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For some, perhaps many, amassing wealth is actually a more comfortable undertaking than the planning and process involved in transitioning the wealth well. Planning that embraces both the quantitative aspects (legal, tax, insurance, financial) as well as the qualitative aspects (human, relational, development) is optimum. Have you considered what to include in your estate plan?
Trusts are often used in tax and estate planning because of the flexibility they offer over the control, management and distribution of appreciating assets. In particular, the use of a discretionary family trust to reduce the after-tax cost of children’s educational and other expenses is a common tax strategy and the focus of this publication.
Watch as Irit Gertzbein, Director, Trusts & Estates with BMO Nesbitt Burns discusses the difference between the terms "heir" and "beneficiary".
Watch as Irit Gertzbein, Director, Trusts & Estates with BMO Nesbitt Burns discusses mutual, mirror, and multiple wills.