Death & Taxes: What you need to know.
About This Episode
- The most important thing you should do to plan for death (2:45)
- Why the executor/liquidator is so important (4:49)
- The honor and burden of the executor (5:56)
- Why it’s a long process to wind up an estate (7:35)
- The need for a detailed list of assets and debts (8:09)
- Thinking about estate tax (10:23)
- What you need to know about probate (11:22)
- How retirement accounts are taxed at death (13:55)
- The connection between estate planning and your tax burden (16:07)
- Tax considerations for TFSAs held at the time of death (17:06)
- The importance of paperwork (18:59)
- Maximizing how much your beneficiaries receive from your estate (21:04)
- What to consider if you own shares in a private corporation (23:58)
- Complications that arise around partnerships (25:07)
- Tax filing requirements after death (26:16)
- An executor’s final responsibility (29:13)
- How financial and legal professionals can help (31:54)
- Hugh’s key takeaway for Canadians (32:49)
- And much more!
Thanks for Listening!
With increasing global connectedness, the world today is smaller than it’s ever been. Countries are coming together to share information in a global trend towards greater transparency and with that, undeclared assets are much more likely to be discovered. So if you’ve found yourself in a situation with undeclared assets, what can you do to get on the right side of things?
We discuss key factors that play a role in the increased net worth of Canadians as well as the latest inflation numbers and how they impact your finances.
Steve Legler is a family legacy guide and advisor who helps families turn their dreams into a workable plan.