Estate Planning Strategies Ontario

Summary

Review the will to ensure company ownership and real estate are included. Use a dual will strategy to reduce probate fees. Consider gifting assets or using trusts to manage capital gains. Implement an estate freeze to lock in current estate value, passing future growth to heirs. Consult an estate planning attorney or tax expert in Ontario for personalized advice. An estate freeze locks in current asset value, transferring future growth to heirs, reducing tax liabilities.

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can you explained more about Estate Freeze:
Sure! An Estate Freeze is a strategy used in estate planning to lock in the current value of an estate, allowing future growth to benefit heirs. Here's how it works:
- Current Value Lock-In: The owner freezes the current value of their assets, often through restructuring shares in a family business or property.
- Transfer of Growth: Future growth of the assets is transferred to heirs, minimizing tax liabilities for the owner.
- Tax Efficiency: It helps in reducing capital gains taxes and probate fees on the estate's future appreciation.
Consulting with a local expert is recommended for tailored advice.