OBJECTIVES OF ESTATE PLANNING
Weyburn is a retirement community and the combination of retirement and oil has resulted in our general practice firm being uniquely experienced in Wills, Estate Planning and Estate Administration. An experienced legal assistant works exclusively in estates providing timely and cost-effective estate administration.
Objectives of Estate Planning
— To minimize tax liability.
— To minimize legal fees, accounting costs and complications in transferring property to the next generation.
— To provide sufficient resources for you and your spouse's security and independence as long as you shall live.
— To maintain goodwill among family members and ensure that this goodwill will prevail after death.
— In the case of farmers, to pass on a viable farm operation to the next generation.
— To provide adequate income protection for dependants if one dies prematurely.
— To provide for a reasonably fair distribution of one's estate among one's beneficiaries.
Effective estate planning can be accomplished only if one is familiar with the tax implications and cost of alternatives. Since tax laws and regulations change from time to time, wills and estate plans should be reviewed periodically.
Taxes and other costs should be considered in determining the most effective method of owning and disposing of property. It is our belief, however, that personal objectives and needs should be considered ahead of tax implications in choosing alternatives.
Frequently Asked Questions:
—May I transfer assets to my spouse or children to minimize administration costs at death?
—How might I deal with my assets during my lifetime or by Will to defer or minimize my tax liability?
—Would it be advantageous to transfer part of or all of my farmland to my child(ren) during my lifetime?
—Are there tax advantages should I transfer small business shares to my child(ren) during my lifetime?
—Could I use life interest provisions in my Will to defer realization of taxable capital gains?
—Should I leave R.R.S.P. to spouse or dependant child(ren) under Will for roll over advantage?