accounting advice but I am able to educate people about the issues, recognise the red flags and direct people to seek additional advice when needed.

 

Planning one’s estate is important because it helps minimize fees and taxation and makes certain that your assets go to your family, friends or charitable organisation in accordance with your wishes thereby avoiding headaches and problems for those left to settle your estate.

 

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Reverse Mortgage - a cash-flow solution

Posted by on in Estate Planning

Reverse Mortgage - a cash-flow solution

 

Many older Canadians have much of their wealth tied up in their homes, and some have poor cash-flow.

 

I recently met a woman at one my estate planning seminars in Toronto who told me that she was seriously looking at borrowing money to improve her cash-flow by using a CHIP reverse mortgage.

 

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Parents of children with disabilities should look at a Henson Trust

Posted by on in Estate Planning

Parents want to protect their children. For the parents of children with a disabilities, this is especially important, as their child may not have the financial means or the capacity for financial independence. When estate planning, one option these parents have is to set up a Henson Trust.

 

The Henson Trust was first created in Guelph, Ontario, in 1989, when the Henson family wanted to set up a trust for their disabled daughter. A Henson Trust protects a disabled child’s disability benefits.

 

The following is information about the Trust, as published by Tax, Retirement & Estate Planning Services at Manulife Financial. (Note: the Henson Trust may not be available in Alberta and Saskatchewan, and is at the discretion of the Social Ministry in Quebec).

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