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Estate Planning

Whether young or old, you should have an estate plan in place in order to a) minimize taxes upon death and b) seamlessly transition assets to one’s heirs. Common estate planning techniques consider how you can shield your Estate and your beneficiary’s from paying probate tax, or how to protect your children’s inheritance from a spousal claim in the event of their matrimonial breakdown. Estate planning considers how to pass down vital assets through to your next generation such as your family business or family cottage, while avoiding family disputes and heavy transfer taxes.

At Kalfa Law, we provide a variety of solutions to all of your estate planning needs. Through the use of primary and secondary (corporate) wills, we can minimize the assets that will require probate and therefore be levied probate tax. By taking advantage of an estate freeze, we can transfer your family business over to your next generation during your lifetime so as to eliminate the asset from your estate upon death. Life insurance is another important aspect of estate planning and can be used as an efficient tool for corporate tax planning as well. By obtaining a life insurance plan through your corporation, you achieve a dual tax saving result. First, you reduce your corporation’s taxable income each year with a healthy deduction. Second, the insurance proceeds flow to your corporation’s capital dividend account and can be distributed to your shareholder beneficiary’s tax free. Its never too early to estate plan. Contact our lawyers to begin discussing how you can plan for your future today.

Wills and Powers-of-Attorney

Why do you need a Will?

It is never too soon to have a plan in place for your assets and for your family. You have worked hard to build the life you have, and you should protect your investments from probate and probate taxes by ensuring that you have established a testamentary Will. Aside from probate taxes, a Will helps to ensure that your estate is distributed as you wish, that your children will have the care and resources they need, and that your death doesn’t create a legal and administrative burden to your family.

Powers-of-Attorney

In Ontario, there are two types of powers of attorney: powers of attorney for personal care and for property. A power of attorney is integral in order to give the authority for someone to act on your behalf in the event you are incapacitated. Without a power of attorney, your family members will not have the legal authority to do your banking, file your tax return or other important day-to-day financial or business matters on your behalf. Your family will have to apply to court for this appointment which is costly, timely and unnecessary.

Why Kalfa Law

With our combined experience in Wills and Estate law as well as Tax law, we’ll build you a comprehensive estate plan, testamentary Will or power-of-attorney for your estate planning needs.

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