Estate Planning
Planning For Tomorrow, Today
By: Susan Gottlieb
Below is the introduction from a larger publication entitled “Estate Planning – Planning for tomorrow, today”
By planning for tomorrow today, you can retain more of your assets, protect your estate and leave a lasting legacy for your family.
A common misconception is that only the wealthy need to concern themselves with estate planning. This misconception can result in significant unnecessary costs for your estate and additional burdens for survivors. In fact, just about everyone can benefit from the development of an estate plan. Young or old, wealthy or middle class, an estate plan can reduce the taxes and expenses of an estate, simplify and speed the transition of assets to your beneficiaries and ensure that beneficiaries are protected.
The purpose of this publication is to provide an overview of the estate planning process and address the main elements of an estate plan. Since some of the issues addressed in this publication vary among provinces and territories, this guide is only intended as a general reference. Your personal estate plan should be prepared with the assistance of professionals such as an estate lawyer (or notary in the province of Quebec) and tax advisor. Ask your RBC advisor for more information about the financial planning issues that may be relevant to your situation. Also, ask your RBC advisor about preparing a financial plan.
It should be stressed that this publication is intended for a Canadian resident who is not a U.S. citizen. If you have dual citizenship or residency in another country, there may be additional strategies and issues you need to consider. Speak to a legal advisor specializing in cross-border estate planning before you act on any of the information provided in this guide.
Due to space limitation, we are unable to reproduce the entire 40-page report, which describes Estate planning in greater detail, covering:
- Common elements of an estate plan
- Creating your estate plan
- Methods of transferring your assets
- What if you die without a Will?
- Taxes at death
- Life insurance
- Planning for incapacity
- Where do you go from here?
Feel free to request an e-copy from me at susan.gottlieb@rbc.com or reference on www.susangottlieb.com
This publication is not intended as nor does it constitute tax or legal advice. Readers should consult their own lawyer, accountant or other professional advisor when planning to implement a strategy. Interest rates, market conditions, special offers, tax rulings and other investment factors are subject to change. This information is not investment advice and should be used only in conjunction with a discussion with your RBC Dominion Securities Inc. Investment Advisor. This will ensure that your own circumstances have been considered properly and that action is taken on the latest available information. The information contained herein has been obtained from sources believed to be reliable at the time obtained but neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers can guarantee its accuracy or completeness. This report is not and under no circumstances is to be construed as an offer to sell or the solicitation of an offer to buy any securities. This report is furnished on the basis and understanding that neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers is to be under any responsibility or liability whatsoever in respect thereof. The inventories of RBC Dominion Securities Inc. may from time to time include securities mentioned herein. Insurance products are offered through RBC Wealth Management Financial Services Inc. (“RBC WMFS”), a subsidiary of RBC Dominion Securities Inc.* RBC WMFS is licensed as a financial services firm in the province of Quebec. RBC Dominion Securities Inc., RBC WMFS and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. and RBC WMFS are member companies of RBC Wealth Management, a business segment of Royal Bank of Canada. ® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. © 2018 RBC Dominion Securities Inc. All rights reserved. MyGPSTM is a trademark of Royal Bank of Canada. 18_90083_048 (01/2018)
