Estate Planning Lawyers of Edmonton
Estate planning is much more than making a will to leave your property to your spouse or your children. It includes tax planning, business succession planning, life insurance issues and many other important matters. Pension and other government benefits, medical care issues for survivors, stocks, bonds, and many other issues can come into play. Sometimes ongoing support payments to surviving relatives such as ex-spouses or children need to be considered and provided for. Sometimes an orderly division of assets (often including real property) can be the most important consideration.
Minimizing tax payable to the government is always a goal. It is almost always advantageous to deal with these matters of family, finance and wealth management before someone becomes ill or passes away, rather than after. This is the whole focus of estate planning. As people are now living longer then ever, due consideration must also be given to what happens should someone lose their “mental capacity” along the way. Alzheimer’s and other mental conditions can be a real problem. Who should be the one to “take over” the financial decision making in the event of the loss of sound mind? It is better to consider those things before they happen.
Fundamental estate planning tools can include the use of joint property, life insurance, transfers, powers of attorney, living wills and tax avoidance. Estate law overlaps to a considerable extent with other domestic law including family law, pensions and employee benefits law and in some cases the law of trusts and family trusts. Advanced tax planning can sometimes be appropriate, especially in situations where there is a lot of money involved. This law firm has a wealth of experience in all aspects of estate planning and no matter how simple, or how complex your situation – we can help. Call one of our lawyers today.