Estate Planning Checklist
Taking Inventory
Define your goals and objectives
- How important is it for you to leave an inheritance
- To whom will you leave an inheritance
- How much will you leave each person
Evaluate your objectives
- How will you achieve your goals
- What are the tax consequences
How can you meet your objectives
- Will - review and update
- The use of trusts
- Minor beneficiaries & appointment of Trustee
- Power of Attorney
- Enduring Power of Attorney
What Advisors do you need to help with your estate
- Is your current advisor capable of doing the estate plan
- Accountant
- Lawyer
- Funeral Director
- Insurance agents
Periodic review of your estate plan
- Has any beneficiary pre-deceased you?
- Updating beneficiaries
- Has there been a change to the family dynamic
- Incapacitation
- Mariage breakup, blended family
- Change of asset status
Estate and Financial Planning Strategies:
Joint Last to Die Life Insurance Policy
Insured Annuity
Prescribed Annuity
Dependent’s Relief & Spousal Rights
Spousal Roll Over Provisions
Property Ownership
-Joint with Rights of Survivorship
-Tenants in Common
Cash Surrender Life Insurance Policy
Estate Liquidity Solutions
Inter Vivos Trust
Alter Ego Trust
Spousal Trust
Testamentary Trust
Irrevocable Trust
Charitable Giving Trust
Family Trust
Funding a Trust with Insurance
Charitable Giving in Year of Death
Treatment of Allowable Capital Tax Loss in Year of Death
No Attribution Beyond the Grave
Principal Residence Deduction and Selection
Named Beneficiaries
Spousal RRSP contribution in the year of death
Electing out of a spousal rollover
The 36 Month Rule
Codicil
Will Substitutes
Tax Planning Solutions:
-income splitting with CPP
-RRSP withdrawal strategy to reduce taxes
-RRIF conversion timing
-Age 65 tax credit
-$2000 per year from your RRSP tax-free
-Pension splitting
-CPP and OAS timing
-selling major asset
-retirement packages or termination packages
4 Potential Tax Returns of a Deceased Tax Payer:
1. Rights and Things
2. Partnership/Sole Proprietor Tax Return
3. Testamentary Trust Income
4. Terminal Tax Return
Portfolio/Investments and Guaranteed Retirement Income we offer:
- All types of Annuities
- Discretionary Managed Portfolios
- GIC’s
- Guaranteed Monthly Withdrawal Benefits
- Guaranteed income for life products
- Systematic withdrawal plans
- Alternative investment strategies in private equity
- Investments for growth and yield or hybrid models
- Long-term care strategies
- Options for Commuting a defined benefit or defined contribution group pensions
For Incorporated Business Owners Only:
Estate Freeze
Section 85 Roll Over
Section 86 Reorganization
Holding Company
Estate Equalization
Buy/Sell agreement and funding options
Individual pension plans
Advantages of Corporately owned insurance
Conclusion:
It's important in retirement to have a trusted advisor that you can work with for many years to come. 55% of pre-retirees will change advisors when they transition to retirement because they realize they need specialized planning with a focus on income protection.
If you are in or close to retirement and would like to meet with us to put together a retirement income plan, book time in our calendar for a meeting time. We'll also discuss:
1. How long will my money last?
2. How much can I spend each year and still have confidence that I won't run out of money?
3. When should I take CPP and OAS?
4. Which of my assets should I spend first to create tax-efficient income?
5. How much should I be saving now so that I can generate the income I'll want in retirement?
We can help you create a sustainable, predictable cash flow from your portfolio in the most tax-efficient manner to ensure you never have to worry about running out of money.
Want to retire in the next few years? Click here to Book a Meeting
Willis and Nancy Langford
Retirement Income & Investment Planners
Call us at 587-755-0159
All the best in your planning and we hope that we have been able to help you in some small way on your journey to a happy and worry-free retirement.
Nancy and I take pride in our independent approach to planning and can say that no outside firm has any vested interest in our business, nor do we have to promote proprietary products that best serve some corporate objectives. All of our investments platforms offer the same or similar investor protections as all other financial institutions in Canada.
