Distributing estate assets & avoiding potential estate conflicts
When clients sit down to write out their estate goals, they almost unanimously want to ensure that their money is passed down to surviving family members as quickly as possible paying the least amount of tax possible.
We also see a growing trend of clients wanting to transfer uneven distributions of their assets to certain family members. This may be due to financial need, second marriages, having one child help more in aging life than others or various other reasons.
In many cases, the best way is to transfer wealth immediately, privately and tax efficiently is by using segregated funds, guaranteed investment funds (GIF’s) or life insurance.
All 3 vehicles:
- Confidentially pass assets to beneficiaries outside of the estate
- Are less contestable than estate assets
- Avoid probate tax
- Usually more tax efficient than assets passed through the estate
The use of segregated funds, GIF’s and life insurance can simplify complicated estates and alleviate many family estate concerns.
Please contact either Jon Glougie or Ryan Smillie to further discuss your estate planning.
This information has been prepared by Luft Financial. Opinions expressed in this article are those of Luft Financial only and do not necessarily reflect those of iA Private Wealth. Furthermore, this does not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors.
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It begins with understanding your needs and creating a comprehensive and tailored financial plan to help reduce tax, manage risk and grow your portfolio over the long term. Learn more about how we help you achieve financial security and peace of mind.
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