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Making a Will is important for you, your family and loved ones. It is your chance to express your final wishes in a legal document to ensure that your affairs are handled exactly as you wish and direct. A Will allows you to set out specific arrangements, wishes and instructions, in a legal document that by Law must be followed.
This can provide great peace of mind knowing that your finances are going to the people or organisations you want them to, your children have guardians listed should the worst occur and you have listed your wishes for your funeral arrangements and plans to ease your chosen Executor in planning the funeral itself.
Whether you are planning the parameters of your future medical care or you are establishing support for loved ones upon your death, Collins & Associates can help with all aspects of trusts and estates issues, including:
When someone dies their 'estate' - money, property and possessions - has to be distributed in line with their Will. It's usually necessary for the relatives to apply for Grant of Probate or Letters of Administration to allow them to do this. The process can be difficult when you are coping with the death of a loved one.
The wills and trust lawyers at Collins & Associates can guide you through the complex world of trusts in an easy to understand way. A trust can do many things such as: help families income split, avoid probate fees, avoid wills variation claims, retain disability benefits, and keep family assets private.
A “section 85” rollover is a corporate transaction that involves the transfer or sale of capital property, such as real estate, to a company on a tax-free basis – which means that no tax is payable on the date of sale. The property is taken in exchange for company shares. Your accountant or tax professional may recommend a section 85 transfer as a handy tax-planning tool.
A section 85 rollover can allow you to continue to control your operating company through a new holdco, while fixing your capital gain. Our business lawyers can help you by incorporating a holding company and properly documenting the rollover. This would involve preparing the sale documents for the assets, the transfer and issuance of new shares, completion of an election form as required by the Canada Revenue Agency, and updating to the company’s record book.
We can collaborate with you and your other professional advisors, such as accountants, financial advisors and insurance brokers, to implement your estate freeze, rollover, share exchange, or corporate restructuring. Ultimately, we work hard to help you reach your business and financial objectives.