SESSION OVERVIEW:

Filing a tax return is the most important financial event or the year for millions of Canadian families. But for executors, it's the responsibility of filing the final returns and distributing what's left after final taxes are paid, that is a most significant responsibility. To help keep a client's wealth legacy intact, advisors can help to position their beneficiaries and executors for success with sound investment and estate planning strategies.

APPROACH:

Dealing with the myriad of responsibilities following the death of a client can be a daunting experience for executors and beneficiaries alike. As a knowledgeable source of advice on how to protect the deceased client's wealth, and by confidently providing required documentation in a timely fashion, you can ease their burden and demonstrate your reliability as a source of future financial advice.

WHAT YOU WILL LEARN:

• How to engage clients in investment planning discussions to ensure that their estates are not unnecessarily diminished by poor tax planning.
• CRA rules regarding disposition upon death of registered plans and non-registered accounts.
• Strategies for minimizing tax impact.
• How to protect your client's wealth from fraudulent claimants and you and your firm from legal action.

LEARNING ACTIVITIES: To test the learning process, the student will answer multiple-choice questions and contemplate the role of the advisor.