Estate Planning & Securing Your Family’s Future

family estate planningHave you ever wished you’d done things differently in your day-to-day life? Everyone has their regrets, but when it comes to securing your family’s financial future you definitely don’t want to have any doubts or second thoughts. That’s why it’s extremely important to know all your options for preserving your estate. You need to start planning now, not later.

Estate planning is more than just writing a will. Though a will plays a major role in settling your estate, an estate plan is the complete package of how you’ll provide for your family and loved ones while you’re living, and how you’ll transfer and preserve the value of your assets after you die. A will is an essential step to any estate plan. It outlines exactly how you want your assets distributed. With a will you can choose your heirs, make specific requests, and choose an executor for your estate.

You can also set up Enduring Powers of Attorney (POA), which authorizes another individual to act on your behalf. There are two (2) types of POAs; a financial POA decides who will manage your money and under what circumstances, while a medical POA determines who will make health care decisions if you’re incapable of doing so for yourself. Both must be enduring – a legal term meaning they have to outlast you – to be useful.

If you have children, your estate plans NEEDS to include guardianship appointment. By appointing a guardian, you can rest assured that someone of your choosing and not the courts will raise your children.

You might also include a trust as part of your estate plan. A trust describes a relationship that exists when one person (the trustee) holds title to property on behalf of another, (the beneficiary). A trust outlines how and when the beneficiaries will receive your bequest. Whether or not you want to manage your children’s inheritance, or control the dispersal of funds, a trust can do the trick. And, if you’re giving the money to a child who may be disabled and financially dependent, a trust is invaluable, allowing you to clearly state your wishes and protect your child’s financial interests.

Estate planning, can go hand in hand with retirement planning – and you’re never too young to start preparing for retirement. By creating an estate plan today you’ll save money on taxes and fees down the road.

A well thought out, well-executed estate plan will allow your loved ones to tie up the ends as timely and painlessly as possible. So, talk to our estate planning professionals, discuss your goals and wishes and put a plan into action.

At Oglesby Financial Planning Services Inc. we want ALL your bases covered. After all, we want to minimize your taxes not only now but also upon your demise.

Remember, you make the decisions! Don’t leave it to chance or let the government do it for you.

The whole question of estate and succession planning is a fairly straightforward concept. Simply put we want to minimize your taxes both living and when you die but we also want to maximize any government benefits allowed by CRA.

We cover many topics of importance to you making sure your wishes are met. We help you arrange things in an equal and/or equitable manner. This is an area that most families struggle with but once you understand the philosophy of intergenerational transfers you will be able to make a decision that you feel comfortable with. This is done in a very casual format. After all, taxation will only increase and thus the problems of intergenerational transfers will only get more difficult to structure.
We are very accommodating in all the work we do with our clients and we are willing to adapt our work plan to fit into your plans and objectives. We shall select the areas we want to develop that are more urgent than others and deal with them all in this manner.

financial planningOne of the most frequently asked questions we hear is “My husband and I own all of our property jointly. Why should we have a will?” There are at least 2 (two) reasons why jointly owned property does not necessarily avoid the need for a will. This and other questions are covered in our Frequently Asked Questions.

The plan for succession is a deliberate and systematic effort by yourself and our estate and succession planners to ensure that your estate is kept in the capable hands of who ever you chose to carry on the family estate. Succession planning is a targeted process that identifies possible replacements in the event of an untimely death of one or both operating spouses currently running the family operation.

The eight-step process for implementation of succession plan is as follows:

  1. Communicate the framework
  2. Identify future needs
  3. Identify and communicate required competencies
  4. Assess current resources and liabilities
  5. Analyze variance
  6. Prepare Development plans
  7. Select method and execute plans to fill vacancy
  8. Evaluate and update annually or when any major life changes occur.

Once in place, both estate and succession planning gives you and your family the “peace of mind” knowing that all is well organized. The “road map” we follow is done with the valuable assistance of our tax strategists and estate planners. Once developed the plan should be reviewed on a regular basis.

Please feel free to call us and schedule your free personal consultation.