At Mirador Corporation, we realize the importance of estate planning for those who want to leave a financial legacy. We recognize the uniqueness of each individual situation and will do an analysis and make recommendations to help you achieve your estate planning goals and achieve a smooth wealth transition.
Of equal importance, we will ensure that the wishes outlined in your will and estate plan are reflected in your financial and retirement plans so that they all work together to achieve your goals.
An estate plan ensures your wealth is distributed according to your wishes upon your passing, while minimizing tax burdens for your beneficiaries. It also helps prevent legal and emotional burden for your loved ones you leave behind.
Key elements of an estate plan include a will, an enduring power of attorney, and personal directive (or living will), to manage your affairs in the event you become incapacitated. Whether passing on a family cottage, business, or setting up trusts, we help structure your plan in the most effective manner.
At Mirador, we work with your lawyers and tax advisors to ensure your estate is handled tax-effectively. We also guide you on beneficiary designations and tax-smart withdrawal strategies.
Upon your death, the balance of your registered accounts such as your Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF), can be transferred on a tax-deferred to your spouse or a child that is financially dependent because of an impairment in physical or mental function, if they are named as the beneficiary. Taxes will be owed in the future as amounts are withdrawn from the RRSP or RRIF.
Without a spouse or dependent child named as the beneficiary, the balance of the registered account goes to the estate and the full amount will be taxed at the time of your death. This will have a significant adverse impact on the amount of wealth you are leaving to your beneficiaries.
At Mirador Corporation, we realize the importance of estate planning for those who want to leave a financial legacy. We recognize the uniqueness of each individual situation and will do an analysis and make recommendations to help you achieve your estate planning goals to ensure a smooth wealth transition.
Of equal importance, we will ensure that the wishes outlined in your will and estate plan are reflected in your financial and retirement plans so that they all work together to achieve your goals.
