The Last Testament

25th December is Christmas. It happens every year. It’s common knowledge from the first day of the year. On December 24th, the knowledge of Christmas is not diminished, rather heightened by blissful expectation or sheer anxiety. The only difference between the two sentiments is Planning. Nothing magical; just a plan for the Holidays.

Death – Finite, as in reality; also requires a plan.  It’s really a conundrum what happens in the aftermath; ooh but i know; absent in body, present with the Lord. Yes! but what about

LEGACY?

Let me to introduce you to The  Estate Plan by  Mensah Wealth Management –  The Last Testament .

At Mensah Wealth Management, we think you can be great in life and leave an amazing legacy in death – It’s all in OUR PLAN.  Our Estate planning team consist of professionals including Lawyers, Accountants, Mortgage Brokers, Real Estate Professionals and  Financial Security Advisors. Our estate plan is guided by our relationship with our clients and dictated by the nature and extent of their assets and their particular family situation, including the financial circumstances of each of their beneficiaries. Our plan is designed for individuals, families, business owners, trustees and executors. It’s smart and it works. Here is Jeff, a business owner and one of our favourite client. We consults with Jeff over a few weeks to understand all his needs; we analyze Jeff’s situation and recommend a tailor-made solution for him. In this case, we incorporate a tax planning strategy.

We advised Jeff to create two Wills –  a General Property (GP) Will and a Limited Property (LP) Will. Jeff’s GP Will would govern the assets in his general estate that would likely attract probate tax, such as bank and investment accounts. Jeff’s LP Will would govern all of his other assets, such as his private company interests and any other personal property that would normally not attract a request for probate. In other words, Jeff’s LP Will is never submitted by his executor to the Court for probate.

If you have ever been appointed or know someone who has been appointed as an executor of an estate, you would know of an exciting feature called a Probate. A Probate is the legal process of having a person’s Will validated by the Court. Probate is usually requested by banks and investment firms before they will allow an executor to claim assets. The Court charges a fee (known as an Estate Administration Tax) in order to issue a Probate Certificate to your executor. This fee is basically equal to 1.5% of the value of the assets governed by the Will. There are also legal fees to pay in order to have this process completed. These fees are usually a few thousand dollars. This process usually takes several weeks to complete, can be expensive, time consuming, frustrating for an estate executor or trustee in dealing with all the professionals. Sounds daunting, but What do they care?

Like Old Roger, they too are dead and gone to their graves, An apple tree is planted over their head.

At Mensah Wealth Management, We understand that you have worked very  hard to build a life, business and an estate. We commit to working with you to create a plan to secure the most timely and tax-efficient distribution of your assets. Our estate plan is designed to reflect the nature and extent of our clients assets and the particular family, financial circumstances of each of their beneficiaries.

Like Jeff, many of our clients have relied on our advice as beneficial and sound. For instance, the value of any shares in, or loans to, Jeff’s company would not have to be included in calculating probate tax since probate would not be required to transfer ownership of these assets to his family members. If the assets in Jeff’s LP Will are worth $1 million at the time of his death, the LP Will would save him $15,000 in probate taxes. Jeff is super excited. We review this plan annually as his circumstances change over the years. Jeff is particularly thrilled to find Our Plan is practically free.

At Mensah Wealth Management, our utmost priority is the well being of  our clients and their families; it’s with this in mind that we developed our popular new product,  Syndicated In-Trust Funds. This fund allows the beneficiaries to secure their money in an interest bearing, tax efficient Trust Account. If we put tax reasons aside, we have found our clients set up a trusts simply to avoid mismanagement of their assets or estate. For instance they may want to preserve and protect part of their estate for their children or grandchildren. Consider what might happen, if they left their entire estate to their spouse and he or she decided to remarry. What would happen to their child’s inheritance if his or her spouse convinced their child to invest in a risky new business venture. An inheritance held inside a trust may be protected from potential creditors such as the beneficiary’s ex-spouse or former business partner.

Surprisingly, many Canadians  fail to avail themselves of these planning opportunities for various reasons but mainly for lack of professional advice. At Mensah Wealth Management, our financial advisors and team of professionals work with our clients  to create the right Will for them. Our recommendations are based on the nature and extent of client assets and family circumstances.

We’re always delighted to render financial advice. Consult us to review your Estate Plan Free today.

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