Quick Tips to Protect Assets
In an effort to protect funds from taxes, people seek to transfer assets. These are some legal strategies a tax consultant can help you with. With more than 30 years of legal and tax experience, Joseph Andolino offers these tips:
1. Wills – This is the cornerstone of any estate plan and the most common instrument of transfer of assets. Your will is primarily used to describe how you want to distribute your property.
2. Joint Ownership – The transfer of property is made easier when they are held together. Under an agreement of joint ownership with right of survivorship, * the death of an owner automatically entails the transfer of assets to the survivor. Although this solution avoids probate, other issues tax or legal may arise. * Quebec does not recognize the concept of joint ownership of property with right of survivorship. In this province, joint ownership of property by the spouses do not automatically transfer to the surviving spouse.
3. Gifts before death – The easiest way to sell your property is to donate your lifetime. Donations to charitable organizations are tax advantages, while other donations can result in tax payable.
4. Testamentary Trusts – This trust comes into force at the time of death and becomes part of the will. It enables the transfer of goods, whose administration is governed by the provisions of the trust.
5. Lifetime trusts – This type of trust established during your lifetime, can be used in many situations. In all cases, the goal is to transfer the ownership of goods, while keeping the upper hand on their administration
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Joseph Andolino Advises on Tax Tips for Businesses