Family Trust Tax Returns.
Family Trust Tax Returns
A family trust is a proven strategy of passing wealth from one generation to the next.
If held within a trust, assets that are “passed over” to the younger generation do not go through probate and are not a matter of public record when the individual passes away. If the assets are left to the next generation via a Will, then it becomes a matter of public record. The use of a family trust will lower probate fees and increase the privacy of your financial affairs.
Developing a plan for your family or trust is important for protecting everyone.
A Family trust requires a trust return (T3 Return) to be prepared on an annual basis.
Family trusts can be a sensitive issue for a family. Despite this, it is vital to have a family plan and trust clearly laid out to avoid potential issues. Many business owners and their families have benefited from implementing this strategy. Let us demonstrate how a Family Trust may benefit your family.
Estate Tax Returns
Succession Planning should not be overlooked.
When a person passes away, the legal representative (executor) must file a final income tax return. The estate discloses everything a person owns when they pass (i.e. property, debts, etc.).
When an individual passes away, a testamentary trust is created (usually from their last will). In many cases, an Estate tax return (T3 Return) may not be required as the Estate’s affairs are wrapped up with other “optional” returns.
Let Numbers Plus help you through a difficult time as you navigate the requirements of administering the Estate.
Estate/Succession Planning Services
A well-thought out Estate plan ensures that your family and/or business is cared for once you pass away.
Dealing with the affairs of an Estate can often be stressful and emotional for those left in charge of the Estate (also known as A Will). Structuring your affairs in advance provides all parties involved with peace-of-mind knowing that the Estate will be dealt with as smoothly as possible.
Many business owners are unaware that having two (2) Wills is often advisable. A separate Will should be in place, specifically dealing with the affairs and succession planning of the business. This will help to separate personal and business assets.
Having a Trust set up will provide years of consistency, help manage expectations of beneficiaries and help to make your intentions about your assets clear and concise.
Let Numbers Plus, with your lawyer, build the right Estate plan to protect your family and business.