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The biggest mistakes parents make when setting up a trust fund are not getting proper advice before setting up the trust and choosing the wrong trustee.

When a trust works well, it works really well.  

It is like a magic key that travels from this lifetime into the future, unlocking the legacy that you wished to leave. It ensures that your vision continues when you’re no longer here.

But for it to work, it has to be set up correctly. To find out more about how to use trusts the right way, read the full article.

Getting your financial affairs in order is critical, no matter your age. 

But estate planning becomes even more important as soon as you have kids.

If you’re in the process of getting your financial affairs in order, you be wondering what estate planning actually is and if you need it. That’s exactly what I’m going to cover in this post.

Keep reading for a story about my mom’s estate planning dilemma and why the emotional side of estate planning matters as much as the tactical side.

Is there a limit to how much money I can put in a trust? In Canada, there is no legal limit on how much money or how many assets you can place into a trust. The amount is not capped, but tax rules apply when assets are transferred into the trust.

In Canada, most personal trusts, such as family trusts, are subject to a 21-year deemed disposition rule under the Income Tax Act. The 21-year rule means that the trust is deemed to have sold its assets after 21 years. This can trigger capital gains tax unless assets are distributed or other planning is done.

I was recently speaking with clients who decided to use a trust as part of their estate plan. I want to share a little bit about why a trust worked for them so you can see if any of their goals and concerns align with yours.  This couple has a high net worth, multiple real estate properties, and investment portfolios. They want to pass their assets to their two daughters and future grandchildren.  Their goal was to transfer some of their wealth while they were alive and have a plan for how the rest of the assets would be distributed after their death. They chose to use a trust to retain control over when and how the assets are distributed…

The main reason to avoid a trust is if your estate is simple. You don’t benefit from the added costs and complexities if your estate is simple. In addition, if you don’t want to lose control of the assets, then a trust may not be a fit for you.

Who legally owns the assets held in a trust? Find out the details of who controls a trust after death including who holds legal title to and control over the trust assets. 

I recently worked with a woman in her 80s who had more than enough money to comfortably support her lifestyle for the rest of her life.

She was considering moving to a place she loved, closer to family and a community that shared her values. The hesitation she had wasn’t financial capacity. Instead, it was tax-related.

In this post, I’m going to share what you need to know about living trusts from both a technical and mindset perspective.

The purpose of a trust in BC is to hold and manage assets for specified beneficiaries.  The benefit of a trust is that it provides greater flexibility, control, and protection for transferring wealth. To find out more about trusts and whether you need one, keep reading!

Estate planning involves arranging for the management and distribution of your estate during your life and after death.