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16 Jan 2018
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Estate Planning Q&A

Planning your estate is an essential part of wealth management. Planning is especially important when there are significant assets (small businesses, cottages, etc.), complex issues like foreign beneficiaries, or multifaceted relationships – otherwise known as blended families.  When a well-documented estate plan is drawn up,  it can give you peace of mind. 


Knowing that your loved ones are taken care of once you pass is the best part. Getting organized is the hardest part. Use this article as a starting point, and give the talented, professional team at DRDA a call – they would be happy to provide their expertise for all of your estate planning needs. This article is going to go over some of the questions you need to be looking at when you plan your estate.


Business planning
• Is there a buy-sell agreement?
• Does your company take advantage of the $10,000 tax-free death benefit?
• Should you consider an estate freeze to minimize your tax liability?
• Is there enough liquidity to see your company see through the transition period after you pass?
• If a key person becomes incapacitated, is there insurance to put in a contingency plan?


Beneficiary designations, trusts, and ownership
• Is your family going to be staying in the family home or be moved to another accommodation?
• Are there special arrangements for inform beneficiaries?
• Is it necessary to protect any beneficiaries with poor financial skills?
• Are there special circumstances to support children from a first marriage, while still supporting your spouse from the second marriage?


Asset distribution
• Hire a professional to go over taxes and fees owed on your estate.
• Look at a financial standpoint at what your family's needs are.
• Is there enough liquidity to pay expected taxes and estate costs?
• Do you have the right type of insurance.
• Think about which loved ones you would like to distribute your estate to.


Estate planning is something that everyone should do, however it is unpleasant to think about death. The best thing you can do to protect your legacy is to make sure the ones you loved in life are still taken care of after death.

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