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Estate Planning Advice Estate planning is an attempt to avoid those horror stories we have all heard of. Example: Your kids get nothing of your hard-earned assets because your spouse remarried.
estate planning Services
Wills - Powers of Attorney - Specialty Trusts - Tax Planning
Dying without a will is called intestate. This means that the state where you live has a say in what happens to your assets after you die. If you’re married, your spouse may get some or all of your property. If you’re single, your parents may inherit your property, or it may go to your siblings. And if you have children, the government will decide who will raise them if you don’t designate a guardian in your will.
Without a will, you have no say in what happens to your property or your children after you die. And that can be a big problem for your loved ones. They may have to go to court to settle disputes over who gets what. The process can be time-consuming and expensive, and it can tear families apart. So if you haven’t done your will yet, now is the time. Make an appointment with a trusted lawyer today and get it done. It’s one of the most important things you can do for your loved ones.
No two families are the same, and no two wills should be either. At our law firm, we understand that every client has unique needs and concerns. That’s why we take the time to get to know you and your family before drafting your will. We want to make sure that all of your wishes are taken into account, and that your loved ones are provided for in the event of your passing. Drafting a will can be complex process, but with our help, it doesn’t have to be. We’ll streamline the process and make sure that all the necessary clauses and protections are included. Thousands of our satisfied clients have rave about how simple we make it. So if you’re looking for peace of mind, look no further than our law firm. We’ll take care of you and your family.
When it comes to estate planning, one of the primary concerns is often minimizing taxes. While there are a number of strategies that can be employed to reduce the tax burden, it’s important to consider the costs associated with each strategy. For example, adding children as joint tenants on a property may help to reduce taxes, but if the resulting legal fees and other costs are greater than the taxes saved, it’s not a worthwhile strategy. Instead, it’s important to work with an experienced estate planning attorney to identify strategies that will minimize taxes without incurring significant costs. By taking this approach, you can ensure that your estate plan is as effective and efficient as possible.
Parenting is one of the most rewarding experiences a person can have, but it is also one of the most challenging. One of the biggest responsibilities of being a parent is ensuring that your children are taken care of financially if you are no longer around. This is why it is so important to have a will. If you die without a will, the government will take your assets and distribute them according to the laws of your state. This could mean that your children would not inherit anything from you. We work with you to create a plan that ensures your children are taken care of financially if something happens to you. You can choose how and when they receive their inheritance, and we can help you make sure that your wishes are carried out. Contact us today to learn more about how we can help you protect your family.
Ontario has a wonderful regime to support residents who are disabled. This includes income support as well as many other benefits and services. However, the ODSP (Ontario Disability Support Program) is not available if you have assets that exceed $40,000. If your die without a will or you have not considered this in your estate planning, your beneficiary will most likely lose these benefits. To prevent this, certain assets get earmarked in the will- but must not vest – for your disabled beneficiary. Their inheritance can be paid out bit-by-bit to purchase things to improve their quality of life without ruining their ODSP benefits.
A Power of Attorney for Personal Care is often referred to as a “Living Will” although Ontario Law does use the term: Living Will. The term we use in Ontario is “Advanced Care Directive”. But this is not the same as the POA for health care. The POA for health care is the doc that appoints someone to make decisions on your behalf when you have lost capacity. The Advanced Care Directive specifies exactly what kind of personal care you would or would not want if you had a particular medical condition and were unable to communicate your wishes. It might, for example, say that you would want everything possible done to prolong your life or it might say that you would only want comfort measures if there was no hope of recovery. If you have not made an Advanced Care Directive and then lose capacity, your substitute decision-maker will have to make those hard choices without knowing what you would have wanted. Many people think that they do not need an Advanced Care Directive because they have a Will which says who should get their possessions when they die. But a Will has nothing to do with personal care decisions – only with possessions. So if you want to be sure that your wishes about personal care are followed, make an Advanced Care Directive.
Most Property POAs come into effect when the Grantor has lost capacity. Capacity is determined by a doctor or Certified Capacity Assessor. Other types of POAs for Property come into effect as soon as you have signed – even if you still have capacity. Not only does our firm have to discuss with you when the POA should come into effect, we also need to ensure that the person you are appointing (your “Attorney”) is someone you trust implicitly to make financial decisions on your behalf. You must be comfortable that they will act in your best interests, and in accordance with any wishes or instructions that you have provided. If you do not yet have an Attorney, or are not sure who you would appoint, we can help you identify potential candidates. Appointing a Property Attorney is an important decision, but it does not have to be difficult. Our experienced team can guide you through the process and answer any questions you may have. Contact us today to learn more.
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Mississauga, ON, L4Z 2C1
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