As you can imagine, there are many factors to consider when estate planning with blended families.
Wills & Estates
Should I add my child to the title of my home? When your child is listed as a joint tenant, it is likely that the home will be their primary residence. There will be potential income tax complications, like capital gains, from doing this. In Ontario, your child will forfeit their first-time buyer’s exemption for the property transfer tax on the home purchase.
In Ontario, probate fees are among the highest in the country. There are some ways that you can help your loved ones avoid paying some estate administration tax (EAT) after you are gone.
A Secondary Will can help reduce the amount of tax that your loved ones will have to pay in EAT. A Secondary Will is not applicable to everyone, though. Your Secondary Will only covers assets that are not required to go through probate.
When thinking about guardianship for your minor child, finances can be a concern for your guardian. On the blog we have some questions that you need to put some thought towards when thinking about the future for a potential guardian and your child.
Estate planning is a topic that a lot of people avoid.
Allison McMurter-Hughes sat down with Gary Hibbert and talked about the first steps to estate planning and what you need to do today to prepare for the future. Listen now.
If you are gone, who will be responsible for your child(ren)? What factors should you consider when choosing a guardian? McMurter & Associates can help.
Perks of Having a Will for Your Real Estate Investment – Shares Brian C. McMurter, a 2022 ThreeBestRated Award-Winning Real Estate Lawyer
Have you put off creating your Will because you can’t choose a guardian for your child? If you answered “yes”, you are not alone. If you die without naming a guardian for your minor child, three things can happen.
The bottom line is your assets will go to your relations if you pass without a Will. But if you really want to ensure it goes the way you planned, take the time to write down your last wishes in a Will.
Half of Canadians will not have a say in who handles their estate or what happens to their property when they die. We always recommend you consult a Law professional when creating your Will so that it is legally binding and all of your assets are covered.