Episodes 6 & 7 – Estate Taxes and Probate Planning

While thinking about what happens when you pass away can be an emotional and challenging exercise, putting a plan in place can give you peace of mind by knowing that your estate plan will meet the goals that are important to you and your loved ones. This two‑part podcast will help you better understand why planning ahead is important and how to get started.

Episode 6 – Why You Should Plan for Your Estate Taxes

Planning for the future goes beyond your lifetime. Estate planning isn’t just about passing on assets; it’s also about ensuring a smooth transition for your loved ones. A little bit of tax planning with your estate plan can make things easier for your executors and loved ones when you pass away.

In this episode, Frankie and Sarah discuss estate planning and the tax implications that come with it. They emphasize the importance of preparing for these events and provide an overview of what happens from a tax perspective when someone passes away. They also explain various strategies to reduce tax liability, such as capital gains exemptions and tax‑deferred rollovers, and highlight the need to have a will and address potential liquidity issues that may arise when paying the final tax bill.

Frankie and Sarah discuss:

Why preparing for taxes is an important part of estate planning
The various types of assets that are subject to taxation
Ways to reduce tax liability after someone’s passing
What the benefits of deferring tax and income shifting are
The potential liquidity issues with illiquid assets and what options are available to cover the tax bill

Resources:

Owner-Managed Businesses Part 4: The Canadian Capital Gains Exemption (Ep. 5)

Episode 7 - Estate Distribution and Probate Planning: What You Need to Know

How can you ensure your beneficiaries are getting what you expect them to?

Frankie and Sarah discuss various aspects of probate and estate planning in this episode of From the Source. Listen as they explain probate fees, exemptions, and assets that can pass outside of the estate while stressing the need to understand asset ownership and distribution to determine what is subject to probate. Frankie and Sarah also talk about probate planning, issues with multiple property owners, and the potential tax liabilities that can arise.

Frankie and Sarah discuss: