1. Estate Planning – Tips, Traps and Tricks
Andrea Riccio
Kre8tive Law Group
October 24, 2016

2. Estate Planning - Objectives
Provide financial security for retirement
Provide for potential disability
Implement distribution plan after death
Minimize taxes on death
Minimize cost & inconvenience on death
Maximize gifts to beneficiaries

3. Estate Planning Toolbox
Financial Advisors
Insurance
Pension
RRSP
Tax plans
Home Depot types

4. Estate Planning Toolbox
Lawyer
Will
Enduring Power of Attorney
Personal Healthcare Directive
Supported Decision Making Authorization
CRA Form T1013
Structured Asset Ownership
Trust
Estate Freeze and Buy/Sell Agreements
Home Depot types

5. Insurance Death benefit paid to beneficiaries Used to pay taxes
Used to fund corporate obligations

6. RRSP
Main tool for retirement income security for self-employed persons
A supplement to employee pension plans
Tax deferral for spouses
Tax relief on contributions to maximums
Watch in will situations

7. Structured Asset Ownership
Bank accounts
Real estate
Investments
Gifts
Direct Ownership

8. Death – Tax Implications
Look ahead for tax impact
Deemed disposition of capital property
Ensure sufficient liquidity to pay taxes and debts

9. Wills Control - distribute your property your way Essential for:
parents with minor children
common law couples
same-sex relationships
multiple families
special needs situations
Minimizes taxes and estate administration costs
Burger King
Garrison Keillor cat
Children’s Lawyer

10. Wills - Children Appoint Guardians
Who will administer your children’s trusts
Give Guardians/Trustees discretion to do what is best for children
Specify how and when children will receive the share

11. Tips – Blended Families
Specific Estate Planning Tools
Marriage Contracts
Mutual Wills
Direct Ownership
Revisit Existing Estate Planning Tools
Beneficiary Designations
Structured Asset Ownership
Trusts

12. Tips – Digital Assets Digital assets you have purchased
Digital assets you created stored in the cloud
Personal information collected by social media
Information contained on personal devices
Issues – Access, Valuation & Ownership

13. Incapacity Two types of Enduring Powers of Attorney
Immediate and Springing
Difficulties when no power
Significant saving on lawyer’s fees
Other Documents
Considerations

14. Personal Care Two components to a Personal Care Directive
Express wishes for care
Empower a trusted person
Effective on disability
Consequences of no power
Considerations

15. Final Tips
Carry Contact Information On You
Your attorney in the event of incapacity
Your children’s guardian
Review Estate Plan
Every Five Years
Significant Change in your life