Estate Planning

It's taken a lot of "blood, sweat and tears" to get to this point. You want to ensure that what you have done over your lifetime will be properly maintained going forward and distributed as per your wishes when that day finally comes.

We appreciate what you've accomplished and can assist with your goals and objectives in the following ways:

Assessment of initial facts:

  • Review your current powers of attorney & wills to see if they meet your current wishes;
  • Prepare a net worth statement with you to summarize what you own and what you owe;

Discussion of issues to resolve:

  • Will detail - discuss with you why the choice of executor, multiple wills, use of wording in wills & "list of wishes" documents are important;
  • Probate fees - help you understand how probate fees are calculated, what ways you can minimize them by asset beneficiary designations on assets & the possible negative consequences of doing so;
  • Family harmony & distribution Ė discuss the issues surrounding the dynamics of your family situation and desired estate distribution; review the use of testamentary trusts for providing tax minimization and capital preservation of your estate assets amongst beneficiaries;
  • Tax implications Ė based on your current net worth statement calculate what the tax impact of realizing your estate assets would be;
  • Life insurance - Inform you of the ways in which life insurance can assist with estate equalization & tax minimization and discuss if it can provide a benefit in your specific situation;
  • Charitable giving - review the various ways you can give as part of your estate plan and assist developing and implementing a specific plan according to your wishes

Plan implementation & review:

  • Draft a memo that reflects your desired wishes for you to review;
  • Coordinate with your advisory team what changes need to be made to achieve this;

Client Testimonials
  • " When I established my business in 2001, I set out to select my professional advisory team which included the services of an accountant. My previous 25 years had been spent employed in two small businesses where in addition to my normal duties I acted as the companyís Treasurer. In those days, I had the assistance of our company accounting staff, a large professional accounting firm and later an individual accounting professional. Decisions then had been by consensus which in my opinion was good for the moral of employees but only slightly positive for business. During my search a friend suggested Michaelís firm and staff as a possible solution - I can say I have never looked back. Michael has given me the experience I needed to manage the accounting and taxation parts of my company operations. I have also learned a new computerized accounting system & have gained a lot of confidence in recording my ongoing activity thanks to Ms. Helen Hogan. Michael and his staff members have provided me with professional yet practical advice. They do so with an excellent attitude, in a friendly manner and by a team approach. We have periodic discussions regarding our business and personal estate / retirement planning, year-end filings and tax planning around asset purchases and real estate dispositions. I have achieved success in my business and personal life in part from being able to better understand how the accounting and taxation process affects my goals and objectives. We have continued to retain Michaelís firm after our relocation from Barrie to Peterborough in 2011 because of the enthusiasm and trust we have experienced - thank you for all you do for us! "

    Petr Sabata, P. Eng - Atlas Engineering Inc.

  • " We have had Michaelís firm deal with our corporate, personal and real estate holdings for the last decade. He and his staff have taken a continual caring interest in our overall situation and when needed his referral network connections have been very helpful to us. Our firm also utilizes Mike in a consulting capacity to dissect complex client scenarios into practical bite sized issues to address. At times, we also directly refer him to clients to provide advice on their own corporate or personal situations. In both cases, our firm and our clients have found his approach to be a pleasant change and his advice to be of great value. We have no hesitation in recommending Michaelís firm to entrepreneurís who are looking for a valued CPA firm to be part of their advisory team. "

    Milt Carr - President - Milt Carr & Associates