Proper Tax Planning Can Reduce the Amount You Pay

“The reason many people consider transferring property before death is to avoid or reduce the amount of tax their heirs will have to pay when the will is probated,” reports. “Probate is the legal process of dealing with someone’s estate and ensures their wishes, usually contained in a will, be carried out. In Ontario, the tax payable on a probate application is $5 per thousand up to $50,000 of estate value and then $15 per thousand for anything over that. Therefore, the probate tax for an estate of $1 million would be $14,500.” The estate planning article continued, “With proper tax planning, you can reduce the amount of tax payable. Improper planning can cost you a whole lot more.” Read the full article here. | Raymond Matt, CFP, CLU, TEP, CHS

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