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You build your wealth. Now ensure more of it is transferred


We spend so much of our time planning our finances so we can enjoy the retirement we deserve. With proper planning, the hope is that we can also leave some money behind for our loved ones.

Here are three quick tips to help you leave the assets you’ve worked hard to accumulate to those who deserve it:

Take stock of your assets
Over the years, a lot of people accumulate assets through company pensions, registered savings plans, family heirlooms, as well as in other asset-accumulating plans like insurance policies and business holdings.

Your first step in intergenerational wealth planning should be to compile a list of all your assets so you have an accurate snapshot of what your estate looks like. If you have a spouse or partner, ensure your list includes his or her assets as well.

Where there’s a will ...
Once you’ve created a list of all your assets, we recommend creating a will or reviewing your existing will to ensure it still reflects your assets and your goals for after you’re gone.

Please be sure to contact our office to review your will to ensure it covers off all your assets or to get a referral for a lawyer to help you create your will.

Find ways to minimize the tax implications when transferring your assets
After accumulating your assets, you want to know that your beneficiaries are getting the most money possible. This means finding ways to reduce the tax consequences when those assets are transferred to your loved ones.

One way to do this is to transfer certain assets to your family members before you die. You can plan annual gifts or transfer a family cottage to the next generation to avoid some of the capital gains taxes and probate fees that may otherwise become the responsibility of your beneficiaries. You can also spread out their inheritance using certain types of insurance products (like an annuity settlement option ) to reduce the immediate tax implications of this inheritance.

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