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(905) 212-9775

CPN Wealth Management
2601 Matheson Blvd. East
Suite 209
Mississauga ON L4W 5A8
Phone: (905) 212-9775 Fax: (855) 312-0357
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Estate Planning

 

Estate Planning

There are many ways to reduce your estate liabilities. You work hard to earn a living, save for retirement, and own property. It is important to know what your estate liabilities are in relation to: capital gains, mortgage debt, car loans, unpaid taxes, and business-related liabilities. Consider reducing these liabilities:

Reduce the impact of income taxes. Here are some methods to reduce taxes due upon your death:

  • Use the spousal (and disabled child) rollover provisions of RRSPs or RRIFs.
  • Leave assets that have accrued capital gains to your spouse to defer tax.
  • Leave assets without capital gains to other (non-spouse) family members.
  • While you are alive, gradually sell assets having capital gains, to avoid dealing with the gains all at once in your estate.
  • Purchase life insurance to cover capital gains taxation in the estate.
  • Taxes may be payable on gains in relation to:
    • income-producing real estate, a second residence, or cottage.
    • any other assets left to surviving family members, such as shares of a business.
  • Consider charitable donations to lessen taxes in the estate.

Reduce probate fees. Probate fees will be based on the value of assets administered through your will. Here are some ways to reduce probate fees:

  • Establish a spousal trust during your lifetime to hold assets or property for the sole use of your spouse.
  • Own assets jointly with your spouse.
  • Distribute assets or cash while alive.
  • Name a beneficiary (not the estate) on life insurance policies.
  • Include an alternate beneficiary on your life insurance policies in case your initial beneficiary predeceases you, or dies simultaneously (that way, probate fees will be avoided on the proceeds).

 

 

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DISCLAIMER

The contents of this website does not constitute an offer or solicitation for residents in the United States or in any other jurisdiction where either Peter Simons and/ or Sterling Mutuals is not registered or permitted to conduct business. Mutual funds provided through Sterling Mutuals Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus carefully before investing. Mutuals funds are not guaranteed, their values fluctuate frequently and past performance may not be repeated.

Insurance products, financial, tax and estate planning, and other related financial services are provided by CPN Financial Services and their associates and are not the business of, or monitored by Sterling Mutuals Inc.

Nicole Simons, Richard Nicholson, Damian Alexander and Wes Simons are not advisors or have any affilliation with Sterling Mutuals Inc. and cannot advise on or sell mutual funds and only represent the insurance products and services of CPN Financial.


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