We can guide you through the complex process of getting your financial affairs in order
Effective estate planning for CORPORATION & INDIVIDUALS
Planning for a smooth transition from you to your successors is critical for continued success, and a potential source of financial issues.
Estate planning is a legal process for transferring a person’s assets. Those assets could include intellectual property, stocks and bonds, real estate and many other things.
The goal is to ensure this estate plan minimizes taxes, legal fees and other costs that invariably arise when assets are passed on. Any person or organization can be a beneficiary of an estate.
An estate plan that involves transferring assets to a charity or a trust is complicated.
Don’t attempt to implement a complex estate plan without professional help.
Ken & Associates has experience handling a range of estate planning and taxation needs. Financial accounting expertise makes effective estate planning possible, ensuring the orderly transfer of assets to beneficiaries. Good estate planning also provides financial security for the surviving spouse and can reduce the taxes due when your business or other assets are transferred.
We promise to simplify this sometimes complicated process. In addition to handling the legal and accounting documents we can advise you on various aspects of estate planning, such as:
▻ Making sure you and your family control who administers the estate.
▻ Explaining the likely estate fees and how to minimize them.
▻ Set up a method for your family to receive money or property in a way that reduces cost and stress.
▻ Reviewing and updating your will as needed.
▻ Helping you anticipate and avoiding family conflict.
▻ Implementing a strategy that minimizes the taxes.
To complete that important tax planning step, we will review with you all of the potential tax consequences.
At Ken & Associates we know who to plan your estate in a way that minimizes those liabilities. For example, we can set up a plan that passes future growth to family members while you remain in control of the company. You may be able to take advantage of income-splitting, so that income passes to family members at lower tax brackets. An estate freeze could give beneficiaries use of a lifetime capital gains extension.
Conventional estate planning is not enough to meet the needs of some Canadians. Business owners have related assets to pass along.
We can help business owners with business continuity and succession, in ways that protect your financial interests.
Estate planning and taxation can be daunting subjects so don’t tackle them on your own. These important matters deserve the attention of an expert accountant with a track record of dealing with estate planning and taxation.
Once the estate taxes come due, you will want to work with Ken Accounting to minimize the tax bill.