The TK Advisor -TK Financial Group Ottawa Blog about Life Insurance, Critical Illness Insurance, Wealth Management and Estate Planning

Family Trust and you !

A family trust is a very useful structureto pass future growth of your business to the next generation , minimize tax , avoid confusion and split income to name only a few benefits . So you may have created a family trust with your accountant and lawyer but you have no idea what you can do with it . You have a family trust , your daughter is in university on a scholarship so you do not think you can use your trust ? Estate Planning allows you to maximize your financial well being in lifetime and after death . Work with us , a lawyer and a accountant and we will assist you in saving taxes , creating a road map and leaving nothing left to chance !

Family Trust is a valuable structure when properly created !

At our STEP , Society of Trust and Estate Practitioners ,meeting yesterday we were informedabout creation of a Family Trust in Quebec and Ontario . Two separate types of laws have a significant differences when setting up the Family Trust which makes it a necessity to deal with a professional who is a specialist in creation of trust in Civil Law or Common Law . We have worked with a number of individuals who either had no idea of the value that a Family Trust provides them and we assisted them to put a team together to create a family trust . There are many things your advisers need to be aware before they go off creating a family trust and the process is not cookie cutter exercise . Are beneficiary of your trusts foreigners ? Do you have disabled individuals who are beneficiaries of a family trust ? These are only some of the areas of consideration . I urge you to work with specialists and review your trusts to be sure they are properly set up and what if any changes are needed .