De Rubeis, Chetcuti LLP Lawyers

Wealth Protection Tools

Wealth Protection Tools

 

1. Comprehensive Personal/Family Questionnaire

A full investigation and disclosure of the client's personal, spousal, business, investment and family circumstances are accomplished through a detailed questionnaire created with all of the estate planning tools in mind.


2. Wills

  • Multiple Wills (“primary” and “secondary” wills) are effective and necessary in many circumstances. Probate fee reduction is available in Ontario for corporate shares, personal property, unsecured loans etc.

  • A Will for foreign property may be necessary and beneficial. Note - Wills are only effective for assets within the jurisdiction.


3. Powers of Attorney

  • For property (all financial matters) can be one document however multiple documents is advisable to provide for alternate attorneys.

  • Personal/health care power of attorney

  • Foreign jurisdiction issues are very important for powers of attorney. Both property and personal care powers of the foreign jurisdiction are usually necessary if client has property or spends considerable time in another jurisdiction e.g. property and personal care powers of attorney done in Ontario may not be legally recognized in Florida.


4. Trusts

  • Both testamentary and inter vivos trusts

  • Benefit minors

  • Second spouse benefits

  • Incapacitated spouse

  • Spouse trust - tax minimization

  • Family trusts - income splitting

  • Insurance trusts - life insurance proceeds to benefit minors or special needs

  • Discretionary trusts - estate freezes, business transfers, asset protection

  • Self-interest trusts (Alter Ego or Joint Partner)


5. Re-structure Corporate and/or Real Estate holdings

  • Consider options with a view to tax minimization, succession, efficiency and/or simplification and expense reduction.

  • Income-splitting opportunities

  • Planning for Capital gains exemption on sale of shares

  • Review real estate holdings with a view to tax minimization and exit strategies or out-right sales


6. Special Agreements

  • Shareholder/partnership agreements

  • Buy-sell agreements

  • Marriage or Co-habitation contracts

  • Pre-nuptial agreements

  • Separation agreements

  • Shared Ownership or Shared Benefit Insurance agreements


7. Insurance

Casualty

  • A review of insurable assets, potential liabilities and adequacy of existing insurance

  • Where lacking, expert insurance advice

Life (term, permanent, whole life/participating, universal)

  • Business contingency protection

  • Funding buy-sell agreements

  • Create a legacy

  • Cover capital gains taxes

  • Fund charitable gifts

  • Creditor protection

Other Insurance

  • Disability, critical illness, long term care


8. Investment Counselling

Consideration of various professional avenues to review financial circumstances with a view to maximizing after-tax income and retirement planning.

  • Legal expertise as needed

  • Accountant - tax expertise

  • Financial advisors - Investment brokers, CFP and others

  • Chartered Business valuators - CBV

  • Canadian Association for Family Enterprise (CAFE)