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Home Financial Health Blog Top 5 reasons why people do not want to bother with Estate Planning

Top 5 reasons why people do not want to bother with Estate Planning

by Tim Weichel

Why don’t people bother with Estate Planning?

  • They are never going to die
  • They love the Canada Revenue Agency
  • They don’t like dealing with professionals
  • They would like other people to argue over their possessions
  • They love the courts getting involved

What is Estate Planning?

  • Integrating financial planning into the death scenario to achieve…
  • The orderly intergenerational distribution or transfer of assets
  • Avoiding, deferring or minimizing estate taxes
  • Addressing income tax issues on death
  • Precluding family conflicts where possible
  • A process to deal with assets, liabilities and long-term financial planning
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Why do I need a will?

  • To save money over the long term
  • To avoid statutory division of your estate
  • To arrange bequests
  • Tax planning and creditor proofing
  • To minimize family disputes
  • To avoid Government and the courts

Will Planning Worksheet

How does Life Insurance figure into in Estate Planning?

  • For bills including funeral expenses
  • For income tax payable on death by the taxpayer
  • For income tax payable by the estate
  • For long term care for a spouse or disabled child
  • For education and maintenance of children
  • For spousal and child support
  • For business buyout
  • For general cash bequests and donations in the will
  • For payments of significant liabilities such as a house mortgage
  • For maintenance of property

Insurance Planning for Business

  • Corporation as owner and beneficiary of policy
  • Providing funds for capital gains on major assets
  • Providing funds for purchase of share from an estate
  • Providing funds for working capital on death of a principal of the company
  • Tax deferred investing inside an exempt life insurance policy

Call me for help with Estate Planning: 416-230-2703    705-798-0062  tim@timweichel.ca

 
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