By Margaret Kerr, JoAnn Kurtz
Wills & property making plans For Canadians For Dummies walks you thru the stairs of making plans your property. This pleasant consultant can assist you decrease the tax you or your property pays Plan to your kid's destiny depart a charitable legacy Decipher the criminal lingo in wills arrange a dwelling will to make sure you get the remedy you will want rent an property making plans workforce that might meet your wishes via functional suggestion from specialist authors, this publication is helping you make sure that your affairs are so as, and your beloved. & nbsp;Read more... Wills & property making plans For Canadians For Dummies; Contents at a look; desk of Contents; creation; approximately This ebook; What you do not have to learn; silly Assumptions; How This booklet Is equipped; Icons; the place to head from right here; half I: property making plans fundamentals; bankruptcy 1: what's property making plans, Anyway?; bankruptcy 2: What Are You worthy? getting ready a listing of Your property; bankruptcy three: The Taxman Cometh: Taxes and Your property; half II: property making plans instruments; bankruptcy four: funds to Die For: The Mysteries of existence coverage published. bankruptcy five: unfastened to an exceptional domestic: gifting away Your issues earlier than You DieChapter 6: go the greenback: utilizing Trusts in property making plans; half III: growing an property Plan; bankruptcy 7: A staff to your send of property: Beneficiaries and Executor; bankruptcy eight: who is Minding the youngsters? making plans Your kid's destiny; bankruptcy nine: Giving Them the company: What to Do with the relations enterprise; bankruptcy 10: You Gave on the place of work, yet ... : Charitable Donations; bankruptcy eleven: so long to All That: Plan Your Funeral and Organ Donation; half IV: placing Your Plan into motion. bankruptcy 12: If there is no Will there is no manner: Why you would like a WillChapter thirteen: Will energy; bankruptcy 14: Powers of legal professional: Who'll deal with Your cash for You for those who Can't?; bankruptcy 15: residing Wills: taking care of You if you cannot deal with your self; bankruptcy sixteen: Getting specialist aid; half V: Readying Your property and conserving It modern; bankruptcy 17: do not go away a multitude at the back of: placing Your Affairs so as; bankruptcy 18: it really is Even larger the second one Time round: Updating Your property Plan; half VI: The a part of Tens; bankruptcy 19: Ten inquiries to Ask prior to You rent a attorney. bankruptcy 20: Ten guidance for utilizing Your laptop for property PlanningAppendix A: organize to satisfy Your attorney; Appendix B: directions to your Executor; Appendix C: stock to your Executor; Index
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Additional resources for Wills and Estate Planning For Canadians For Dummies
Example text
Getting Professional Help Should you get professional help? In a word, yes! We want to make this very clear. Estate planning and will preparation are dangerous territory for the do-it-yourselfer. The law in these areas is very complicated. indd 14 2/8/10 3:24 PM Chapter 1: What Is Estate Planning, Anyway? 15 If you make a mistake in preparing or signing your own will and power of attorney, they may not do what you want them to do, or, even worse, they may be totally invalid. And let’s not even think about what will happen if you make a mistake in planning to reduce the taxes on your estate.
Indd 14 2/8/10 3:24 PM Chapter 1: What Is Estate Planning, Anyway? 15 If you make a mistake in preparing or signing your own will and power of attorney, they may not do what you want them to do, or, even worse, they may be totally invalid. And let’s not even think about what will happen if you make a mistake in planning to reduce the taxes on your estate. But naturally you’re worried about the cost of professional help. Will you have anything left in your estate after you pay for it? Obviously cost will be related to the amount of work you want done.
But when your spouse decides to sell the property, or when your spouse dies, he or she is taxed on the increase in the value of the property from the time you got the property, not from the time he or she got the property. The sidebar “Jules and Jim decide whether or not to roll over” offers an illustration of how the rollover works following the death of spouse number one. It is also an illustration of what happens to the same piece of property if it’s left to a child instead of the spouse. If you leave all of your property to your spouse, your estate will not have to pay any capital gains tax at all.