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 CIBC Private Wealth, Wood Gundy  CIBC Private Wealth, Wood Gundy

Bell Financial Group

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Estate Planning

Address 200 King Street West Suite 1807 Toronto ON, M5H 3T4
Telephone Number (416) 594-8968
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Estate Planning

How to Estimate the Cost of Settling your Estate

Many Canadians fail to realize that death can trigger various taxes and other costs payable that may dramatically erode the value of their estate.

In retirement, you must first plan to meet your income needs for the rest of your lifetime and your spouse's lifetime. In addition to calculating income from company pension plans and government benefits, this involves taking an accurate inventory of your registered and nonregistered assets. With some strategic retirement planning, you should be able to maximize your after-tax income from these financial resources and support the retirement lifestyle you've always envisioned. Regardless of your relative wealth position, it is inevitable that you will begin to consider what will happen to your estate at your death.

This report concentrates on some of these major estate liabilities, such as income tax on registered plan assets, capital gains tax, U.S. estate tax, probate fees, estate administration fees, court fees, legal fees and funeral expenses. With proper planning, most of the "death taxes" may be delayed until the death of the surviving spouse. The terms spouse and common-law partner are used interchangeably throughout this report. Therefore, you should note that many of these estate liabilities primarily relate to either a single person or to a "second death" situation in the case of partners.
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How Complete Is Your Estate Plan?

Wealth is about more than just assets. It's about independence, financial success, and the ability to meet the needs of your family and support your favorite causes. Regardless of how much wealth you've accumulated or want to accumulate, your estate plan, like any important undertaking, requires planning, skill and ongoing attention.

Estate planning enables you to plan for tomorrow. No matter what stage of life you're in, an estate plan can help simplify the transfer of assets to the next generation and protect your beneficiaries. A carefully crafted estate plan provides for the well-being and security of your loved ones upon your death. No matter what your financial situation may be, estate planning can help you protect your assets.

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Capital Gains Protection

When first introduced to the term "estate planning", many Canadians consider it a service suitable for only the elderly. In reality, estate planning encompasses a wide range of options and solutions to achieve common goals shared by most Canadians. These goals may include:

  • Transfer of property prior to, or after death, in a manner consistent with your wishes
  • Maximization of after-tax estate value
  • Reduction of taxes at death and for future generations

Planning ahead can enhance your assets for your heirs, without affecting your current lifestyle.

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Universal Life

Any long-term investment planning strategy, especially in a highly-taxed country such as Canada, should take into consideration the effect taxes can have on your investments and your plans for the future. Universal life insurance is an attractive option to consider for just that reason – it accounts for the inevitability of both death and taxes.

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Critical Illness Insurance

Critical Illness Insurance can help ease the unanticipated burden by bridging the gap between Life Insurance, which pays out upon death, and Disability Insurance, which covers lost wages due to an accident or sickness. Critical Illness Insurance pays a benefit when the policyholder is diagnosed with an illness specifically covered by the policy.

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Disability Insurance

For most Canadians, a steady job and a reliable source of income are the key building blocks for a successful long-term financial plan. But how well is that foundation protected? Consider the immense financial burden that would be placed on you and your family if you were unable to work because of a disability.

It's a risk that should not be ignored when constructing a financial and estate plan. For most Canadians with disabilities, their conditions directly restrict the kind of work and the amount of work they're able to do. Before dismissing the prospect of disability as an unlikely occurrence, consider that a third of all people now aged 35 will be unable to work for at least a six month period sometime before reaching age 65. And you have three times the chance of suffering a disability before retirement than dying. Yet for many Canadians, insurance coverage stops at Life Insurance.

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Long Term Care Insurance

Traditional Life Insurance is based on ensuring financial security in the event of death. However, as advances in health care have extended average life span, new concerns have arisen. Will you have the financial means to live comfortably for the rest of your life? Do you have sufficient financial protection to pay for ongoing medical expenses?

While traditional retirement planning strategies today usually account for the financial implications of longer average life spans, they may not take into consideration the costs of care for debilitating, but not necessarily fatal, medical problems. Medical conditions that were once fatal – for example, certain types of cancer, heart disease, stroke, Alzheimer's – are now increasingly being managed by new drug therapies and care strategies.

However, living with these types of conditions may also require significant expenses related to treatment and associated debilitating conditions, which, in a deficit conscious fiscal environment, may not be adequately covered through public funding.

Rather than risk passing the burden of these costs onto relatives, a financial strategy for long-term care should be considered as an integral component of any comprehensive financial plan.

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CIBC Private Wealth” consists of services provided by CIBC and certain of its subsidiaries through CIBC Private Banking; CIBC Private Investment Counsel, a division of CIBC Asset Management Inc. (“CAM”); CIBC Trust Corporation; and CIBC Wood Gundy, a division of CIBC World Markets Inc. (“WMI”). CIBC Private Banking provides solutions from CIBC Investor Services Inc. (“ISI”), CAM and credit products. CIBC Private Wealth services are available to qualified individuals. Insurance services are only available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are only available through CIBC Wood Gundy Financial Services (Quebec) Inc.


CIBC Private Wealth services are available to qualified individuals. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license.