Imagine a parent or spouse passes away and there is no will in place? This happens all too frequently and the impact can be devastating to the Estate at a time when grief is already at a peak. Intestacy, or the condition of passing without a will, is thankfully completely avoidable. We cannot emphasize enough the importance of not only having a will, but ensuring that it is up to date. Estate planning, however, is much more than just having a will.
A comprehensive Estate plan needs to take into consideration a client’s desire for any charitable bequests, inheritances to children, if any, how much is to be given, and any other wealth stewardship goals. Additionally, every individual and family situation is unique, as some may be apart of a blended family and some may have businesses that need to be dealt with on another level, depending on the complexity. One of the ultimate goals of an Estate plan is to have things structured in such a way as to reduce the Estate’s tax liabilities so as to ensure that the Estate’s size can be maximized. This may be as simple as assigning beneficiaries on your existing registered accounts to bypass probate, or as complex as setting up a foundation in order to both fulfill any potential charitable bequests and reduce any taxes owing.
At Capstone, we work with clients who will have large Estates that require a proper plan to ensure things are appropriately set up. This is accomplished through a series of discussions. Estate planning is critical to the success of our client’s portfolio strategy.
Janet Kim Sing, Portfolio Manager
Capstone Private Wealth