A will is a written document, either paper or digital, that spells out exactly where you want your possessions to go after you're gone, who will assume guardianship of your children, and more. Think of it as your last gift to your loved ones — a clear set of instructions that ensures they can carry out your final wishes, and that they’ll be taken care of for many years to come.

In this article, we’ll cover the following topics:

- What is an estate freeze?

- When should I freeze my estate?

- What are the tax benefits of an estate freeze?

- Avoiding capital gains upon death

- Income-splitting opportunities

- Multiplying the lifetime capital gain exemption (LCGE)

What is an estate freeze?

An estate freeze allows you to transfer your business to the next generation without incurring immediate capital gains taxes, all while retaining control of the business and maintaining a steady stream of income.

In this article, we’ll cover the following topics:
- How to transfer your business to the next generation
- Estate freeze
- Family trust
- Section 85 rollover
- Common shares

How to transfer your business to the next generation

A common mistake business owners make when transferring their business to non-arms-length individuals (e.g. their children, siblings, etc.) is setting the value of their business at a nominal amount – essentially gifting their business to the next generation.

Making a Charitable Legacy Part of Your Estate Plan

Throughout drafting many Wills in our law practice, we have noticed the majority of people do not provide for charity. Here are four top reasons why the current generation does not provide more to charity:

1. Misunderstanding of the Benefits of charitable giving

There is substantial misunderstanding surrounding the taxation of estates and the benefits of charitable giving. Many people do not realize that RRIFs and RRSPs will go into their income at the time of death (or, if there is a surviving spouse and a rollover of funds, on the spouse’s death). Obviously, this can create a substantial tax liability with items such as RRSPs, RRIFs, and capital gains. Because most charitable bequests are tax-deductible, there is a substantial benefit to providing for charity within your estate plan.

Estate Planning during a Pandemic - is it possible?

Estate Planning During a Pandemic

The impact of COVID-19 is being felt around the globe, bringing dramatic changes to our daily lives. The pandemic has also brought to light the importance of creating an estate plan or updating an existing one. This may not be something that many people wish to consider but it is critical to have your affairs in order, especially during unpredictable times such as these. An estate plan typically includes a will, power of attorney and a representation agreement. Although provinces in Canada have different requirements for these documents, a common feature is having signed the document in the presence of two witnesses who also sign the document. Typically done through in-person meetings with a lawyer, it has been made very difficult due to social distancing and quarantining.

Estate Planning | 3 Most Common Planning Documents

In this video, we cover the execution or signing requirements for the 3 most common legal documents that you need to be aware of in order to effectively create your estate plan.

What are the 3 most common legal documents?

1) A Will

2) Power of Attorney

3) Representation Agreement