What Is Estate Planning?
Estate planning is the process of developing a plan that will deal with your affairs after you are gone.
While this may sound simple, it is surprising how often simple, proactive planning saves a great deal of anger and frustration. Good estate planning doesn’t come from a generic, ready-made solution. It should be developed for each family, taking into consideration that family’s unique situation.
At KMA, we believe that estate planning is a process that takes time and the input of different experts. For example, a lawyer experienced in dealing with family law and writing wills that provides for effective administration of the estate. And while people may joke about insurance salespeople, insurance can play a very effective role in an estate plan!
Our team of experienced Chartered Professional Accountants can bring their taxation expertise to help you develop a plan or restructure your holdings to minimize the tax impact of this transfer.
A Bit Of Common Sense Can Go A Long Way
Some matters in estate planning don’t require the advice of an expert.
Common sense and a bit of forethought will save a lot of grief. For example, asking family members what special piece of furniture or collectible they would like can save a lot of anger later on. At KMA Chartered Professional Accountants, we suggest that all families sit down and consider matters such as this.