Roses and chocolates are fine and dandy, but filing taxes early is better than candy. We consider Valentine’s Day as the unofficial start of tax season since early filing is just around the corner. As you spend the day with your significant other, nothing says romance like being fiscally responsible. Love and taxes go hand in hand, but you may require some estate planning to manage your joint assets.
Here are some benefits of creating a Living Trust to protect you and the people you care about:
- A way for a trusted individual to legally manage the assets
- Separate legal ownership and control of the property
- Assets in a trust are not subject to probate fees (1.4% fee of the value of the estate on death)
- Flexibility in how assets are distributed and used, for example:
- Provide a certain level of income until a certain age
- Complex family issues such as a shared home with legal title split on death of parent – what if children want to sell and mom does not?
- Used in estate planning to minimize taxes that occur upon death
- Protect assets from marriage breakdown, creditors, lawsuits, Wills variation
- Plan for the transfer of wealth/business to the next generation
With any major life change, like marriage or having kids, preparing your assets for the future is a loving gesture. This Valentine’s Day, think about filing your business taxes early to have more time to spend with loved ones. Happy Valentine’s Day from all of us at Rise CPA.
Your Business. New Heights.
Rise CPA provides professional accounting, tax and business advice to help you make the right decisions at the right time. Since 1979, we’ve been helping clients create businesses and lifestyles they envision by delivering expert insights and financial guidance. At Rise, we excel at advising business owners and their families in a caring and personal way. Our services cover a wide range of Tax Planning, Auditing, Accounting, Estate Planning, and Business Advisory. Please call (604) 936-4377 or use the online contact form to book an appointment with one of our accounting professionals.
