In Quebec, estate planning is essential to preserve your family assets and ensure a smooth transition after your death. Unfortunately, many families neglect this aspect, which can lead to conflicts and high tax burdens. Here’s why estate planning is an essential step.
1. Avoid family conflicts
Without a clear will, the distribution of your assets will be dictated by Quebec laws on legal devolution, which can lead to disagreements between heirs. Tip: Write a detailed will and update it regularly.
2. Minimize tax impacts
In Canada, a death generally results in the deemed disposition of your assets, which can generate significant taxes. Tip: Consider creating testamentary or inter vivos trusts to reduce these tax impacts.
3. Protect vulnerable family members
Minors or people with special needs often require special provisions. Tip: Include appropriate provisions in your will to protect their interests.
4. Plan the transfer of family businesses
If you own a business, inadequate planning can complicate business continuity. Tip: Consult a business attorney to structure an effective transfer, including estate freezes.
At Twin Lisbet, we work with you to develop a tailor-made estate strategy, adapted to your needs and compliant with Quebec and Canadian laws.
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