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Estate planning is a difficult process for many people because it puts us in touch with the final chapter of our lives and there are many personal factors to consider. Although we may not look forward to making these types of decisions, it is extremely important to have a concrete plan in place. Estate planning is about planning for others - your family, your business partners, other special people in your life, and your favourite charities.
What is Estate Planning?
Your estate plan deals with how your assets (property, money, investments, insurance, collections, etc.) will be distributed upon death. An estate plan includes:
- Financial and tax planning
- Business succession planning
- Wills and power of attorney
- Trusts and living wills
- Funeral planning
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How Allied Can Help
We will help you gain control of this process and sort out what is most important to you and your family, and which strategies fit best. Think of our accounting, tax and financial planning experts as your team of specialists who will give you solid advice. In addition, we will coordinate activities with other professionals such as lawyers to ensure your estate plan is comprehensive, fulfills your intentions, and is tax effective.
We will start by evaluating your current situation and discuss your wishes. Then we will make recommendations to help you achieve what is important to you. Here is the process:
- Prepare a Net Worth Statement that summarizes your present assets and liabilities.
- Determine the approximate amount that will be distributed to each beneficiary under the provisions of your existing Will.
- Calculate the income tax implications and determine the impact of probate fees.
- Discuss if the distribution of assets as described in your current Will fulfils your wishes based on your present circumstances.
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Estate Planning
