Trust and estate planning in Calgary Alberta

Trust and Estate Tax Planning Tips

No matter the size of your estate, there is never a bad time to think about trust and estate planning in Calgary. Having a comprehensive estate plan in place is important for ensuring that all of your beneficiaries are provided for, as well as for limiting your estate's exposure to Canada's deemed disposition tax.


The trust and estate planning specialists at Calgary's Masone and Company have put together some tips to help you structure a solid estate plan.

1) Create a Will That Details How Your Assets Are to Be Divided

If you don't have a valid will when you pass or fall ill and incapacitated, it will be up to the province to decide how your assets are divided. Making a will is the only way to ensure that your beneficiaries get exactly what you intended to leave to them. It also saves your loved ones a lot of potential stress and trouble. It is never too early to make a will, and you should always update your will if you get married, get divorced, or have children.

2) Set Up Trusts to Transfer Assets to Your Chosen Beneficiaries

One of the most important aspects of trust and estate tax planning in Calgary is to transfer property intended for your dependants to a trust. A trust can be structured in any number of ways and may stipulate that your dependants receive the assets when, for example, they reach a certain age. It can also contain directives as to how the funds may be used, such as for healthcare or educational expenses. Trusts do not need to go through probate and are generally more legally binding than wills.

3) Appoint Trusted and Capable Representatives

When thinking about who to name as the executor of your will and the trustee of any trust that you set up, it is important to choose people who you believe will be capable and trustworthy in these roles. Make sure that they are aware of and accepting of the role, and leave them a detailed letter regarding your wishes about how your will and trusts are to be handled.

4) Get Expert Help

Even if you know exactly how you want your estate to be divided and handled, it never hurts to enlist expert help from trust and estate tax planning accountants in Calgary. Designing and creating proper wills and trusts can be quite complicated, as there are a lot of laws, bylaws, and tax structures that you need to be aware of. An expert will also help limit any tax that your beneficiaries would owe.

Masone and Company: Calgary's Trust and Estate Tax Planning Professionals

If you've decided to plan your estate and you want to make sure you do it right, then you can count on the Calgary trust and estate planning professionals at Masone and Company. We can provide you with all of the information you need on the different types of trusts and which ones might be right for your needs.

Don't hesitate to contact Masone and Company to schedule a meeting with one of our experienced chartered professional accountants today.

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