Fewer things are more personal to a client than their estate plan. Having an intimate understanding of a client’s set of circumstances is critical to being able to recommend a plan that is right for them. The ability to problem solve and think creatively to come up with alternatives is what distinguishes advisors.
This session will introduce basic estate planning concepts while providing foundational knowledge of the complex issues that need to be considered when crafting an estate plan for clients. The concepts covered will provide practitioners with a deeper understanding of why estate planners recommend certain plans and the technical provisions that allow those plans to work.
Topics covered will include:
• law of intestacy and consequences of dying without a last Will and Testament in Ontario;
• common estate planning techniques employed to reduce estate administration tax (commonly referred to as “probate”) including the use of direct designations, primary/secondary wills, bare trusts, transferring assets into joint tenancy, and the use of alter-ego and joint-partner trusts;
• taxation on death and planning techniques employed to minimize the tax liability including use of insurance and charitable gifting;
• complex families and unique assets – creative planning solutions for the complex family;
• basics of Powers of Attorney for Property – scope, authority, and validity;
• the roles, responsibilities, and liability of executors, trustees, and powers of attorneys;
• case law update.