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. | Succession And Estate Planning
How would your family survive if you were not here to provide for them? What would happen to your investments? What would happen to your business? These are not pleasant things to think about. But, you have worked hard to create your wealth and need to plan wisely for retirement, so you need an estate plan. If you are a business owner, succession planning is an important part of your estate plan.
The goals of estate planning are simple: estate maximization, ensuring that your estate is as large as possible, and estate conservation, ensuring that the value of your estate is not eroded by taxes, probate fees and other costs of estate administration. In developing an estate plan, you and your advisor must consider all of the following:
the assets and investments you own;
the people you want to receive your assets;
the person you want to administer your estate (the executor);
the needs of your surviving family;
the expenses your estate will incur; and,
the impact of taxation on your estate.
Most people spend more time planning a two-week vacation than the rest of their financial lives. A lack of proper financial planning could result in you paying more income tax and passing on less to your heirs. It doesn't have to be this way. By working with a financial advisor, you can develop a plan that is unique to your situation. You can manage your wealth now, have enough money to retire and provide for those who carry on when you are gone.
Will planning is the heart of any financial plan. If you die without a will, provincial law decides how your estate should be distributed and that may be very different from what you want. Life insurance is also an important component of any estate plan and is usually the best method of funding your goals.
For more information on succession and estate planning, and the role of life insurance in funding those plans, contact us for a Manulife Financial representative in your area.
Problems facing affluent clients
We offer planning expertise for affluent clients
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