"Our method is to create a personalized plan that considers your financial situation, goals, and objectives, including tax implications, to ensure your assets are protected and your wishes are fulfilled."

- Mitch McLean

ESTATE PLANNING IN CANADA

What is Estate Planning?

Estate planning is the process of organizing and arranging your financial affairs and assets in order to prepare for the future, including the distribution of your property and assets after death.

Estate planning also involves creating a plan for the management of your finances and healthcare in the event of disability or incapacity.

MITCH MCLEAN WEALTH CREATION

Why is Estate Planning Important?

Estate planning is important for Canadian citizens because it helps to ensure that their financial affairs and assets are organized and arranged in a way that meets their goals and objectives for the future. Estate planning helps to minimize taxes and administrative costs, provide for loved ones, and ensure that your assets are distributed according to your wishes.

By having a well-planned estate, Canadian citizens can reduce the stress and uncertainty that often arises during the distribution of assets and property after death.

Estate planning is especially important for Canadian citizens because the Canadian tax system has rules and regulations that can impact the distribution of assets and property. For example, if an individual dies without a will, their assets may be distributed according to the laws of the province in which they lived, which may not align with their personal wishes.

Estate planning can help to ensure that these tax and legal considerations are taken into account, and that the distribution of assets is carried out in accordance with the individual's wishes.

In summary, estate planning is an important tool for Canadian citizens to help manage their financial affairs and ensure that their assets are distributed according to their wishes. It helps to minimize taxes and administrative costs, provide for loved ones, and ensure a smooth transition of assets after death.

Mitch McLean, CIM®, CFP®

Financial Advisor & Financial Planner

Mitch McLean is an Ottawa based financial advisor with over 19 years experience, offering financial planning services across the entire province of Ontario including Ottawa, Toronto, Mississauga, Brampton, Hamilton, Markham, Vaughan and Kitchener.

If you are interested in scheduling a call with Mitch to discuss your financial planning and personal finance needs, then simply contact him below and please feel free to connect with him on on LinkedIn, Twitter and Facebook, or schedule and appointment below.

Who Needs to Consider Estate Planning?

In Canada, estate planning is relevant for individuals of all ages and income levels. Whether you are just starting out in your career, approaching retirement, or already retired, estate planning is an important consideration. Estate planning can help you ensure that your assets are protected, your wishes are respected, and your loved ones are provided for, no matter what the future may bring. But who needs to consider estate planning?

Parents with minor children

Estate planning can help ensure that your children are taken care of and protected if something happens to you.

Individuals with significant assets

Estate planning can help minimize taxes and ensure that your assets are distributed according to your wishes.

Individuals with complex financial arrangements

Estate planning can help simplify the distribution of your assets and reduce the administrative burden on your loved ones.

Couples in a common-law relationship or second marriage

Estate planning can help ensure that your assets are protected and distributed according to your wishes, regardless of your marital status.

Individuals with disabilities or special needs

Estate planning can help ensure that you have a plan in place to manage your finances and healthcare if you are unable to do so.

Estate planning can help ensure that your retirement savings are protected and that your wishes for the distribution of your assets are respected after death.

Our Thoughts On Estate Planning In Canada

The development of an estate plan is beneficial to almost everyone. Whether you are young or old, wealthy or middle class, an estate plan can reduce taxes and expenses, simplify and speed up asset transfers, and help ensure beneficiaries will be taken care of.

An estate plan specifies how your assets will be owned, managed, and preserved during your lifetime and how they will be disbursed after your death. Also included in your estate plan is the important decision about who will handle your affairs. The following are some areas that will need to be considered as part of the estate planning process.

Premium Wills and Powers of Attorney

There is no plan complete without ensuring your assets are distributed according to your wishes. To give you peace of mind, we provide you with an estate plan that forecasts your future net worth and how to plan accordingly.

Tax Planning

Your planning needs should include a tax-efficient distribution of your assets. You should include this in your financial plan. An analysis of your family's needs is one of the most important considerations when choosing the right insurance.

You can learn more about our tax planning services here.

Charitable Gifting

How important is it to you to give money to charities? To ensure tax-efficient distribution of your gift, we can prepare proper plans for gifting cash, securities or life insurance.

Trust Planning

It can be challenging to decide how to leave a legacy to your heirs. Together with a legal professional and tax specialist, we can develop a trust plan to fulfill your important wishes.

Frequently Asked Questions

What is estate planning?

Estate planning is the process of organizing and arranging your financial affairs and assets in order to prepare for the future, including the distribution of your property and assets after death.

Are legal fees for estate planning tax deductible in Canada?

Yes, legal fees for estate planning may be tax deductible in Canada, but this can depend on the specific circumstances and the nature of the legal services provided. It's best to consult a tax professional or financial advisor to determine if your specific situation would make the legal fees tax deductible.

What does estate planning involve?

Estate planning typically involves creating a will, setting up trusts, and naming beneficiaries for financial accounts and insurance policies. The goal of estate planning is to minimize taxes and administrative costs, provide for loved ones, and ensure that your assets are distributed according to your wishes. Estate planning also involves creating a plan for the management of your finances and healthcare in the event of disability or incapacity.

Who can do estate planning?

Estate planning can be done by anyone who wants to ensure that their financial affairs and assets are organized and protected, and that their wishes are respected. Estate planning is relevant for individuals of all ages and income levels, and is especially important for those with significant assets, complex financial arrangements, and/or minor children.

How important is estate planning?

Estate planning is extremely important because it helps to ensure that your assets are protected, your wishes are respected, and your loved ones are provided for, no matter what the future may bring. By having a well-planned estate, you can reduce the stress and uncertainty that often arises during the distribution of assets and property after death.

Is estate planning the same as a will?

Estate planning and a will are related but different concepts. A will is a legal document that outlines how an individual's assets will be distributed after death. Estate planning involves creating a will, but also includes a wider range of measures and considerations aimed at protecting an individual's assets and wishes, such as setting up trusts, naming beneficiaries, and creating a plan for the management of finances and healthcare in the event of incapacity.

Who needs estate planning?

Estate planning is relevant for anyone who wants to ensure that their financial affairs and assets are organized and protected, and that their wishes are respected. Estate planning is especially important for individuals with significant assets, complex financial arrangements, and/or minor children.

What is estate planning in Canada?

Estate planning in Canada is the process of organizing and arranging an individual's financial affairs and assets in order to prepare for the future, including the distribution of property and assets after death. Estate planning in Canada typically involves creating a will, setting up trusts, and naming beneficiaries for financial accounts and insurance policies, with the goal of minimizing taxes and administrative costs, providing for loved ones, and ensuring that assets are distributed according to the individual's wishes.

Are estate planning fees tax deductible?

Estate planning fees may be tax deductible in Canada, but this can depend on the specific circumstances and the nature of the legal services provided. It's best to consult a tax professional or financial advisor to determine if your specific situation would make the estate planning fees tax deductible.

Estate Planning