Estate - Planico financial services firm

Financial planning

Succession

When establishing a financial planning strategy, it is important to consider the legal and tax aspects that have a real impact on the transmission and preservation of your wealth upon death (or succession).

Thus, it is important to start very early all the steps and related preparations in order to facilitate this possible transition. Planico’s professionals are equipped to help you with succession.

Plan your succession

The first thing you will need to check is the transmission of your estate. Indeed, you will have to designate the people of your choice.

In parallel, Planico will check whether your testamentary dispositions and the beneficiary designations of your life insurance and annuity contracts correspond to the desired devolution. In the absence of a will, it is the Law that will dictate to whom your patrimony will be transferred.

Source: “Succession – IQPF”

Procedures

Estate is a field of financial planning that requires special attention because of its impact on your surviving loved ones. Whether your personal situation is simple or complex, we will help you, with your own goals, to know the different strategies available to you before meeting your notary. Planico is here to guide you properly and to see more clearly at the level of your succession.

We work with various partners, including tax specialists and notaries.

The Assessment of Your Assets

It will be difficult to proceed with the preparation of your will without having a clear idea of the total value of your assets. It is therefore appropriate to make an estimate. During the latter, the balance sheet of your assets as well as an estate balance sheet will be carried out in a very precise way. Of course, this is a step that requires the intervention of a professional. At Planico, we have financial planners and financial security advisors who can advise you before meeting your notary / tax notary!

The Protection Mandate

The protection mandate is a document that aims to appoint the person or persons responsible who will administer your assets and your care in case of severe innaptitude.

This disability time should not jeopardize all your preparation. With the protection mandate, you give the instructions to take care of your finances during this period. It requires the presence of a lawyer or notary to have legal value.

You must be mentally fit when you establish your mandate for there to be equal strength. It is recommended to make a power of attorney at the same time, designating a trusted person who can make the important decisions for you, while your protection mandate is homologated by a judge. The approval procedure can take up to a year.

Start planning your succession now.

Schedule a call to discuss your estate planning.

Taxes

Establish a tax reduction strategy for your estate

In practice, inheritance necessarily leads to a tax divide. The latter can be very important if you have a substantial wealth.

The goal is to have enough liquidity to be able to cope with the tax burden in order to reduce its impact. For example, you can opt for life insurance. It is an excellent alternative to allow you to save for your heirs with confidence. The reason is simple; the amount paid to your heirs by the insurer upon your death is not taxable.

To maximize the value of your inheritance, it is up to you to reduce the taxes applied to your death. You have several options to get there. Planico helps you study them all and determine the most optimal one according to your profile.

Setting objectives

We discuss together to determine your projects and goals.

Portfolio Optimization

We analyze the possibilities of optimizing your portfolio.

Choice of game plan

With the help of our proposals, you choose the strategy you will follow.

Death

Estate: Writing your will

It’s hard to talk about succession without mentioning the will. This is the most important document in the whole process. It allows you to keep and communicate your wishes to your heirs. Of course, your notary will ensure that these are scrupulously respected by each of the people who appear in the document.

However, for its proper preparation, there are several aspects to take into account. It is therefore recommended that you be accompanied by a professional such as Planico to guide you, beforehand, towards the best strategies and decisions for you at this crucial stage of the transmission of your wealth to your children.

Useful links

Mutual funds and exempt market products

Authorized mutual funds and/or exempt market products are offered through Investia Financial Services Inc. (“Investia”). Mutual funds and exempt market products are sold exclusively by representatives registered with Investia and applicable provincial regulatory authorities.

Investments in mutual funds/exempt market products may incur commissions, trailing commissions, management fees and other fees. Please read the Fund Facts or prospectus carefully before making an investment. Mutual fund investments and exempt market products are not guaranteed, their value changes frequently and past performance is not indicative of future performance.

Segregated funds

Segregated fund products are offered through Investia Financial Services Inc. and/or several general staff.

Subject to any guarantee applicable to the death benefit, any portion of the premium, or any other amount allocated to a segregated fund, is invested at the risk of the policyholder and its value may increase or decrease depending on fluctuations in the market value of the segregated fund’s assets.

So do not hesitate before thinking about making the right choices to predict your success and call on our financial service firm to guide you on the situation, today.