Ms. O'Sullivan and her team are the authors of "Trust and Estate Essentials: Achieving Success in Family Succession," Second Edition just published.
"We wrote this book to provide a resource on a number of important estate planning and administration topics, and to help clarify and demystify major issues that arise in family wealth succession," says Ms. O'Sullivan.
Ms. O'Sullivan offers these tips for effective estate planning:
- Estate planning is a continuing process, not a destination. Assets change: you buy a cottage, sell a business and accumulate wealth over time. Divorces happen. Your executor is now incapable. Estate and tax laws change. Your child moves to the U.S. You have a new grandchild! You need to update your estate plan regularly.
- The needs of each person are unique. There is no "one size fits all" in estate planning. A tailored estate plan carefully prepared to reflect your values and to achieve your individual objectives and goals will give you peace of mind.
- Smart estate planning also includes probate fee and tax planning and thinking ahead. Upon death, there will be a tax bill owing which can often be reduced with good planning to achieve optimal results. If you own international assets, you may be double-taxed.
The Second Edition has been expanded to 40 chapters (over 350 pages) and is full of practical tips and suggestions for passing on wealth to family members and achieving success in doing so.
Available on Amazon.ca, in paperback edition and Kindle edition.
O'Sullivan Estate Lawyers LLP is a boutique Toronto law firm that provides trust and estate legal services, with a focus on high net worth domestic estate planning, estate administration and cross-border and multijurisdictional succession matters.
SOURCE O'Sullivan Estate Lawyers LLP
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