Estate Planning & Taxation

Diana Mau, C.A. 205-8833 Odlin Crescent, Richmond,

B.C. V6X 3Z7 Tel: 604-279-9270 Fax: 604-279-8769 www.dianamau.bc.ca

Estate Planning- misconceptions I have given away all my assets to my

children I have a will

Estate planning : Non-Tax Considerations To ensure loved ones are taken care of Transfer of assets to intended

beneficiaries according to the deceased’s wishes

To ensure liquidity – cash to pay funeral expenses & income taxes

To avoid family disputes To expedite the settlement of estate

Estate Planning – Tax Considerations Prior to Death – tax planning to

minimize taxes such as income splitting, trusts & estate freeze and will planning etc.

Year of Death – to minimize income taxes payable, probate fees in the year of death

Tax Planning Ideas while Alive Income Splitting Estate Freeze Insurance Trust

Income Tax Rates 2012

Income range Tax rates

$0 - $37,000 20.06%

$37,000 - $42,7000 22.70%

$42,000 - $74,000 29.70%

$74,000 - $85,000 32.50%

$85,000 - $85,400 36.50%

$85,400 - $103,200 38.29%

$103,200 - $132,400 40.70%

Over $132,400 43.7%

Purposes of Income Splitting

Taxes payable on a given amount of income will be greater if that amount accrues to one person, lower if that amount of income is split between two or more people

Example: income of $490,000 Taxes payable one person- $196,000 Taxes payable four persons - $35,500 x4 or

$142,000 Tax savings of $54,000

Income Splitting - Problems

Attribution Rule – applicable to where an individual has transferred property to spouse or common-law partner or individuals under age 18 and who do not deal at arm’s length, the income is attributed back to the transferor

For spouses & common-law partners, attribution also applies to capital gains

Income Splitting

Cash gifts to children 18 or over, no attribution applies. Income earned is taxed in the child’s hands. But parents would be completely losing control over the money

Income Splitting

Free or low interest loans made to children 18 or over for producing property income, there may be attribution if one of the main reasons for making the loan is to reduce or avoid tax

Free or low interest loans made to children 18 or over to purchase PR is OK

Income Splitting by gifting property Parents gifting rental property to Children Parents are deemed to have the property

disposed at FMV, resulting in capital gains or recapture of CCA to parents

Parents would also lose control over the property

Property Transfer tax on transfer of title of property other than PR

Income Splitting of Real Property If the property is occupied by the

children as a PR, then parents can take back a mortgage on the property as security. No attribution would apply as there is no rental income deriving from the property

Principal Residence (PR)

In general, capital gains arising on the disposition of a PR can be exempted from taxation

The exempted gain = Gain x (B + 1) / Y B is the no. of years since 1971 designed as

PR Y is the no. of years since 1971 the taxpayer

has owned the property

Principal Residence (Cont 2)

Since 1982, a family unit can designate one PR for a particular year

A PR is an accommodation owned by the taxpayer that was ordinarily inhabited in the year by the taxpayer, his spouse, a former spouse or a child and is designated by the taxpayer as a PR.

Change in Use – PR to Rental

Deemed disposition at FMV on change in use Elect deemed not to have commenced rental

provided no CCA is claimed The property can continue to be designated

as a PR for up to 4 years The 4 year limit can be extended without limit

if you are being relocated for employment reason to a location where your original residence is at least 40 km further away from your new place of employment

Change in use – Rental to PR

In general, deemed disposition at FMV on change of use

You can elect out of the deemed disposition as long as no CCA is claimed

The election also allows to designate the property as a PR for up to 4 years

How to make the best use of PR gain exemption Children age 19 or over Loan to children to acquire a property Register a mortgage to parent for

security Designate the property as PR for 4

years

Overcoming attribution

Income attribution on loans or transfer made to children 18 or over can be avoided if one can substantiate the main reason for making the loan is NOT to reduce or avoid tax

Example: children use the property income for education and not returning the property income to parents

Other Tax Planning Ideas

Splitting pension income- Commencing 2007, it is possible to transfer up to 50% of qualified pension to a lower income spouse

RESP – Registered Educational Savings Plans

TFSA – $5,000 Tax Free Savings Accounts per year

Spousal RRSP

Estate Freeze

Objective: To freeze the value the of estate for tax purposes at a particular time

Arrangements are made for all future appreciation to accrue to related parties such as a spouse, children or grandchildren

Estate Freeze ExampleMr. Chan

Chan Inc

Net Assets 10M

Common shares 2 M

R/E 8 M

Estate Freeze Example

Mr. Chan

Chan son 1 Chan son 2

Chan Inc

PreferredACB 2 MRedeem 10M

Common Common

Using Section 86 rollover , Mr. Chan’s old common Shares are exchanged for preferred shares, while Sons subscribed for new nominal common shares

Benefits of Estate Freeze

To transfer future growth of a corporation into the hands of intended beneficiaries with no immediate tax effects on the transferor

The beneficiaries will be taxed in income earned subsequent to the estate freeze

Multiple use of $750,000 of lifetime capital gains deduction for qualified small business corporation

Insurance - Benefits

Will bypass probate if a beneficiary is designated

Creditor protection- exempt from seizure if the designation is in favour of a life insured’s spouse, child grandchild or parent

Tax preferred treatment for Whole or Universal life policies

Privacy- insurance does not flow into the estate and the probate registry

Insurance declaration- testamentary trust

Insurance Declaration

To desire to establish an insurance trust outside the will, the concern was it would be an inter-vivos trust

CRA’s position is trusts funded from the proceeds of life insurance on death of an individual will be viewed as a testamentary trust

A powerful & inexpensive tool to set up a testamentary trust

Trust- what is a trust? Settlor

Trustee

Beneficiaries

A trust is a relationship that arises when a settlor transfer property to a trustee to hold for the benefit of the beneficiaries.

Trusts

Settlor is the person who sets up the trust and make the initial transfer of property to the Trustee

Trustee is the person who holds the formal legal title to the property

Beneficiaries are persons who will benefit from the property that is held by the Trustee

Income splitting of a trust

A high income individual transfer investments property to a family trust

The father is the settlors The father & 2 other investment advisors

are trustees to avoid reversionary trust. The trustees hold title to the investment property

The adult children are the beneficiaries

Income splitting of a trust-Cont Assuming the father is at the top tax

bracket, the father can save $5,000 every year on $50,000 eligible dividends if the dividends would be earned by an adult child if the child has no other income

The same tax savings can be achieved with or without the family trust, but a discretionary trust can provide the father more control over the capital & the income allocation

End of family trust for minors

In 2000, the federal Govt ended the tax benefit of income spitting of private corporations by introducing the “KIDDIE TAX”, taxing the dividends from private corporations to children under age 18 received directly or through a trust at the top tax rate and restricting personal credit

Understanding taxation on death What are the CPP & OAS benefits on

death?

What are the tax consequences on death?

Termination of CPP on death

If the deceased has commenced receiving CPP, CPP benefits to a contributor will cease upon death

There are CPP benefits for surviving spouse or common-law partners & children

CPP benefits for survivors

CPP provide benefits for the surviving family members of a deceased contributor. Benefits based on contributions made by contributors.

Benefits provided in 3 categories 1. Death benefit 2. Survivor’s pension 3. Children’s benefit

You have to apply for get CPP Benefits (not automatic) Retroactive benefits are available for up

to 12 months

CPP Death Benefit

Is a one-time lump sum payment upon the death of a qualifying contributor to the deceased estate.

The max amount is $2,500. Amount included as income of the

estate.

Survivor’s Pension

Survivor’s pension is a monthly benefit paid to the legal spouse or common-law partner of the deceased contributor

Survivor’s benefit depends upon the deceased’s contributions to CPP, age of the surviving spouse, whether the surviving spouse is supporting dependents and whether or not the surviving spouse is receiving any CPP benefits

Max CPP for surviving spouse age 65 & over, 60% of the contributors’ CPP

Children’s Benefit

A dependent child is a natural or adopted child of the contributor and who is:

Under the age of 18 or Is between 18 to 24 and is in school full-

time The children’s benefit is a flat amount,

$225 per month in 2013

CPP Payment Rates - 2013

Type Avg Amount Max Amount

Survivors < Age 65 378 557

Survivors > Age 65 307 608

Combined survivors & retirement

722 1,013

Children 225 229

Death benefit – one-time payment

2,275 2,500

Old Age Security (OAS)

Federally funded from general revenue A social security program designed for

lower & middle income Canadians who have resided in Canada for a minimum of 10 years after age 18

OAS Benefit Payment RatesType Average

Monthly Amount

Max Monthly benefit

Max annual income

OAS for single 514 546 See note

GIS, age 65 & over -single

500 740 16,560

Allowance for survivors

619 1,161 22,320

Note: 15% clawback from $70,000, no OAS if income over $113,000

Taxation on Death

No Gift Tax No Inheritance Tax Probate - probate is a court process

that proves the validity of a will Income Tax on Deemed Disposition on

Death

Probate Tax

Probate tax is proportional to the value of the estate, so that lower the value of the estate, the lower the probate tax.

Probate planning is aimed at reducing the value of the estate.

Probate Tax in B.C.

Assets < $25,000

$25,000 - $50,000

Over $50,000

Filing fees of $208

$0

0.6%

1.4%

No Probate Tax

No probate tax on joint assets & designated assets as they pass outside your will and they do not form part of your estate

Probate Planning By having estate assets passing outside wills

(wills substitutes) Inter vivos gifts Inter vivos trusts Registering assets in joint tenancy with right

of survivorship Beneficiary designations such as RRSP,

RRIF and insurance Multiple wills –will discuss in the Will Section

When is probate necessary

Intestacy – where the deceased died intestate & there are assets in the estate

When an estate is involved in litigation Real estate other than joint tenancy with

right of survivorship Bank account over $10,000

Income Tax on Death

Final or Terminal personal income tax return from January 1 to the date of death of that year

Death causes a deemed disposition at fair market value (FMV) relative to capital property owned by the deceased taxpayer (except for those properties qualifying for spousal rollover)

Income Tax on Death (Cont 2)

Deemed disposition at FMV may result in capital gains on capital property or recapture of capital cost allowance (CCA) on depreciable property

50% of the capital gain is taxable

Spousal Rollover

Exception to deemed disposition on death at FMV – Spousal Rollover

No deemed disposition at FMV when the property is left to a spouse or common-law partner or to a trust for the benefit of the spouse or common-law partner

Tax Consequences of a Spousal Rollover The deceased taxpayer’s capital property is

deemed disposed at adjusted cost base (ACB) or undepreciated capital cost (UCC) of depreciable property, resulting in no capital gain or recapture to the deceased’s terminal tax return

The receiving spouse assumes the deceased’s old ACB or UCC cost for the property, or simply inheriting the old cost base of the deceased

Electing out of the Spousal rollover If it is beneficial to have deemed

disposition at FMV, then make an election to opt out of the rollover

Election is to be made in respect of each property

A partial rollover is available by electing out of the rollover on some pieces of property and not others

General Treatment of capital gain or capital loss 50% of capital gain is taxable 50% of capital loss is allowable Generally, allowable capital loss can

only be applied against taxable capital gain, an cannot be claimed against any other type of income

Treatment of Allowable Capital loss in the year of death Where an allowable capital loss is

realized in the year of death or a net capital loss is carried forward into the year of death, the allowable portion is deductible against any income in that year

Death of an RRSP Annuitant

Assets of unmatured RRSP pass to someone other than a spouse/common-law partner or a qualified child or grandchild, the FMV of the plan assets must be included in the annuitant’s income in the year of death

Death of an RRSP Annuitant – Refund of Premiums A refund of premiums is used to define

assets from an unmatured RRSP on the death of a RRSP annuitant and which are paid to a qualified beneficiary

There are 3 categories of qualified beneficiaries

3 Categories of Qualified Beneficiaries 1. The deceased annuitant’s spouse or

common-law spouse 2. The deceased annuitant’s financially

dependent child or grandchild 3. The deceased annuitant’s financially

dependent child or grandchild who is mentally or physically disabled

Taxation of Refund of Premiums Generally refund of premiums are taxable in

the hands of the recipients unless the funds are applied to into an RRSP, RRIP or a qualifying annuity by the spouse/ common-law partner or disabled child

Financially dependent child has an option to transfer the fund into a term certain to age 18 annuity

RRSP Contributions after Death A taxpayer’s legal representative can

make contributions to a spousal RRSP on behalf of a deceased taxpayer in the year of death

The contribution can be claimed as a deduction in the deceased tax return

Death of the RRIF Annuitant

Tax treatment similar to RRSP A term “Designated Benefit” replaces

that of refund of premiums in RRSP

No roll-over of RRSP/RRIF to spousal trust

Where the terms of a will specify the transfer to an RRSP/RRIF spousal trust, the FMV value will be added to the deceased income

Tax plan for RRSP/RRIF

Generally, designate spouse or disabled children as the beneficiary directly on the RRSP/RRIF contracts

Doing so enjoy the spousal roll-over and avoid probate tax

Employee Death Benefit

$10,000 exemption on death benefit in recognition of service

Amount included in the income of the recipients

See if part of an employment income be called death benefit or retiring allowance

Charitable Giving

A deceased taxpayer can claim charitable donations up to 100% of the taxpayer’s net income in the year of death

Excess can be carried back one year up to 100% of net income

Elective Returns

Other than the final return, there is an opportunity to elect 3 additional returns

Benefits to opt for filing additional tax returns include lowering the marginal tax rate, full personal exemptions claimed in the elective returns

3 Elective tax Returns

Rights or Things – most common Proprietor or Partnership Income A Testamentary Trust

Rights or Things

Include items of income which have been earned and are receivable at the time of death

Examples of Rights or Things are: Matured but unclipped coupons Dividends declared but unpaid Salaries, commission & vacation pay

owing but unpaid

Proprietor or partnership Income (Fiscal year other than calendar year)

Business income for the stub period from the end of the fiscal year to the date of death

Example: John dies on May 1, business has Jan 31 Y/E. Income for the year ended Jan 31 must be included in the terminal return. Income fro the stub period from Feb 1 to May 1 can be included in a separate return

Testamentary Trust Income (fiscal year other than calendar year) Income for the stub period from the end of the

fiscal year to the date of death can be included in a separate return

Example: Sam was beneficiary of a Testamentary Trust of May 31. Trust allocated $15,000 interest income on May 31. Trust further allocated $10,000 income on July 1. Sam died Sept 1.

$15,000 has to be included in the terminal return and $10,000 in a separate return

Beware of filing final returns

There are as many as 4 tax returns and full personal exemptions can be claimed in each return

There would be BIG tax savings!

Will Planning - Understanding your Assets

Wills are generally thought as means by which individuals

dispose their property at death.

Now, more frequently, the bulk of one’s estate passes outside his/

her will- Will Substitutes

Will Substitutes

Making inter vivos gifts Transferring property into joint ownership with

right of survivorship such as joint tenancy or joint bank account

Transferring assets to an inter vivos trust Making RRSPs, RRIFs, and life insurance

payable to a named beneficiary

Will Substitutes - benefits

A reduction of probate fees Protection from wills variation claimants,

transfers via will substitutes may be less open to being overturned due to transferor lack of mental capacity or undue influence

No delay in the distribution of assets Privacy – probate is a public process,

allowing anyone to see who gets what

Income tax consequences of Inter Vivos Transfers Although for Probate purposes, assets

disposed prior to death will not be included in the estate and will not be subject to probate tax

Generally, except for roll-over to spouse or spousal trust, alter ego trust etc, transfers of properties are deemed to be disposed at FMV, & will be subject to taxation.

Deemed Disposition will not be a problem where The gifted property consists of cash or

near-cash assets The gifted property is a capital property

but has not yet increased in value The gifted property was the transferor’s

principal residence The transfer is to a spouse or common-

law partner

Transfer of a Joint Interest

A simple way to avoid probate tax is to transfer property into joint tenancy with say a child. On death, the property passes automatically to the transferee without any need for probate

For tax purposes, CRA’s position is that the parent has disposed 50% of the parent’s interest in the property at the time of transfer

Document your gifts

Inter vivos transfers may be intended gifts or for other reasons such as to avoid probate tax or to allow a child to more easily aid a parent manage the financial affairs as joint bank accounts

Family disputes often arise whether the transfer was really intended as gifts or for other reasons

Costly litigations among family members when the donor is already dead

Risks of transfer of a joint interest to a spouse If the surviving spouse has the bulk of

the assets, the assets ultimately be distributed according to his/her will, children may be cut out, particularly in the 2nd marriage.

Risks of transfer of joint interest to a child Properties are deemed disposed at

FMV, resulting in taxation Property Transfer Tax on real property Child’s consent will be necessary to

mortgage or sell Exposure to child’s creditor Loss of tax benefit from testamentary

trust

Risks of transfer of a joint interest to a child (Con’t) If the property is a RP, and the child

(transferee does not live there, ½ of the PR exemption will be lost for years following the transfer

If the property is occupied by the child and his spouse as their matrimonial home, and if the child predeceases the parent, the deceased child’s interest may then pass to his/her spouse

Transferring assets to an inter vivos trust Property that an individual has transferred to

a trust during his or her lifetime will not form part of his/her estate at death, and therefore will not be subject to probate tax

Is less vulnerable to attack on the grounds of the settlor’s lack of mental capacity

Shelter assets from claims of creditors & dependents

Understanding Trusts

Settlor is the person who sets up the trust and make the initial transfer of property to the Trustee

Trustee is the person who holds the formal legal title to the property

Beneficiaries are persons who will benefit from the property that is held by the Trustee

Legal perspective- Trust is not a separate entity Trust is not a separate entity from the

legal perspective A trust cannot own property, nor enter

into any legal contract Trustee holds the legal title to the

property for the benefit of the beneficiaries

Tax perspective of trusts

Tax perspective, a trust is deemed to be an individual

A trust has to file a separate tax return

Types of trust

Testamentary Trust - a trust that arose as a consequence of death of an individual

Inter Vivos Trust – a trust that is established by a living individual

Testamentary Vs. Inter Vivos

Testamentary Spousal or

common-law (rollover of properties to trust at cost)

Other beneficiaries (deemed disposition of properties at FMV)

Inter Vivos Spousal, common-law

, Alter Ego (Age 65 & rollover of properties to trust at cost)

Other beneficiaries (deemed disposition of properties at FMV)

Taxation of Inter Vivos Trusts

Inter Vivos trusts are subject to the highest top tax rate, 43% in B.C.

No progressive tax rates benefit Forego the possibilities of having the

testamentary trusts One can mitigate the top rate taxed in a

trust by paying out the income from the trust to the beneficiaries.

21 year deemed disposition

Without the deemed disposition rule, trusts may allow capital gains to accumulate without tax consequences

In order to place limits on the deferral process, a trust is deemed to its capital property disposed at FMV every 21 years

Deemed disposition

Spousal & common-law partner trusts – the deemed disposition occurs on the death of the spouse or the partner

Alter ego trusts – the death of the settlor Joint partner trusts – at the later of the

the death of the settlor or the spouse/partner

Why setting up Inter Vivos trusts if taxed at top tax rate Control! Control! Control! Avoid the possibility of disgruntled dependents

litigating under Wills Variation Act (likely in blended families) & leave assets to your desired beneficiaries

Protection from creditors Privacy – if assets are bequested in a will, they

will be subject to probate which can be made public

Minimize the value of the assets in the probate

Use of Inter Vivos Trust (1)H1 & W1 both had a standard mirror will, one

is the beneficiary of the other, and if both died, the estate would go to their children.

W1 died. H1 inherited the whole estate.

H1 remarried W2. W2 has her children.

H1 & W2 prepared s standard mirror will.

H1 died. W2 inherited everything.

Now, guess who would be left out of the inheritance ?

Use of Inter Vivos Trusts (1) Answer If H1 & W1 would have set up an Inter vivos

Joint Spousal Trust that upon the death of the last spouse, the assets of the Trust would have gone to their children.

Or H1 & W1 would state upon his/her death, the estate would be rolled over to a spousal trust. The surviving spouse is entitled to all income of the trust in his/her life-time, and upon the surviving spouse’s death, the trust assets would go to the children.

Use of Inter Vivos Trust (2) Mr. X dies, and leaves her with an old

house that Mr. X sold for $2 M. Mrs. X annual income is in excess fo

$40,000 that would disqualify her from GIS & other benefits

Mrs. X plans to give away her money to her children so that she would qualify for GIS. But she is concerned that her children may not look after her.

Use of Inter Vivos Trust (2) If Mrs. X sets up a discretionary Inter

Vivos trust with her and the children as beneficiaries of the trust

Mrs. X and two other people are trustees of the trust

The trustees can determine the amount of income distributed to beneficiaries

In fact, Mrs. X can control the amount of her income and continue getting her GIS

Principal Residence Exemption to Trusts A residence held in a trust will qualify for

the PR exemption of the residence was ordinarily inhabited in the year by a specified beneficiary.

The full gain on a PR will qualify for the PR exemption where the trust has more than one beneficiary, but only one of the beneficiaries occupies the residence.

Use of the PR exemption to trusts 1: If a trust is establish to hold a residence

exclusively for the benefit of 2 children. Child A lives in the residence while Child B has her own PR. The whole residence would qualify for PR even though Child B does not live in the residence.

2: Separate trusts can be used for each residence

3. A PR is transferred to a trust to protect from creditors

Beware of Property Transfer Tax on transfer of property There are special PPT exemptions for

the transfer of a PR among related individuals, such as spouses, children, parents, grandfathers, but not brothers or sisters.

Property Transfer Tax – PR Exemption The transferee (purchaser) and the transferor

(vendor) must be lineal related, either direct ascendants or direct descendants

The property must have been occupied by either the transferee or transferor as their PR , for a period of at least 6 months prior to the transfer

The building accommodate no more than 3 families

Inter-Provincial Tax Planning using Trusts Trusts can be located in a low-tax

province (e.g. Alberta) by having individual trustees living in Alberta, bank & investment accounts in Alberta, meetings of trustees in Alberta etc.

Alberta individual top tax bracket @ 10% vs. B.C. rate of 14.7%

Will Assets

These are all assets in your wills after will substitutes

They are to be distributed according to the will

Will assets are the deceased estate assets and may be subject to probate tax

Purposes of a Will

How the testator’s assets are to be divided

Appointment of an executor Recommendation for the preferred

guardian of any minor children Specific powers entrusted to the

executor or any trustee

Purposes of a Will (con’t)

A will is fundamental to estate planning as it minimizes expense and delay in the transfer of assets upon testator’s death

While a will communicates the testator’s intentions, other legislations such as the Family Law Act must be considered as wills can be contested

Multiple Wills

You can have more than one will Multiple wills to deal with different property in

different jurisdictions so as to expedite the administration of such assets

Can reduce probate tax Example; a will in H.K. for H.K. property

Multiple Wills - Example

B.C. resident with rental properties in H.K., Vancouver and shares of a private corp.

It might be possible to execute multiple wills, 2 in B.C. and one in H.K.

In B.C., one would govern assets which probate is necessary, e.g. rental property

The other one would govern the non-probate assets such as shares of a private corporation that probate is not necessary

One will in H.K.

Taxation of Testamentary trusts Testamentary trusts are taxed using the

same progressive rates that apply to individuals, rates range from 21% to 43% in B.C.

Personal credits are not available Multiple testamentary trusts would

provide multiple applications of the low rates to individuals

Taxation of Testamentary trusts (con’t) Multiple trusts can be created if the will

establishes a separate trust for each child ( Mitchell v. MNR 56 DTC 521) and each trust would have its independent investment objectives suitable to the needs of the respective beneficiaries.

Each trust should be created with separate terms and condition. To prevent multiple trusts, CRA may designate the multiple trusts as a single trust if income from the trusts will ultimately accrue to the same or group of beneficiaries

Example of a testamentary trusts In Joe Smith, in his will he states a spousal

trust be set up and that his entire estate be rolled over to a spousal trust. His spouse is entitled to all income in her life-time, but upon her death, the trust assets would go to his children. This may ensure that if she remarries, the children are surely looked after.

Sample of testamentary spousal trust (Cont) The testamentary spousal trust benefits

from progressive tax rates. If the spouse has too high an income that may affect her old age security (OAS), i.e. income in excess of $67,000, the trust can designate amounts to be deemed not paid when they are in fact paid to the beneficiary. The trust will include the amount as trust’s income.

Testamentary trusts (cont)

If Joe Smith is wealthy enough, he may consider to set-up multiple trusts, one for each of his children so that there would be multiple use of progressive tax rates & have experienced trustees to look after the trust

Assets willed to testamentary trusts will not reduce value of the estate and hence will not reduce probate fees

Incapacitating Issues

A will is effective only upon death Individuals does not automatically have the

right to handle spouse’s legal & financial affairs in the event that the spouse is not able to because of illness or unavailable

Without proper legal documents, the healthy spouse has to apply to the court for permission to act on behalf of the incapacitated spouse

Two types of Power of Attorney Person’s property- Enduring Power of

Attorney Person’s health – Power of Attorney for

Personal care or a Living Will

Action Plan

My experience with my parents estates Power of Attorney / Representation

Agreement & will for everyone Trusts are not just for the rich. Trusts

can be used for individuals to access GIS & other benefits and PR trusts

Rich can consider multiple wills & trusts You will benefit from a good accountant.

Estate Planning & Taxation

Diana Mau, C.A. 205-8833 Odlin Crescent, Richmond,

B.C. V6X 3Z7 Tel: 604-279-9270 Fax: 604-279-8769 www.dianamau.bc.ca