Risk Management & Estate Planning - Quebec (RMEP)

Topics covered in this chapter are:

• Scope of Coverage
• Homeowner, Secondary or Seasonal Residence Insurance, Condominium, and Tenant’s Insurance
• Loss Indemnification (Actual Cash Value versus Replacement Cost)
• Illustration — The Scopes Case
• Personal Automobile Insurance
• Loss or Damage to Vehicle
• Factors Impacting Automobile Insurance Premiums
• Automobile Insurance Strategy
• Automobile Third-Party Liability
• Automobile Accident Benefits
• Personal Umbrella

Topics covered in this chapter are:

• Insurance Strategy
• Temporary (Term) Insurance
• Permanent Insurance
• Life Insurance Premiums and Pricing
• Policy Provisions and Options
• Child Rider
• Mortgage Insurance

Topics covered in this chapter are:

• Disability Insurance
• Additional Definitions of “Disability”
• Claim Costs
• Group Disability Plans
• Government “Insurance” Programs
• Assessing the Need for Disability Coverage
• Group Health Insurance
• Critical Illness
• Long-term Care
• Travel Insurance
• Other Types of Coverage
• Illustration — The Carson’s Case

Topics covered in this chapter are:

• Tax Treatment of Life Insurance
• Tax Treatment of Disability and Health Insurance

Topics covered in this chapter are:

• Risk Management Over Time
• Assessing Life Insurance Needs

Topics covered in this chapter are:

• Risk to Business Assets
• Exposure to Business Income Interruption

Topics covered in this chapter are:

• Definition and Characteristics of a Personal Trust
• Parties to a Trust
• Types of Personal Trusts
• Revocable Trusts versus Irrevocable Trusts
• Discretionary Trusts versus Non-discretionary Trusts
• Spousal Trusts
• Role of the Trustee
• Purposes/Uses for Trusts

Topics covered in this chapter are:

• Transfers of Assets to a Trust
• Spousal Trust, Alter Ego Trust and Joint Spousal Trust
• Taxation of Income Earned on Trust Assets
• Attribution Rules
• 21-year Deemed Disposition Rule
• Tax Treatment of Income Retained by a Trust
• Income Attributed to the Settlor of the Trust
• Preferred Beneficiary Election
• Earnings Distributed by a Trust
• Trusts for Minors and Qualified Disability Trusts
• Capital Property Disposed of by a Trust
• Reporting for Trusts
• Multi-jurisdictional Tax Considerations

Topics covered in this chapter are:

• Rationale for an Estate Freeze
• Favourable Environment for an Estate Freeze: Opportunities Warranting an Estate Freeze
• Types of Estate Freeze
• “Thawing” a Corporate Estate Freeze

Topics covered in this chapter are:

• Notification of Executorship (Liquidatorship)
• First Steps in the Administration of an Estate
• Communication to Interested Parties
• Documentation
• Administering Assets
• Letters Probate in Common Law Provinces
• Taxation of the Deceased and the Estate
• Investment Powers and Decisions
• Family Law, Matrimonial Law and Dependant Relief Claims
• Settlement and Distribution of the Estate
• Distribution of Assets Outside of the Will

Topics covered in this chapter are:

• Succession Planning for Owners of Family Farms/Fishing Property
• Succession Planning for Owners of Closely Held Small Business Corporations
• Succession Planning Issues Common to Owners of Family Farms/Fishing Property and Closely Held Small Business Corporations
• Buy/Sell Agreements