YU 3541B FALL2008, Chapter 18 Estate Planning, February 12, 2009

YU 3541B FALL2008, Chapter 18 Estate Planning, February 12, 2009

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1 Estate Planning Chapter #18.
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2 AGENDA 1. What is Estate Planning?/Terminology/Objectives. 2. 3. Transferring Assets Under an Estate Plan. 4. What Documents Are Required In Estate Planning? 5. Additional Considerations Regarding Estate Planning. 6. What are the Steps to Establishing a Proper Estate Plan? 7. What is a Will and What Happens if You Die Without  One? 8. Duties of an Executor   9. Probating a Will. 10. Tax Implications on Death. 11. Common Estate Planning Pitfalls.
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3 Estate Planning Within the  Financial Planning Process 1. Introduction to Financial Planning 2. Cash Flow and Net Worth 3. Tax Planning 4. 5. Investment Options 6. Retirement Planning 7. Risk Analysis 8. Estate Planning
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4 What Is Estate Planning? Estate planning is a process which ensures  that, after you die, your assets are  distributed in accordance with your wishes  for the maximum benefit of your heirs (i.e.  the transfer takes place in a timely, orderly  and tax-efficient manner).  * Review the terminology on pages 511-513.
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5 Estate Planning Objectives Maintaining control from beyond the  grave Providing for the needs of your survivors Passing on values and wishes Leaving a legacy Preserving your estate from taxes and  distribution costs Ensuring necessary liquidity
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6 Other Benefits of Estate  Planning Minimizing disputes GRIEF + GREED = TROUBLE Reduce overall (lifetime) tax bill Minimizing government interference Providing for a time when you cannot  make your own decisions
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7 What Happens to the Assets  All of the deceased assets and liabilities  become part of the deceased’s estate until  the debts are paid, applicable tax returns are  filed, taxes paid and “clearance” given by  CRA. Then the net assets are distributed in  accordance with the Will or provincial laws.  The exceptions to this general rule are: 1. Assets held in joint ownership before the 
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This note was uploaded on 10/16/2011 for the course ADMS 3541 taught by Professor Staff during the Fall '10 term at York University.

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YU 3541B FALL2008, Chapter 18 Estate Planning, February 12, 2009

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