Is there a "Doctor" in the house?

[Cornuck]

I know we don't share much about our personal lives, but I am in financial services, and I have done a lot of work in retirement planning, and estates and wills.

If anyone in the group has any questions about how to arrange shit for your family and help to reduce death taxes, feel free to message me. Getting old sucks but we all have people we want to take care of. If I don't have the answer, I know people who do.

Take care, and Go Canucks Go.

Nice - thanks for the offer, Tciso.

[rats19]

Yes, thnx Tciso

[Tciso]

Don't worry. Any advise would be tempered with sarcastic insults from previous discussions. I ain't a saint.

[donlever]

I ain't a saint.

A posting at CC requirement tbh.

[2Fingers]

I am still trying to get my head around a "death tax".

I was not aware of a specific tax like this unless it is called something else? I know in Japan there is a harsh inheritance tax so maybe that it what it means?

[JelloPuddingPop]

I am still trying to get my head around a "death tax".

I was not aware of a specific tax like this unless it is called something else? I know in Japan there is a harsh inheritance tax so maybe that it what it means?

Its not a specific "death tax" - more over the taxes you have to pay when you die.

At the time of death, for tax purposes - it is treated as if all your assets are "cashed in" - so all your investments, RRIF, etc., which contributes to your overall "income" for the year. You pay taxes on this, and it can be substantial.

Especially if you own multiple property (ie: not primary residence) - as capital gains for folks who bought early in Vancouver/Lower Mainland are usually looking at a pretty significant rise in value for most places.

[UWSaint]

I ain't a saint.

A posting at CC requirement tbh.

I take offense. Or offence.

[Chef Boi RD]

I know we don't share much about our personal lives, but I am in financial services, and I have done a lot of work in retirement planning, and estates and wills.

If anyone in the group has any questions about how to arrange shit for your family and help to reduce death taxes, feel free to message me. Getting old sucks but we all have people we want to take care of. If I don't have the answer, I know people who do.

Take care, and Go Canucks Go.

I just hooked up with a wealth management group this year. Yeah I know, a bit late, poor long term planning on my part. Kinda like Canucks management.

[donlever]

I ain't a saint.

A posting at CC requirement tbh.

I take offense. Or offence.

Taking into consideration my post I'm presuming the latter...

[Tciso]

I am still trying to get my head around a "death tax".

I was not aware of a specific tax like this unless it is called something else? I know in Japan there is a harsh inheritance tax so maybe that it what it means?

Its not a specific "death tax" - more over the taxes you have to pay when you die.

At the time of death, for tax purposes - it is treated as if all your assets are "cashed in" - so all your investments, RRIF, etc., which contributes to your overall "income" for the year. You pay taxes on this, and it can be substantial.

Especially if you own multiple property (ie: not primary residence) - as capital gains for folks who bought early in Vancouver/Lower Mainland are usually looking at a pretty significant rise in value for most places.

Don't forget probate and lawyer fees - about 6% of the estate value. That's why it's good to bypass the estate if possible.

[Cousin Strawberry]

Can you define 'bypass the estate' Tciso?

[Tciso]

Can you define 'bypass the estate' Tciso?

The estate is defined as "Everything Else". Some investment products are paid directly to the beneficiaries, and as such, they bypass the estate.
This includes products with named beneficiaries such as Life insurance. And, investing in Segregated funds, instead of mutual funds or GICs. Joint ownership of property can also work. There are a number of ways and tools. Average Canadians don't use any of the tools, as banks, lawyers and accountants don't pay your taxes, and banks cannot carry segregated funds, as they are technically an insurance contract.

BTW, since these products bypass the estate, they are often paid to the beneficiaries within weeks, where estates can often take 18 months.

[Cousin Strawberry]

My siblings and I are going through that prolonged nonsense after the passing of our dad 2 years ago. He willed his estate to his wife but since they married late in life she wanted his $$$ to go to his kids instead. It's caused all sorts of drama for the government and lawyers. Unreal