Each passing year, the laws, bylaws, and tax structures surrounding estates and trusts become more complicated. The complexities and seriousness of making trust and estate tax plans make it difficult for individuals and families to plan their future and all the “what-ifs” that may pop up along the way.
By working with a chartered professional accountant experienced in the field of trust and estate tax planning, Calgary families gain the resources and information they need to make informed decisions. With a sound trust and estate tax plan in place, you will be able to live with a clear mind, knowing your family and interests will be cared for long after you’ve passed on the baton. Together, we can formulate an estate and trust plan that takes into account your spouse, children, grandchildren, and others who you would like to share part of your legacy with.
If you’re new to the concepts that go into trust and estate tax planning, our Calgary accountants have defined some common terms you may encounter along the way.
A trust is the total combined property and assets held by an individual. It is typically only referred to as an “estate” once the person has passed on.
A trust is essentially a legally binding agreement that involves three parties. There’s the “trustmaker”, the “trustee”, and the “beneficiary” (or “beneficiaries”). Let’s go a bit deeper in defining these terms:
You can avoid some of the legal and tax pitfalls associated with trusts by understanding the various trusts, and how each type of trust operates. There are actually several types of trusts, including living trusts, revocable living trusts, as well as irrevocable living trusts. Knowing whether you are set to receive assets from a revocable or irrevocable trust can have significant tax and legal implications. In this section, we will generally explain how some of the most common forms of trusts work.
There are numerous types of trusts not mentioned on this page, such as spendthrift trusts, disabled beneficiary trusts, and many others that come with their own tax implications. If you are looking for a customized trust arrangement to minimize your family’s taxable obligations, we can help accommodate your request. Contact Masone and Company to schedule a meeting with a will and estates tax accountant.
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About Masone and Company
B Comm, DPA, CPA, CMA, CGA, I.C.I.A.
We specialize in accounting, tax, and bookkeeping services. Our clients always receive services from seasoned professionals, who take a global view of their firms and then analyze how we can save them money.
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