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Key Estate Planning Strategies  for 2025

Jan 15, 2025 9:14:36 AM The MacMillan Estate Planning Team Estate Planning, family estate planning, personalized estate plan, tax plans, trust income tax returns, spousal trusts, legacy, MacMillan Estate Planning, Tax Law Changes

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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
  5. 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.
Webinar & Complimentary Consultation
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.

At MacMillan Estate Planning, our team of professional trust and estate practitioners, chartered accountants, financial planners, and legal professionals look forward to assisting you with the design of your estate plan and will ensure you build, protect, and enjoy your wealth. The information provided is general and may not be suited to your objectives or sufficient to ensure the protection of you and your family. You should not act on this information without providing MacMillan Estate Planning with the opportunity to ensure that it is suitable for your unique situation.


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