What is Estate Planning?
What is Estate Planning?
- Estate planning is a process of arranging, during the person’s life, for the management and disposition of that person’s estate during the person’s life, in the event that person becomes incapacitated or dies.
- It is a plan to build up cash and list of properties in your estate and what to do with that property after you die or become incapacitated.
- Before you create a plan you will have to look at your financial situation, your family relationships and your financial obligations.
- You need to have a clear idea about the following.
- A list of your assets and liabilities.
- How can you plan taxes so you have more to leave behind?
- Whom do you want to provide and how much do you want to provide from what you left behind?
- What is the best way of providing for them?
What is your Estate?
- Your estate makes up of everything you own and everything you owe. In accounting terms you can say that your estate has a list of assets and a list of liabilities.
- If you have a life insurance policy, pension plans or government benefits, you can name an individual as beneficiary.
- Your estate is a legal entity that comes in existence after your death. Your estate has the legal right to enter into contracts and to sue or to be sued.
- Your estate has a legal obligation to pay income tax.
For estate planning needs, estate tax planning requirements or estate tax planning
Contact:
Mansoor Suhail (Mani)
Accountant
MS TAX – BSBA – EA – ICIA – RA
1804 – 1360 York Mills Road
North York, ON, M3A 2A3
TAX for CANADA AND U.S.A
Web: www.theaccountingandtax.com
Email: taxservicesguru@gmail.com
416 – 283 – 8774
