The Ultimate Guide To Estate Planning (Avoid Taxes Upon Death)

In this video, Jeff Block from Clearline CPA joins us to guide us through what an estate plan should look like. It is extremely important to have one in place so you can avoid paying unnecessary tax upon death, but also so that you do not leave your loved ones with a major burden. Allow them to grieve...the last thing you want is for them to be worrying about finances at that time.

6 ways to level up your financial plan:

OUTLINE
0:00 - Introduction To Jeff
0:41 - What Is an Estate Plan
1:15 - Final Return
2:32 - RRSP Meltdown
2:49 - Scenario
3:15 - Executor Is A Lot Of Work
3:59 - Back To Scenario
7:20 - Due Date For Return
8:24 - Make Life Easy For Executor
9:50 - Estate Return
11:13 - Marginal Rates
11:43 - Tips And Strategies
13:46 - Any Questions For Jeff?

This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.

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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

#retirement

[KP-ujwf]

When I turn 85, I’ll have sold my house and be renting. I then plan on liquidating my stocks and ‘donating’ the proceeds to my kids and grandkids. I’ll give joint access to my savings accounts to my kids so after I die, the remaining funds become their’s… no taxes to be paid. My goal is to have minimal assets and minimal taxes when I die. 👍

[patassion]

Yes the cottage strategy would be very helpful

[johnfrankes]

Important subject that can't be ignored.

[MegsCarpentry-lovedogs]

Wow! I wish this video was made when I was Executrix to a massive estate in 2015 of my dear older cousin. I have forwarded this gem of a presentation to my Executor and a cousin and hope they will view it and take it seriously...and maybe even share it if it helps them with their estate planning. I could totally relate to everything that was discussed in this presentation. Thank you so much Adam and to your guest, Jeff Block.💯 🇨🇦

[amanda-]

Would love for you to do a video on how best to buy a retirement property (cottage or second home) - should we buy it and put it under our adult kids name so that they are not taxed on the capital gains when we leave it to them after death? If they currently don’t own any other properties it would be considered their prime residence on paper…. Love to know your thoughts. BTW - love your channel!!!

[gordonbiner]

These videos just keep getting better and better (for me at least).
Thanks for all this information. Even though sometimes it feels like ‘drinking from a fire hose’ and I have to rewatch to make sure I’m understanding correctly, I look forward to new posts. Who knew financial planning was so interesting 🤓
Your efforts to brink very pertinent content to us is very much appreciated.

[FoyLo]

Hello ! Great vidéo ! I would love to hear more about giving money to beneficiaries before death and how it is an effective way (or not) to reduce taxes after death. Use case : a 92 years old man, married, 3 children, non-registered investments, with a pension that covers most of his expenses. Thanks !

[TubeDeviant]

Thank you for making these videos..!!

For me, I've never been an executor before and while my mother (who is still alive) doesn't have an extensive estate, it's still a lot of pressure because I've never done anything like this before and honestly don't know much about it. And of course, there are always people that will try to profit off of this as much as they can while I also don't know every advantage I can have in my situation. It also doesn't help that the relationship and communication with my mother isn't the greatest.

I'm just slowly watching your videos to get bits of information and will hopefully learn something in the long term.

[DavidWilson-psgx]

Hello Adam, another brilliant video on taxes and applying that to an estate. My wife and I are going through something similar right now. However, this video did not cover Probate and the need to have this particular step completed prior to being granted the right to access the funds if any in a particular account. Can you please cover this topic in the future. Thank you

[robertsparling]

Not sure if I missed it, but executor’s insurance is an important consideration for any potential executors out there.

[graphenebusinesslaw]

great topic! not only on the numbers side, but also the legal side as well.

[johnnyv]

Much simpler to transfer over all your assets before passing away.

[donnajones]

Some thoughts on how to provide inheritance to only children and managing how much for different ages.

[garyneumann]

Thank you for these very helpful videos, Adam! I am wondering if you would be willing to do a video that covers retirement planning for those with a Canadian Controlled Private Corporation? Thanks again.

[saqibtaxservice]

Thanks. I appreciate the contents. I want to learn more....I am doing personal tax returns.

[colliesworld]

QUESTION… if your last parent passes away and they have a large bill in RRIFS and there are three beneficiaries, how does that transfer over to the beneficiaries and how much tax comes off that amount? I’m trying to figure out what we will have left to pay the cap gains on the family cottage also left to the three of us. The estate is now in probate but if you could answer this question it would be greatly appreciated. Thanks

[mashacamashaca]

Amazing info, thank you. I have a dilemma. I just sold my house and am planning on renting for a while as I do not want to compete with over-paying buyers in today’s housing market. Looking at this video, a primary residence would have a 0% tax implication to my beneficiaries should I pass. Would you recommend that I eventually do buy a house instead of having that money in the stock market for the purpose of tax-sheltering it? Assumptions: RRSP and TFSA maxed out. Thanks again

[syebethel]

Doomsday good name for it. I've bn having these discussions with my sons (teens) since their dad died; we call it black book conversations (they each hv their own dedicated notebook for it). So important to do, & with no precedence, I mostly just said to them what I wished my parents said to me 🤷🏾‍♀️. Somewhere along the way they wrote down instructions for when I pass on, list of assets & phone numbers & so on. I wd like to know more about rolling out assets to a corporation, instead of a spouse or partner. A good basis for a part 2 of this topic.

[alexandraadams]

I'd rather avoid death. Can you help me with that? 🤔

[MISSYEVR]

So it’s more tax efficient to have stocks over rrsp