A number of professionals are usually involved in estate planning. Some estate plans require multiple trusts, wills and insurance policies.
Estimating the tax liability on death and the availability of resources to pay the taxes is an important early step especially in the owner-manager environment where a significant proportion of a family’s wealth may be invested in the business.
Estate plans need to be integrated with tax, investment, succession, business and risk management plans. Exploring tax efficient strategies for wealth transfer is a critical component of estate planning. Estate freezes, probate tax plans, dual wills and trusts are possible routes to achieving estate planning objectives.