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Make Your Estate a Priority This Year

Jan 1, 2018 9:30:00 AM The MacMillan Estate Planning Team Estate Planning, Tax Planning, Business Succession, family estate planning, family inheritance, new years


One of our favourite things about January is all the new energy everyone seems to have. It’s a time of year where Canadians evaluate how the previous years have gone and where they want to go from here. At MacMillan Estate Planning, trying to figure out where a person wants to go from here is our entire line of work. We specialize in life planning, and we invite you to put 2018 towards creating a personalized estate plan.

Business Succession. Do you see the bright light of retirement heading your way? Whether you’re planning to step down from your business at the end of 2018 or in five years, you should be actively grooming your replacement already. In Canada, seventy percent of all family-owned businesses fail to properly succeed to the next generation. By backing away from your responsibilities now, you can see whether your daughter or son is able to steer the ship before you’ve left completely. A good way to ensure your business doesn’t capsize once you leave is to semi-retire for a couple years first. Take a week or two each month to cruise or enjoy your vacation property. Once you’ve officially retired, swing by the office once a week just to make sure there aren’t any fires that need to be put out.

Tax Planning. Every year, many affluent Canadians pay significantly more than their fair share to the Canada Revenue Agency (CRA). Working with an expert estate planners at MacMillan will allow you to craft your estate and organize your assets proactively to significantly reduce or defer taxes. Tax planning for your estate can go far beyond just minimizing what you owe each year. If you own property outside of Canada, such as a vacation property in Arizona, this international property is actually liable for estate taxes in both Canada and the country where the property is located. Our team of experts helps you navigate the complications your numerous assets and investments bring to your estate.

Generational Planning. Planning your estate for just you and your spouse is relatively straightforward, but your estate should go far beyond just the two of you. An estate plan with comprehensive, multi-generational strategy is extremely beneficial. It helps to defer unnecessary taxes as the family cottage, or other valuable assets, are passed onto children and grandchildren. Various tools, like an estate freeze, allow future growth on an asset’s current total value to transfer to the next generation. For property, where capital gains can be excessive, this is a particularly useful tool.

Every Canadian — especially affluent Canadians — should have a personalized estate plan that takes into consideration their priorities and future legacy. Let our wonderful team at MacMillan Estate Planning guide you towards the retirement you want while ensuring everything you’ve worked so hard to create is safely protected. Call us today.

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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