{"id":203,"date":"2022-12-02T20:25:08","date_gmt":"2022-12-02T20:25:08","guid":{"rendered":"https:\/\/wfsadvisory.ca\/?page_id=203"},"modified":"2024-05-01T17:10:40","modified_gmt":"2024-05-01T17:10:40","slug":"estate-planning","status":"publish","type":"page","link":"https:\/\/wfsadvisory.ca\/estate-planning\/","title":{"rendered":"ESTATE PLANNING"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.25.0&#8243; _module_preset=&#8221;default&#8221; background_enable_color=&#8221;off&#8221; background_image=&#8221;https:\/\/wfsadvisory.ca\/wp-content\/uploads\/2024\/04\/wfs-47.jpg&#8221; parallax=&#8221;on&#8221; custom_padding=&#8221;150px||200px||false|false&#8221; global_colors_info=&#8221;{}&#8221; disabled_on=&#8221;on|on|off&#8221;][et_pb_row custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.25.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;rgba(0,0,0,0.58)&#8221; width=&#8221;33%&#8221; width_tablet=&#8221;60%&#8221; width_phone=&#8221;85%&#8221; width_last_edited=&#8221;on|phone&#8221; custom_padding=&#8221;||||false|false&#8221; custom_padding_tablet=&#8221;||||false|false&#8221; custom_padding_phone=&#8221;|6%||6%|true|true&#8221; animation_style=&#8221;slide&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; text_text_color=&#8221;#FFFFFF&#8221; header_text_color=&#8221;#FFFFFF&#8221; text_orientation=&#8221;center&#8221; inline_fonts=&#8221;Alike Angular&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h1 class=\"se-t sie-header_1-text st-m-title st-d-title se-rc\"><span face=\"Alike Angular\" size=\"6\" style=\"font-family: 'Alike Angular'; font-size: xx-large;\">Estate Planning for Business Owners<\/span><\/h1>\n<p>&nbsp;<\/p>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/wfsadvisory.ca\/index.php\/contact\/&#8221; 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_module_preset=&#8221;default&#8221; title_level=&#8221;h1&#8243; title_text_color=&#8221;#FFFFFF&#8221; title_font_size=&#8221;45px&#8221; hover_enabled=&#8221;0&#8243; title_text_shadow_style=&#8221;preset2&#8243; title_text_shadow_color=&#8221;#000000&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; title_text=&#8221;wfs-47&#8243; sticky_enabled=&#8221;0&#8243; title_font_size_last_edited=&#8221;on|phone&#8221; title_font_size_phone=&#8221;27px&#8221; title_font_size_tablet=&#8221;45px&#8221;][\/dipl_interactive_image_card][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#eeeeee&#8221; custom_padding=&#8221;0px|0px|0px|0px|true|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_2,1_2&#8243; make_equal=&#8221;on&#8221; disabled_on=&#8221;on|on|off&#8221; _builder_version=&#8221;4.25.0&#8243; 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_module_preset=&#8221;default&#8221; header_2_font_size=&#8221;30px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3><span style=\"color: #114f8f;\"><b>Estate Planning for Business Owners<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>What happens when the children grow up and no longer depend on their parents? What happens to your other &#8220;baby&#8221;- the business? Estate planning for business owners deals with personal and business assets. Business succession planning is different because it only deals with your business assets and can also take place while you&#8217;re alive. You need to have an estate plan regardless of whether you have a succession plan. Estate planning for business owners is typically more complicated because the estate plan needs to deal with the following:\u00a0<\/span><\/p>\n<ul>\n<ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Complex business and personal relationships<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">More significant and more intricate estates<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tax issues<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business Succession<\/span><\/li>\n<\/ul>\n<\/ul>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When putting an estate plan for a business owner together, one of the most challenging conversations is around the fair or equal distribution of assets. What if one of the children is working in the business? How do you treat them? Before you begin putting a plan in place, we always encourage open conversation and a family meeting between the parents and children to provide context behind decisions. Therefore, it minimizes the surprises and offers an opportunity for children to express their concerns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We&#8217;ve outlined the key issues below for estate planning. We know this can be a difficult conversation, so we&#8217;re here to help and provide guidance.\u00a0<\/span><\/p>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/wfsadvisory.ca\/index.php\/contact\/&#8221; button_text=&#8221;Book A Meeting&#8221; button_alignment=&#8221;left&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; button_text_size=&#8221;14px&#8221; button_text_color=&#8221;#FFFFFF&#8221; button_bg_color=&#8221;#114F8F&#8221; button_border_width=&#8221;3px&#8221; button_border_color=&#8221;#FFFFFF&#8221; button_letter_spacing=&#8221;2px&#8221; button_font=&#8221;Josefin Sans|700||on|||||&#8221; button_use_icon=&#8221;off&#8221; background_layout=&#8221;dark&#8221; custom_padding=&#8221;20px|120px|20px|120px|true|true&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;20px|50px|20px|50px|true|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221; button_bg_color__hover_enabled=&#8221;on|hover&#8221; button_bg_color__hover=&#8221;#4B7AA8&#8243; button_bg_enable_color__hover=&#8221;on&#8221;][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; make_equal=&#8221;on&#8221; disabled_on=&#8221;off|off|on&#8221; _builder_version=&#8221;4.25.0&#8243; _module_preset=&#8221;default&#8221; width=&#8221;100%&#8221; max_width=&#8221;100%&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.25.0&#8243; _module_preset=&#8221;default&#8221; background_enable_image=&#8221;off&#8221; custom_padding=&#8221;||||true|false&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;20%||20%||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; background_last_edited=&#8221;off|desktop&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/wfsadvisory.ca\/wp-content\/uploads\/2024\/04\/wfs-67.jpg&#8221; title_text=&#8221;wfs-67&#8243; _builder_version=&#8221;4.25.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;150px|10%|100px||false|false&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;50px|32px||32px|false|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; header_2_font_size=&#8221;30px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h3><span style=\"color: #114f8f;\"><b>Estate Planning for Business Owners<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>What happens when the children grow up and no longer depend on their parents? What happens to your other &#8220;baby&#8221;- the business? Estate planning for business owners deals with personal and business assets. Business succession planning is different because it only deals with your business assets and can also take place while you&#8217;re alive. You need to have an estate plan regardless of whether you have a succession plan. Estate planning for business owners is typically more complicated because the estate plan needs to deal with the following:\u00a0<\/span><\/p>\n<ul>\n<ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Complex business and personal relationships<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">More significant and more intricate estates<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tax issues<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business Succession<\/span><\/li>\n<\/ul>\n<\/ul>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When putting an estate plan for a business owner together, one of the most challenging conversations is around the fair or equal distribution of assets. What if one of the children is working in the business? How do you treat them? Before you begin putting a plan in place, we always encourage open conversation and a family meeting between the parents and children to provide context behind decisions. Therefore, it minimizes the surprises and offers an opportunity for children to express their concerns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We&#8217;ve outlined the key issues below for estate planning. We know this can be a difficult conversation, so we&#8217;re here to help and provide guidance.\u00a0<\/span><\/p>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/wfsadvisory.ca\/index.php\/contact\/&#8221; button_text=&#8221;Book A Meeting&#8221; button_alignment=&#8221;left&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; button_text_size=&#8221;14px&#8221; button_text_color=&#8221;#FFFFFF&#8221; button_bg_color=&#8221;#114F8F&#8221; button_border_width=&#8221;3px&#8221; button_border_color=&#8221;#FFFFFF&#8221; button_letter_spacing=&#8221;2px&#8221; button_font=&#8221;Josefin Sans|700||on|||||&#8221; button_use_icon=&#8221;off&#8221; background_layout=&#8221;dark&#8221; custom_padding=&#8221;20px|120px|20px|120px|true|true&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;20px|50px|20px|50px|true|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221; button_bg_color__hover_enabled=&#8221;on|hover&#8221; button_bg_color__hover=&#8221;#4B7AA8&#8243; button_bg_enable_color__hover=&#8221;on&#8221;][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; make_equal=&#8221;on&#8221; disabled_on=&#8221;on|on|off&#8221; _builder_version=&#8221;4.25.0&#8243; _module_preset=&#8221;default&#8221; width=&#8221;100%&#8221; max_width=&#8221;100%&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;150px|35px|100px|35px|false|false&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;50px|32px||32px|false|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; header_2_font_size=&#8221;30px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><b>Adult Children<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fair vs Equal (also known as Equitable vs Equal) \u2013 like what&#8217;s considered fair may not necessarily be equal. So, for example, should the daughter, that&#8217;s been working in the family business for ten years, receive the same shares as the son, who hasn&#8217;t worked in the family business at all?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are the adult children responsible enough to handle the inheritance? Or would they spend it all?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Who works in the family business? Is it all the kids or just one of them?<\/span><\/li>\n<\/ul>\n<p><b>Family Meeting<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Encourage open conversation with parents and kids so context can be provided behind the decisions, there are no surprises and allows the kids to express their interests and concerns.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Facilitate a family meeting with both generations; this will help promote ongoing family unity after death and decrease the chances of resentment later.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Start looking at considerations for a succession plan for the business. (This needs to be documented separately.)<\/span><\/li>\n<\/ul>\n<p><b>Assets\/Liabilities<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What are your assets? Create a detailed list of your assets, such as home, real estate, non-registered investments, TFSA, RRSP, RDSP, RESP, pension plan, insurance policy, property and additional revenue sources.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What about shares in your business? How does this need to be addressed?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What are your liabilities? Create a detailed list of your liabilities, such as:<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage, Loans (personal, student, car), Line of Credit, Credit card, Other loans (payday, store credit card, utility etc.)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Did you personally guarantee any business loans, and how does this need to be addressed?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Understand your assets-the ownership type (joint, tenants in common, sole etc.), list who the beneficiaries are of your assets<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Understand your liabilities- are there any co-signors?<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-weight: 400;\">Make sure you have a will that:<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assigns an executor.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide specific instructions for the distribution of all assets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consider a power of attorney for use when incapacitated or otherwise unable to handle your affairs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Always choose two qualified people for each position and communicate with them.<\/span><\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/wfsadvisory.ca\/index.php\/contact\/&#8221; button_text=&#8221;Book A Meeting&#8221; button_alignment=&#8221;left&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; button_text_size=&#8221;14px&#8221; button_text_color=&#8221;#FFFFFF&#8221; button_bg_color=&#8221;#114F8F&#8221; button_border_width=&#8221;3px&#8221; button_border_color=&#8221;#FFFFFF&#8221; button_letter_spacing=&#8221;2px&#8221; button_font=&#8221;Josefin Sans|700||on|||||&#8221; button_use_icon=&#8221;off&#8221; background_layout=&#8221;dark&#8221; custom_padding=&#8221;20px|120px|20px|120px|true|true&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;20px|50px|20px|50px|true|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221; button_bg_color__hover_enabled=&#8221;on|hover&#8221; button_bg_color__hover=&#8221;#4B7AA8&#8243; button_bg_enable_color__hover=&#8221;on&#8221;][\/et_pb_button][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; 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custom_padding=&#8221;||||true|false&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;20%||20%||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/wfsadvisory.ca\/wp-content\/uploads\/2024\/04\/wfs-78.jpg&#8221; title_text=&#8221;wfs-78&#8243; _builder_version=&#8221;4.25.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;150px|35px|100px|35px|false|false&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;50px|32px||32px|false|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; header_2_font_size=&#8221;30px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><b>Adult Children<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fair vs Equal (also known as Equitable vs Equal) \u2013 like what&#8217;s considered fair may not necessarily be equal. So, for example, should the daughter, that&#8217;s been working in the family business for ten years, receive the same shares as the son, who hasn&#8217;t worked in the family business at all?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are the adult children responsible enough to handle the inheritance? Or would they spend it all?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Who works in the family business? Is it all the kids or just one of them?<\/span><\/li>\n<\/ul>\n<p><b>Family Meeting<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Encourage open conversation with parents and kids so context can be provided behind the decisions, there are no surprises and allows the kids to express their interests and concerns.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Facilitate a family meeting with both generations; this will help promote ongoing family unity after death and decrease the chances of resentment later.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Start looking at considerations for a succession plan for the business. (This needs to be documented separately.)<\/span><\/li>\n<\/ul>\n<p><b>Assets\/Liabilities<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What are your assets? Create a detailed list of your assets, such as home, real estate, non-registered investments, TFSA, RRSP, RDSP, RESP, pension plan, insurance policy, property and additional revenue sources.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What about shares in your business? How does this need to be addressed?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What are your liabilities? Create a detailed list of your liabilities, such as:<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage, Loans (personal, student, car), Line of Credit, Credit card, Other loans (payday, store credit card, utility etc.)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Did you personally guarantee any business loans, and how does this need to be addressed?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Understand your assets-the ownership type (joint, tenants in common, sole etc.), list who the beneficiaries are of your assets<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Understand your liabilities- are there any co-signors?<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-weight: 400;\">Make sure you have a will that:<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assigns an executor.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide specific instructions for the distribution of all assets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consider a power of attorney for use when incapacitated or otherwise unable to handle your affairs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Always choose two qualified people for each position and communicate with them.<\/span><\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/wfsadvisory.ca\/index.php\/contact\/&#8221; button_text=&#8221;Book A Meeting&#8221; button_alignment=&#8221;left&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; button_text_size=&#8221;14px&#8221; button_text_color=&#8221;#FFFFFF&#8221; button_bg_color=&#8221;#114F8F&#8221; button_border_width=&#8221;3px&#8221; button_border_color=&#8221;#FFFFFF&#8221; button_letter_spacing=&#8221;2px&#8221; button_font=&#8221;Josefin Sans|700||on|||||&#8221; button_use_icon=&#8221;off&#8221; background_layout=&#8221;dark&#8221; custom_padding=&#8221;20px|120px|20px|120px|true|true&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;20px|50px|20px|50px|true|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221; button_bg_color__hover_enabled=&#8221;on|hover&#8221; button_bg_color__hover=&#8221;#4B7AA8&#8243; button_bg_enable_color__hover=&#8221;on&#8221;][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; make_equal=&#8221;on&#8221; disabled_on=&#8221;on|on|off&#8221; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; width=&#8221;100%&#8221; max_width=&#8221;100%&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; background_image=&#8221;https:\/\/wfsadvisory.ca\/wp-content\/uploads\/2022\/12\/estate4.jpg&#8221; custom_padding=&#8221;||||true|false&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;20%||20%||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;150px|10%|100px||false|false&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;50px|32px||32px|false|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; header_2_font_size=&#8221;30px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><b>Taxes and Probate<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How much are probate and taxes? (Income tax earned from Jan 1 to date of death + Taxes on Non Registered Assets + Taxes on Registered Assets, Taxes on Business Shares)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are there any outstanding debts to be paid?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You&#8217;ve worked your whole life- how much of your hard-earned money do you want to give to CRA?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How much money do you want to give to your kids while you&#8217;re living?<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-weight: 400;\">Consider the following:\u00a0<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The use of trusts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use an estate freeze if you wish to gift while you&#8217;re living.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The use of a Holdco for effective tax planning.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Once you determine the amount of taxes, probate, debt, final expenses and gifts required, review your life insurance coverage to see if it meets your needs or if there&#8217;s a shortfall<\/span><\/li>\n<\/ul>\n<h3><\/h3>\n<p><strong>Next steps&#8230;<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Contact us today to help you get your estate planning in order so you can gain peace of mind that your family and business are taken care of.\u00a0<\/span><\/p>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/wfsadvisory.ca\/index.php\/contact\/&#8221; button_text=&#8221;Book A Meeting&#8221; button_alignment=&#8221;left&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; button_text_size=&#8221;14px&#8221; button_text_color=&#8221;#FFFFFF&#8221; button_bg_color=&#8221;#114F8F&#8221; button_border_width=&#8221;3px&#8221; button_border_color=&#8221;#FFFFFF&#8221; button_letter_spacing=&#8221;2px&#8221; button_font=&#8221;Josefin Sans|700||on|||||&#8221; button_use_icon=&#8221;off&#8221; background_layout=&#8221;dark&#8221; custom_padding=&#8221;20px|120px|20px|120px|true|true&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;20px|50px|20px|50px|true|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221; button_bg_color__hover_enabled=&#8221;on|hover&#8221; button_bg_color__hover=&#8221;#4B7AA8&#8243; button_bg_enable_color__hover=&#8221;on&#8221;][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; make_equal=&#8221;on&#8221; disabled_on=&#8221;off|off|on&#8221; _builder_version=&#8221;4.25.0&#8243; _module_preset=&#8221;default&#8221; width=&#8221;100%&#8221; max_width=&#8221;100%&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.25.0&#8243; _module_preset=&#8221;default&#8221; background_enable_image=&#8221;off&#8221; custom_padding=&#8221;||||true|false&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;20%||20%||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/wfsadvisory.ca\/wp-content\/uploads\/2022\/12\/estate4.jpg&#8221; title_text=&#8221;estate4&#8243; _builder_version=&#8221;4.25.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;150px|10%|100px||false|false&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;50px|32px||32px|false|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; header_2_font_size=&#8221;30px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><b>Taxes and Probate<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How much are probate and taxes? (Income tax earned from Jan 1 to date of death + Taxes on Non Registered Assets + Taxes on Registered Assets, Taxes on Business Shares)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are there any outstanding debts to be paid?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You&#8217;ve worked your whole life- how much of your hard-earned money do you want to give to CRA?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How much money do you want to give to your kids while you&#8217;re living?<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-weight: 400;\">Consider the following:\u00a0<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The use of trusts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use an estate freeze if you wish to gift while you&#8217;re living.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The use of a Holdco for effective tax planning.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Once you determine the amount of taxes, probate, debt, final expenses and gifts required, review your life insurance coverage to see if it meets your needs or if there&#8217;s a shortfall<\/span><\/li>\n<\/ul>\n<h3><\/h3>\n<p><strong>Next steps&#8230;<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Contact us today to help you get your estate planning in order so you can gain peace of mind that your family and business are taken care of.\u00a0<\/span><\/p>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;https:\/\/wfsadvisory.ca\/index.php\/contact\/&#8221; button_text=&#8221;Book A Meeting&#8221; button_alignment=&#8221;left&#8221; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; button_text_size=&#8221;14px&#8221; button_text_color=&#8221;#FFFFFF&#8221; button_bg_color=&#8221;#114F8F&#8221; button_border_width=&#8221;3px&#8221; button_border_color=&#8221;#FFFFFF&#8221; button_letter_spacing=&#8221;2px&#8221; button_font=&#8221;Josefin Sans|700||on|||||&#8221; button_use_icon=&#8221;off&#8221; background_layout=&#8221;dark&#8221; custom_padding=&#8221;20px|120px|20px|120px|true|true&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;20px|50px|20px|50px|true|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221; button_bg_color__hover_enabled=&#8221;on|hover&#8221; button_bg_color__hover=&#8221;#4B7AA8&#8243; button_bg_enable_color__hover=&#8221;on&#8221;][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.19.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: left;\"><em>WFS Wealth and Financial Strategies offers this site, including all information, software, products and services available from this site or offered as part of or in conjunction with this site, to you, the user, conditioned upon your acceptance of all of the terms, conditions, policies and notices stated here. WFS Wealth and Financial Strategies reserves the right to make changes to these Terms and Conditions immediately by posting the changed Terms and Conditions in this location.<\/em><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#1c2441&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_4,1_4,1_4,1_4&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; width=&#8221;100%&#8221; max_width=&#8221;1363px&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.17.6&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/wfsadvisory.ca\/wp-content\/uploads\/2022\/11\/Logo-white-300&#215;274.png&#8221; title_text=&#8221;Logo white&#8221; 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What happens to your other &#8220;baby&#8221;- the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"_links":{"self":[{"href":"https:\/\/wfsadvisory.ca\/wp-json\/wp\/v2\/pages\/203"}],"collection":[{"href":"https:\/\/wfsadvisory.ca\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wfsadvisory.ca\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wfsadvisory.ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wfsadvisory.ca\/wp-json\/wp\/v2\/comments?post=203"}],"version-history":[{"count":13,"href":"https:\/\/wfsadvisory.ca\/wp-json\/wp\/v2\/pages\/203\/revisions"}],"predecessor-version":[{"id":514,"href":"https:\/\/wfsadvisory.ca\/wp-json\/wp\/v2\/pages\/203\/revisions\/514"}],"wp:attachment":[{"href":"https:\/\/wfsadvisory.ca\/wp-json\/wp\/v2\/media?parent=203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}