There are several areas that are included in estate planning. Here is a brief list of some of them:
- You should have a will that includes your desires and tax considerations.
- You should consider steps to minimize probate fees (or Estate Administration Tax) on your death, if applicable.
- You should have enough insurance to meet the needs of your family on your death.
- If you have any assets in other countries or you are a U.S. citizen, you must consider the effects of foreign estate taxes.
- If you plan to leave assets to your children who may be considering marriage or who are married, you can plan around the provincial family laws that apply on marriage breakdown.
To discuss any of these tax aspects of estate planning, please contact us.
After graduating from the University of Calgary with a Bachelor of Science degree in Computer Science, Gerald joined KPMG (Formerly Thorne Riddell) as a Computer Accounting Customer Service representative. In this position, Gerald installed accounting systems in over 200 different small to medium sized companies over a 6 year span. In 1989, Gerald left KPMG to continue to work with small business clients in his own corporation installing computer accounting systems. While in this role, he was engaged by the DeVry Institute of Technology in Calgary to teach various courses. In time, Gerald moved up through the ranks of DeVry until he attained the position of Director of Finance for the Calgary Campus. He also acquired his Masters of Business Administration from City University of Seattle, Washington in 2001. Gerald’s career has always been focused on small business, accounting and education.
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