Walsh Legacy Law Firm – Real Estate Lawyer – Wills – Estate Law – Business Law

ESTATE LAW - BUSINESS LAW - REAL ESTATE LAW

Phone: (519) 962-9074 - 12205 Riverside Dr. E, Tecumseh, ON N8N 1A1
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ESTATE LAW

Estate Planning is a process. It provides for the accumulation, management and preservation of assets during your lifetime and a plan for the distribution of those assets at the time of your death. It can help minimize the tax burden to your estate and your beneficiaries.

An estate plan needs to be reviewed periodically and in particular, when there has been a change in the circumstances on which the plan was based. While wills are the most common vehicles used to carry out estate planning tools and techniques include:

• Continuing Powers of Attorney for Property
• Powers of Attorney for Personal Care
• Gifts during your lifetime
• Joint ownership of property
• Life insurance designations and declarations
• Beneficiary designations of registered plans
• Advance medical directives (living wills)
• Inter vivos (living) trusts, including alter ego
• trusts and joint partner trusts
• Multiple wills
• Estate freezing transactions

Henson Trusts

Parents of children with extraordinary needs understandably have concerns for their children's future care and well-being.

If your beneficiary receives ODSP or is expected to be eligible for ODSP in the future, you should consider establishing an absolute discretionary trust, commonly referred to as a "Henson Trust", within your Will.

Business Owners

For many business owners, more in-depth estate planning can result in significant tax savings for an estate but more importantly proper planning may allow for a smoother, planned succession of a business.

Powers of Attorney

A proper estate plan normally includes a Continuing Power of Attorney for Property and a Power of Attorney for Personal Care. A Continuing Power of Attorney for Property will ensure that somebody you trust has been named to be responsible for your financial affairs in the event you become incapable.