Want to build a strong asset? Start by building a solid foundation and add the right measure of protection and wealth building parameters. Plan and create appropriate structures that will harness your wealth. Construct avenues that will allow wealth transfers to minimize losses along the way. Finally, establish regular reviews as your life changes so that it can be enjoyed by you and your beneficiaries to its fullest.
It’s a simple formula that can produce potentially intricate yet complete strategies to manage your wealth both in your lifetime and for your beneficiaries. Through our discovery process we uncover those vulnerable areas in your financial plan and provide solutions to manage them.
There are several protective and wealth building strategies that can be an invaluable part or your financial and estate plan. They can build and protect your wealth while providing things like Tax Planning, Wealth Transfers, Creditor Protection, Investment Measures, Business Succession Planning, Business Protection and Charitable Giving. Looking at all the financial components and finding the gaps that could affect your future, will enable you to better managing your business, estate and financial planning.
Here are some helpful ideas to get you started:
Designate a Beneficiary – Ensure that your assets like your RRSPs/RRIFs and Life Insurance have a named beneficiary so it can
Property Titles Ensure your properties are in both spousal names so it can transfer easily and not be considered part of your estate to be charged probate fees.
Insurance to Cover Estate Taxes – Life insurance can provide a secure and effective method to pay for final expenses and offset capital gains taxes often purchased for less than the cost of the taxes.
Family Trust – Consider setting up a spousal or family trust to avoid capital gains taxes.
Charitable Giving – Life insurance can leave a legacy to your favourite charity while providing significant tax savings for your estate and leaving more wealth for your beneficiaries.
See more detailed information and other great Strategies below and contact us for more information about how this could work for you.
