Tax and Estate Planning

The main objective of estate planning is to ensure that your personal property and estate—whatever its size—is managed effectively during your lifetime and that your wishes will be carried out according to your wishes after you die. This includes the orderly distribution of assets upon death and minimization of taxes.

Estate planning is not exclusive to high-income earners. Every parent, spouse, and businessperson should have an estate plan, as should every grandparent and great-grandparent.

Generally speaking, an estate plan is necessary for every person who needs or wants to create an estate, conserve assets, and set out plans for the distribution of their assets as income to themselves during their lifetime—or to their spouse, children and descendants and charities after their death.

An estate plan preserves wealth by taking advantage of tax savings opportunities, provides and preserves savings for retirement, provides adequate support for dependants, conserves assets, and ensures equity in estate distribution.

Broadly defined, an estate plan addresses the need for protection, control, and reasonable tax treatment.