Successione

indicates that you don’t have a Power of Attorney for Property. We recommend that you have this document prepared and executed, because a well-conceived Power of Attorney for Property is an integral part of an estate plan.

plan includes the important step of putting in place this important document.

do have a Power of Attorney for Property but you have not seen it.

indicated that you have executed a Power of Attorney for Property; however, a copy was not provided for our review. Please provide a copy so that we may do a review to ensure that the document is adequate.

Attorney for Property exists is just the first part of the process. Reviewing its content is important to look for any glaring deficiencies. While you do not in any way try to replace the services of a qualified lawyer, you are in a unique position to view this document in light of your client’s overall goals and objectives.

client’s Power of Attorney for Property.

reviewed your Power of Attorney for Property. It includes an “enduring” clause and covers all aspects of your finances, so it is appropriate under the Substitute Decisions Act.

replace a lawyer’s services, but rather are looking for obvious deficiencies. Should you identify any areas that may require changes, these should be pointed out.

Power of Attorney for Personal Care.

review indicates you don’t have a Power of Attorney for Personal Care. We recommend that you have this document prepared and executed.

plan includes the important step of putting in place this important document.

do have a Power of Attorney for Personal Care but you have not seen it.

indicated that you have executed a Power of Attorney for Personal Care; however, a copy was not provided for our review. Please provide a copy so that we may do a review of this document.

Attorney for Personal Care exists is just the first part of the process. Reviewing its content is important to look for any glaring deficiencies.

client’s Power of Attorney for Personal Care.

have reviewed your Power of Attorney for Personal Care and it appears to be in order. Because the Power of Attorney for Personal Care includes Consent to Treatment, subject to the Substitute Decisions Act and you have provided an outline of direction for your attorney, no further action is required.

replace a lawyer’s services, but rather are looking for obvious deficiencies. Should you identify any areas that may require changes, these should be pointed out.

variety of uses. The advisor who recommends the use of trusts should have access to the services of a trust lawyer who has the expertise to implement the trust recognizing current trust and tax laws.

Consider the creation of an inter vivos family trust. A trust is a vehicle that allows the settlor dispose of their interest in specific assets along with future control of such assets. The settlor sets out the objectives of the trust and determines the rules under which the trust will operate.

Trustees are appointed to whom the trust property is transferred. The trustee will become the legal owner of the trust property and holds and administers it in accordance with the terms of the trust document. The trustee has legal title to the trust property on behalf of the beneficiaries of the trust. The beneficiary has a beneficial ownership in the assets of the trust.

Trusts are often used to facilitate incomesplitting with other family members. A simple example would be to set up an investment account “in trust” for a minor. The settlor can donate money to the trust and the trust can invest that capital for the benefit of the beneficiary. Caution relative to income attribution rules must be applied (for interest and dividends), but the capital gains of such an investment are not attributable back to the settlor.

The transfer of assets from the settlor to a trust can protect those assets from potential creditors or from legal judgments against the settlor. This can be an attractive feature for business owners or professional people. For this same reason, caution must be exercised when naming a business owner or professional as a beneficiary of the trust due to possible exposure to creditors or legal judgments.

A trust can also be used in the context of probate and tax planning. Property may be transferred to a trust, with the result that such property will not be owned by the deceased at the time of death and will not be subject to either probate fees or the deemed disposition of property on death.

situations where an inter vivos trust may make sense. Note that the costs associated with the implementation of an inter vivos trust can be prohibitive and thus significant benefits should be identifiable to ensure that the exercise is worthwhile.

fairly complex process that requires detailed research to determine if it is an appropriate strategy for your client. If you do not have extensive knowledge and experience in this area, be sure to use the services of competent legal, valuation, and accounting professionals

of your interest in your business. This would allow other family members to become shareholders, either directly or through a family trust. Future growth in the value of the business would be reflected in the shares acquired by the family members or the trust and your interest would be “frozen” at its current value.

a business to the next generation. Can also “sprinkle” the small business capital gains exemption among family members.

fairly complex process. If you don’t have extensive knowledge and experience in this area, be sure to use the services of competent legal, accounting, and valuation professionals.

is one of your most significant assets. For this reason it’s important to plan for the disposition of that asset in the event of your death, disability, or retirement.

important objective for many business owners. Recognition of the issues and assistance in working through these using other financial professionals is a valuable service to your business owner clients.

either a qualifying business or family farm that currently or in the future may have significant capital gains issues.

$500,000 Capital Gains Exemption – While the $100,000 capital gains exemption was eliminated a number of years ago, there is still the opportunity to benefit from the special qualified small business or farm capital gains exemption. In fact, with proper planning, it can even be possible to utilize the exemption for multiple members of the family, thus multiplying the value of the exemption. This should be explored further to determine if this strategy is possible and appropriate in your situation.

attention to these opportunities can save thousands of dollars in taxes.

inter-generational transfers in mind need a plan in place to ensure that the transfer occurs properly.

Generation – To be eligible for rollover of farm property to the next generation, it must have been used principally in a farming business carried on by the transferor, their children or spouse immediately prior to the transfer. It is not necessary that the child or other dependant who acquires the property use it in the business of farming in order to maintain the advantages of the rollover. Given your ownership of farm property, the possibility of utilizing this rollover should be explored.

professionals such as lawyers and accountants in this area is critical. You’re the “quarterback,” not the front ine runner.

extensive holdings in the U.S. need to consider the possible impact of U.S. estate taxes.

assets that are situated in the U.S., there may be estate taxes applicable upon death. This should be reviewed in detail to determine if any steps should be taken to try and minimize this tax.

contingencies has been recognized.