As we enter 2025, it’s the perfect time for high-net-worth families to revisit their estate plans. With changes in tax laws, evolving family dynamics, shifting financial landscapes, and recent leadership changes in the U.S. and Canada creating uncertainty, ensuring your estate plan is aligned with your goals is crucial. Snowbirds, in particular, should consider the cross-border implications of these changes to protect their wealth effectively. Here are key strategies to consider:
- Review and Update Your Will
Ensure your will reflects current assets and provides for loved ones in a tax-efficient manner. Regular updates are essential after major life events or legislative changes. - Consider Estate Freezes
An estate freeze locks in the current value of your estate for tax purposes, allowing future growth to pass to heirs without taxation. This is particularly useful for family businesses. - Utilize Trusts Effectively
Trusts such as Joint Spousal Trusts and Testamentary Trusts help avoid probate, reduce taxes, and protect loved ones, including minors or those with special needs. - Plan for Charitable Giving
Incorporate charitable giving to make an impact and gain tax benefits. In Canada, consider donating securities or using a charitable remainder trust; similar options exist in the U.S. Snowbirds can leverage these strategies across borders for added efficiency - Prepare for Health and Financial Decisions
Ensure loved ones can make critical decisions on your behalf with an Enduring Power of Attorney and Personal Directive. Cross-border considerations are vital for snowbirds to ensure seamless decision-making in both countries.
Estate planning can be complex, but the right strategies secure your family’s future. Join our Estate Planning Webinar on January 23rd, 2025, to explore essential strategies for high-net-worth families.
For personalized guidance, we offer complimentary consultations to help you create a comprehensive estate plan.
Reserve your spot for the webinar or schedule a consultation by calling 403-266-6464. Let us help you build a legacy that aligns with your goals.