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You Can't Take it With You: Common-Sense Estate Planning for Canadians, 5th Edition
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Description: |
Common-Sense Estate Planning for Canadians
If you own a house, RRSPs, or even just have some savings stashed away, then you have an estate. And if you dont plan for what happens to your money, your children, your house and other assets upon your death, then the government will make those decisions for you--and might end up with a bigger share than anyone else. In these turbulent financial times, planning for the future is more important than ever, especially when it involves the financial security of those you love. At a minimum, estate planning involves preparing a will, but really involves much more. This revised and updated edition of the bestselling You Cant Take It With You
Covers all areas of estate planning: financial and tax planning, wills and powers of attorney, life insurance, guardianship of your children, trusts and living wills, funeral planning, and much more.
Prepares you for dealing with your financial advisor or lawyer--and may even help you to save hundreds of dollars in professional fees and taxes.
Features practical examples, tips, and question-and-answer boxes.
Helps you understand all of the financial, legal, and human issues around estate planning so you can protect yourself, your family, and your business. Includes new information on current legislation, estate mediation, power of attorney for health care, as well as changes to provincial probate fees, tax-saving strategies, and planning ideas for singles, common-law, and same-sex partners.
You Cant Take It With You shows how to minimize estate taxes and other expenses, and to maximize the money and assets you leave behind for your beneficiaries, ensuring financial security and peace of mind for you and your loved ones.
Since it was first published ten years ago, You Can't Take It With You has been a trusted source of advice on estate planning, and it is more relevant today than ever. The Canadian population is aging, billions of assets are set to be transferred to the next generation over the coming decade, and estate planning is quickly becoming the single biggest financial planning issue of the next ten years for baby boomers and their parents. Estate planning is everybody's issue. If you don't plan for what happens to your money, your children, your house and other assets upon your death, the government will make those decisions for you. In these turbulent financial times, planning for the future is more important than ever, especially when it involves the financial security of those you love. Completely revised and updated in its fifth edition, this national bestseller continues to be the definitive resource on the financial, legal and human issues around estate planning.
The report:
- Covers all areas of estate planning: financial and tax planning, wills and powers of attorney, life insurance, guardianship of your children, trusts and living wills, and funeral planning, as well as new information on current legislation and emerging trends such as estate mediation, and much more.
- Prepares you for dealing with your financial adviser or lawyer and may even help you to save hundreds of dollars in professional fees and taxes.
- Features practical examples, tips, and question-and-answer boxes. |
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Contents: |
Preface.
Acknowledgements.
The Estate Planning Checklist.
Chapter 1: What is Estate Planning?
Building Your Estate Plan.
When Should You Prepare an Estate Plan?
Is It Worth Preparing an Estate Plan?
The Six D’s of Estate Planning.
The Modern Estate Plan.
Summary.
Chapter 2: Dying Intestate: Distributing Your Estate without a Will.
Who Gets What.
Delays in the Distribution of Your Estate.
Higher Cost of Administering Your Estate.
Additional Income Taxes Payable.
Lost Investment Opportunities.
Appointment of Guardians.
Underage Benefi ciaries.
No Provision for Joint Disaster.
Summary.
Chapter 3: Distributing Your Estate with a Will.
Who Gets What.
Reducing the Cost to Die.
Making the Gift More Tax-Effective.
What is Fair?
Forgiveable Loans?
Your Executor.
Summary.
Chapter 4: The Format of a Will.
Common Clauses.
Additional Clauses.
Handwritten, Software-Based or Formal Wills.
Signing Formalities.
Keeping Your Will Up to Date.
Summary.
Chapter 5: Giving Away Your Estate Now.
Advantages and Disadvantages to Gifting While Alive.
Giving Away Personal Possessions.
Giving to Your Adult Children.
Gifts to Young Children.
Summary.
Chapter 6: Probate.
Provincial Probate Taxes and Fees.
Strategies for Reducing Probate Tax.
Summary.
Chapter 7: Power of Attorney for Finances.
Offi ce of the Provincial Guardian and Trustee.
What Might Be in Your Power of Attorney for Finances.
Preparing a Power of Attorney for Finances.
Summary.
Chapter 8: Death and Taxes.
Principal Residence.
Transfers to a Spouse or Partner.
Assets Not Left to a Spouse (not including your RRSP/RRIF).
Tax Implications When Making Bequests in Your Will.
Capital Gains and Losses.
Registered Plans: RRSPs and RRIFs.
Farm Property.
U.S. Estate Taxes.
Summary.
Chapter 9: Filing the Final Income Tax Returns.
Due Dates—Or Should I Say Deadlines?.
Final Returns.
Tax Returns for the Estate and Testamentary Trust.
Chapter 10: Family Law and Your Estate Plan.
Support and Maintenance.
Marriage and Remarriage.
Common-Law Relationships.
Separation.
Divorce.
Moving.
Matrimonial Property.
Marriage Contracts.
Family Law for Ontario Residents.
In Quebec.
Summary.
Chapter 11: Life Insurance.
Common Uses for Insurance in Estate Planning.
Buying Life Insurance.
Life Insurance Worksheet.
Too Much or Too Little?
Purchasing Life Insurance.
Naming a Benefi ciary.
Life Insurance Premiums versus Income Tax.
Joint Life Insurance Policies.
Living Benefi ts.
Segregated Funds.
Summary.
Chapter 12: Trusts.
The Trust Agreement.
Benefi ciaries.
The Trustee.
Testamentary Trusts.
Inter Vivos Trusts.
Bearer Trusts.
Trusts and Taxes.
Costs for Establishing and Maintaining a Trust.
Dealing with the Family Cottage.
Summary.
Chapter 13: Business Succession Planning.
Is Your Business Highly Dependent on You?
Selling the Business.
Keeping it in the Family.
Tax Planning.
Needs of Business Partners/Shareholders.
If Your Business is a Farm.
Summary.
Chapter 14: Gift Planning.
Maximizing the Tax Benefi ts of Gift Planning.
Ways to Make Planned Gifts.
Gifts through Life Insurance.
Gifts to Foundations.
Gifts to Government.
Other Types of Gifts.
The Process of Gift Planning.
Summary.
Chapter 15: Documents Concerning Health Care.
Power of Attorney for Health or Personal Care.
Living Will.
Considerations When Preparing Power of Attorney for Personal Care.
Summary.
Chapter 16: The Final Gift.
Organ and Tissue Donations.
Donating Your Body for Medical Research.
Summary.
Chapter 17: Planning Your Funeral.
Executor’s Responsibility.
Costs.
Preplanning.
Prepaid Funerals.
Chapter 18: You Can’t Take it with You.
Steps in Developing Your Estate Plan.
Getting Organized and Keeping Records.
Tax Planning.
Working with Professionals.
Chapter 19: It’s an Ongoing Process.
Moving through the Stages of Life.
The Six D’s Revisited.
Talking with Your Family.
Now Do It!
Final Words.
Appendix 1: List of Duties for an Executor or Estate Trustee.
Appendix 2: List of Duties for Your Representative When Making Financial Decisions.
Appendix 3: List of Duties for Your Representative When Making Personal and Health Care Decisions.
Glossary.
Index.
Order Form.
About the Author. |
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Author |
Sandra Foster, RFP, TEP, FCSI, is the founder of Headspring Consulting Inc., an independent financial services consulting firm. She is one of Canadas leading experts on personal finance and the issues facing the financial services industry, including wealth management, estate planning, and retirement. Foster is a sought-after speaker, a regular guest on TV and radio programs, and a frequent contributor to many publications. A regular contributor to, and on the editorial advisory board for, Advisors Edge, her comments and advice have also appeared in The Globe and Mail, The Financial Post, the Toronto Star, Investment Executive, Macleans, and more. She is the author of three national bestsellers, You Cant Take It With You, Whos Minding Your Money and Make the Most of What Youve Got. |
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