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604.859.9992

Networth Financial Corp.
Suite 208, 32450 Simon Ave.
Abbotsford BC V2T 4J2
Phone: 604.859.9992 Fax: 877.688.9994, Toll Free: 888.688.9992
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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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DISCLOSURES

Networth Financial Corp. is pleased to provide you with opportunities to invest in various Mutual Funds approved for BC, Alberta, Manitoba and Ontario investors.

Networth Financial Corp. is responsible only for business licensed under the Provincial Securities Act & Regulations. It does not supervise or review any other business. Our representatives conduct other business licensed under the Financial Institutions Act, which is the responsibility of another licensed entity, & not the responsibility of Networth Financial Corp.

This website addresses many areas which are essential when considering one's overall financial picture. The articles and information provided on this website are intended to raise issues and help you find solutions with appropriate professionals and should not be construed as advice for any specific situation or individual.

Always consult your representative and your tax or legal professional if applicable before taking personal action.


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