If you own a house, RRSPs, or even just have some savings stashed away, then you have an estate. And if you dona t plan for what happens to your money, your children, your house and other assets upon your death, then the government will make those decisions for you -- and might end up with a bigger share than anyone else. In these turbulent financial times, planning for the future is more important than ever, especially when it involved the financial security of those you love. At a minimum, estate planning involves preparing a will, but really involves much more. This revised and update edition of the bestselling You Cana t Take It With You: * Covers all areas of estate planning: financial and tax planning, wills and powers of attorney, life insurance, guardianship of your children, trusts and living wills, funeral planning, and much more. * Prepares you for dealing with your financial advisor or lawyer -- and may even help you to save hundreds of dollars in professional fees and taxes. * Features practical examples, tips, and question--and--answer boxes. * Helps you understand all of the financial, legal, and human issues around estate planning so you can protect yourself, your family, and your business. * Includes new information on current legislation, as well as on changes to provincial probate fees, tax--saving strategies, and planning ideas for singles, common--law, and same--sex partners.

Table of Contents:
Preface Acknowledgements Estate Planning Checklist xix Chapter 1: What is Estate Planning? What Should Be in an Estate Plan? When Should You Prepare an Estate Plan? Do You Want the Government to Be One of Your Beneficiaries? Is It Worth Preparing an Estate Plan? Chapter 2: Will There Be Anything Left? Retirement Planning A Cash Flow Analysis Increase Your Income Through a Reverse Mortgage Common Death Benefits Canada Pension Plan/QPP Old Age Security Workersa Compensation War Veterans Allowances Company Pension Plan If You Are Not Retired If You Have Retired and Are Receiving a Pension Other Benefits Summary Chapter 3: Dying Intestate: Distributing Your Estate Without a Will Who Gets What Delays in the Distribution of Your Estate Higher Cost of Administering Your Estate Additional Income Taxes Payable Lost Investment Opportunities Appointment of Guardians Underage Beneficiaries No Provision for Joint Disaster Summary Chapter 4: Distributing Your Estate Through a Will Who Gets What Reducing the Cost to Die Making the Gift More Tax Effective What Is Fair? Your Executor Responsibilities of the Executor Powers of the Executor Appointing Your Executor Compensating Your Executor Keeping Your Will Up to Date Legislation Changes Moving Marriage and Remarriage Separation Divorce Summary Chapter 5: The Format of a Will Common Clauses Identify the Testator Revoke All Previous Wills Appoint Your Executor Authorize Your Debts to Be Paid Specify Who Gets What Make Any Specific Bequests Distribute the Residue Optional Clauses Appointing a Guardian for Minor Children Managing Assets for Minor Children Common Disaster Clause Investment Powers of the Executor List of Allowed Investments Prudent Investor Standard of Care Alternate Beneficiary for Life Insurance Name a Beneficiary for RRSPs and RRIFs Establishing Testamentary Trusts Helping Your Children Protect Their Inheritance Handwritten, Forms, and Formal Wills Signing the Will Chapter 6: Distributing Your Estate by Giving It Away Now Giving Away Personal Possessions Giving to Your Adult Children A Loan Versus an Outright Gift Gifts to Young Children Gifts to Charities and Charitable Foundations Summary Chapter 7: What Happens on Death Probate Probate Taxes Strategies for Reducing Probate Fees Designated Beneficiaries Joint Ownership of Assets Real Estate Other Assets Gifts Multiple Wills Testamentary Trusts Inter Vivos Trusts Alter Ego or Joint Spousal Trusts Converting Personal Debt to Secured or Corporate Debt Summary Chapter 8: Financial Powers of Attorney The Power of Attorney Document If You Live in Ontario If You Live in British Columbia If You Live in Quebec If You Live in Alberta Selecting Your Power of Attorney The Powers of the Attorney Preparing a Power of Attorney Reviewing a Power of Attorney Revoking a Power of Attorney Compensating a Power of Attorney Summary Chapter 9: Death and Taxes Principal Residence Spousal Transfers Additional Contributions to a Spousal RRSP After Death Assets Not Left to a Spouse Farm Property Tax Implications When Naming Beneficiaries Capital Gains and Losses Income Taxes Due from Capital Gains Charitable Donations Registered Plans: RRSPs and RRIFs Naming Your Beneficiary A Spouse RRSP RRIF A Dependent Child or Grandchild The Estate 152 Someone Else 153 U.S. Estate Taxes 155 Estimating Your U.S. Tax Bill 156 Strategies to Reduce Your U.S. Estate Tax Bill Chapter 10: Filing the Final Income Tax Returns Deadlines Optional Returns A Return for Rights or Things A Return for a Sole Proprietor or Partner A Return for Income From a Testamentary Trust Tax Returns for the Estate and Testamentary Trusts Chapter 11: Family Law and Your Estate Plan Support and Maintenance Common--Law Relationships Same--Sex Relationships Divorce Moving Matrimonial Property Marriage Contracts Family Law for Ontario Residents The Equalization Payment In Quebec Summary Chapter 12: Life Insurance Buying Life Insurance How Much? What Kind? Term Term to 100 Whole Life Universal Life Naming a Beneficiary Life Insurance Premiums Versus Income Tax Joint Life Insurance Policies Joint Second to Die Joint First to Die Living Benefit Segregated Funds 195 Naming a Beneficiary The Guarantee Creditor Protection Chapter 13: Trusts The Trust Agreement Beneficiaries The Trustee Powers of the Trustee Testamentary Trusts Spousal Trusts Family Trusts Trusts for Children Trusts for Income Splitting Trusts for Children Over 18 Trusts for Spendthrifts Trusts for Family Members with Special Needs Inter Vivos Trusts Bearer Trusts Trusts and Taxes Testamentary Trusts Ongoing Taxation Inter Vivos Trusts Ongoing Taxation Taxation of the Alter Ego Trust and Joint Spousal Trust 21--Year Rule Costs for Establishing and Maintaining a Trust Dealing with the Family Cottage Summary Chapter 14: Business Succession Planning Selling the Business Keeping it in the Family Potential for Family Conflict Tax Planning Estate Freezes Estate Freeze Through a Holding Company Estate Freeze by Reorganizing a Corporation Needs of Business Partners/Shareholders Partnership Agreements Shareholdersa Agreements Using Insurance to Finance a Buyout If Your Business is a Farm Summary Chapter 15: Gift Planning Maximizing the Tax Benefits of Gift Planning Ways to Make Planned Gifts Gifts of Cash Gifts Through a Will Gifts of Other Assets Gifts Through Life Insurance Changing the Beneficiary Assigning an Existing Life Insurance Policy Purchasing a New Policy Gifts to Foundations Crown Foundations Community Foundations Gifts to the Government Gifts of Ecologically Sensitive Land Gifts of Cultural Property Other Gifts to the Government Other Types of Gifts Gift Annuity Charitable Remainder Trust Gift of Residual Interest The Process of Gift Planning Summary Chapter 16: Documents Concerning Health Care Living Will Power of Attorney for Health or Personal Care Summary Chapter 17: The Final Gift Organ and Tissue Donations Signed Donor Cards Donating Your Body for Medical Research Chapter 18: Planning Your Funeral Executora s Responsibility Costs Preplanning Prepaid Funerals Chapter 19: You Cana t Take it With You Tax Planning Working With Professionals Ita s an Ongoing Process Moving Through the Stages of Life Single No Kids (SNK) With Kids (SWK) Married No Kids (MNK) With Kids (MWK) Second Marriages Same--Sex Partners Close to Retired or Retired Elderly The Six Da s Talking With Your Family Now Do It! Chapter 20: Getting Organized and Keeping Records Simplify, Simplify, Simplify List of Executor or Estate Trustee Duties Glossary Index Suggestions and Seminars 320