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In this module, we talk about the issues that clients should discuss with their families regarding the transfer of their wealth, either before or after death. We provide a three-stage approach to your own discussion with the client, and we identify the family-related issues you should address. You will learn how various family law issues can affect wealth transfer arrangements and the importance of having a team of professionals you can rely on to provide advice to clients in this regard. You will also learn how to deal with potential family conflicts during the family conference. Finally, you will learn the importance of having a structure in place to deal with potential issues of mental or physical incapacity in the future.
In this module, we discuss the importance of developing constructive relationships with your clients in order to build a successful wealth transfer plan. You will learn how to adopt an approach that reflects the needs of aging Canadians and to present yourself accordingly. We provide a step-by-step method of developing a wealth management plan in a way that helps clients avoid common mistakes. You will also learn about the factors to consider when you are dealing with aging clients and with clients who are going through various life transitions. Finally, you will learn to recognize when third-party expertise is called for and the importance of having external resources you can rely on.
In this module, we explain how to help your clients plan their affairs before dying to ensure that their assets are transferred smoothly and as intended. You will learn how to discuss estate planning issues with clients, and in particular, the importance of transferring assets to their beneficiaries in a way that meets their estate planning goals. We discuss the consequences of dying without a will and the factors to consider when creating a will. We also discuss spousal rights and the effect of spousal and child support obligations on a client’s estate. You will learn the purpose of powers of attorney and living wills, and finally, you will learn about the effects of probate on a client’s estate, along with several strategies to reduce the cost of probate.
In this module, you will learn about the role that trusts serve in both wealth transfer before death and estate planning after death. We begin by discussing various myths and misconceptions you should be aware of when discussing trusts with clients. You will then learn about the different types of trusts, and the way distributions from trusts are taxed. Finally, you will learn how to wind up a trust and how to recognize the circumstances in which a trust may be varied.
In this module, you will learn about the importance of charitable giving as an aspect of your client’s estate planning. We discuss the various tax benefits of giving and explain how to help direct your clients in making charitable donations in a way that fulfills their wishes. You will learn about the different options available, whether your clients make donations during their lifetime or leave directions for charitable giving after they have passed away. You will also learn about the different gifting vehicles available and their tax implications. Finally, you will learn the benefits of various structured gift instruments that are available.
In this module, we discuss the taxation rules that apply when a client dies, including the taxing of capital gains and registered plans, along with the types of tax returns that may be filed at death. You will learn about the tax minimization strategies available to clients, including those used during a client’s lifetime, those addressed in a will, and those used after the client has passed away.
In this module, you will learn about the importance of business succession planning. You will learn about various options available for valuing a business, transferring a business, and financing options available to the new owner or owners. Business owners usually want to minimize tax when finally making the decision to leave their business. Therefore, various tax strategies will be addressed in this module.