Estate planning is another service that Business Critical provides for clients. Estate planning can become quite complicated when we start adding in corporations, other shareholders, and different registered and non-registered investments. That is why it is very beneficial to work with a team of professionals that can bring all of those pieces of the puzzle together.
Now, what is estate planning and how does it actually relate to you? The simplest explanation is that estate planning is the process of getting all of your affairs in order in the most tax-efficient manner prior to your death. This can include writing your will, determining who your property will go to, how your investments will be handled, etc.
At Business Critical, we want to make sure that your goals are met in the most tax-efficient manner possible. When your estate consists of multiple different assets, such as multiple corporations, real estate, and investments, the tax burden bestowed upon your descendants can be quite high. Upon death, all of your assets are deemed disposed of and will be fully taxable, likely at the highest marginal tax rate. That means that you can lose up to half of your estate when trying to pass it down to loved ones.
Estate planning can be a very complicated process, but it is very beneficial to set it up in a way where you can leave the majority of your assets behind to your loved ones without the massive tax bills. Don’t wait until it’s too late—schedule a call with us (link) or email firstname.lastname@example.org today.