McCay Duff LLP is publishing a three-part series on the topic of planning your estate, written by Senior Tax Manager Paul McConkey. In part one of our series, we look at the five W’s of estate planning that every person should consider as they start the process of putting together a plan custom tailored to their circumstances. Stay tuned for future instalments in the coming weeks.

What is estate planning?

Estate planning is deciding, during a person’s life, who will inherit their assets after their passing and the management of those assets during their lifetime, if they become incapacitated and unable to conduct their own affairs.

Why is it important to have an estate plan in place?

There are several reasons why:

  1. It helps to reduce estate taxes.
  2. It helps to reduce Probate fees.
  3. It avoids family disputes.
  4. It protects your property and restricts your children’s access to your assets.
  5. It prevents unwanted beneficiaries; and
  6. Fulfills any philanthropic wishes you might have.

Whose it for?

Anyone who wants their assets to be transferred to loved ones, specifically after they pass away.

When is the right time to think about planning your estate?

Once certain life events like marriage, home ownership and having children occur, one should start to consider an estate plan. As you acquire more assets and wealth, an estate plan becomes even more important.

Who can help with your estate plan?

Your trusted tax advisors at McCay Duff LLP would love to discuss your estate planning needs if the time for you is NOW! The tax team, headed by Greg Kauffeldt, has over 50+ combined years providing clients excellent estate planning advice and strategies.

Contact McCay Duff LLP in Ottawa for Experienced Estate Planning Advice

McCay Duff LLP, in collaboration with legal and financial planning professionals, can effectively assist you with your estate, financial and succession planning needs. Early and effective planning assists in minimizing taxes and ensuring all compliance requirements are met.

Contact us today to enjoy the benefits of having estate, financial and succession planning specialists on your side.