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1. www.kiplinger.com › retirement › estate-planning-whoEstate Planning: Who Needs a Trust and Who Doesn’t?

   www.kiplinger.com › retirement › estate-planning-who

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   Mar 6, 2024 · Estate Planning: Who Needs a Trust and Who Doesn’t? Knowing the differences between a revocable trust and an irrevocable trust can help you decide if you need one and, if you do, which kind ...

2. www.bdo.ca › insights › understanding-family-trustsUsing family trusts for tax and estate planning | BDO Canada

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   • What Is A Trust?
   • What Are Some Different Types of Trusts?
   • What Are The Income Tax Benefits of A Family Trust in Canada?
   • Non-Tax Advantages of Having A Family Trust
   • Don’T Forget About Filing Requirements
   • How BDO Can Help

   Unlike a corporation, a trust is not a legal entity, but a relationship between the trustee(s) and the trust’s beneficiaries. These relationships are set out in a trust agreement or deed. The trust agreement details the names of the initial settlor and trustees, the scope of their powers, the beneficiaries of the trust, and how the trust assets are...

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   An inter-vivos trust, as opposed to a testamentary trust, is a type of trust set up during an individual's lifetime. Testamentary trusts are trusts that are set up as a result of the death of an individual. This article focuses on inter-vivos trusts, which can be discretionary or non-discretionary. A discretionary trustgrants trustee(s) discretion ...

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   While many of the income splitting opportunities associated with inter-vivos discretionary family trusts were severely limited by the tax on split income rules, there are still advantages to having a family trust.

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   There are other non-tax benefits to using a family trust, including: 1. If the trust is discretionary, it is possible that assets will be protected from creditors or be excluded from family assets in case of a marital breakdown. This is due to the fact that a specific beneficiary may not be able to benefit from any assets held in the trust. 2. If t...

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   For trust taxation years ending on or after Dec. 31, 2022, all non-resident trusts that currently have to file a T3 return and express trusts that are resident in Canada, with certain exceptions, will be required to report additional information as part of their T3 return each year. For more information, read our article, New trust reporting requir...

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   Family trusts can be a very important tool for tax and financial planning, but the rules around them are complex. Contact your BDO advisor to see if one is right for you and how it can be used to meet your goals.

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3. Videos

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     Trusts 101 - Estate Planning With Trusts

     Apr 11, 2017

     411.7K Views

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     Living Trusts Explained In Under 3 Minutes

     Oct 3, 2020

     354.8K Views

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     10:45

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     Should You Have a Will or Living Trust?

     Dec 16, 2018

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4. www.schwab.com › learn › storyDo You Need a Trust or a Will? | Charles Schwab

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   Oct 19, 2023 · A trust allows you to be very specific about how, when and to whom your assets are distributed. On top of that, there are dozens of special-use trusts that could be established to meet various estate planning goals, such as charitable giving, tax reduction, and more.

5. npw.ca › family-trusts-101-everything-you-need-toFamily Trusts 101: Everything You Need to Know and More!

   npw.ca › family-trusts-101-everything-you-need-to

   Sep 1, 2021 · A family trust in Canada is a powerful tool for estate planning. You can use a family trust to reduce your tax liability as well as to transfer your wealth and protect your family’s assets.

6. www.getsmarteraboutmoney.ca › learning-path › willsUsing trusts in estate planning - GetSmarterAboutMoney.ca

   www.getsmarteraboutmoney.ca › learning-path › wills

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   Sep 18, 2023 · You can establish a trust that takes effect during your lifetime or upon your death. Either way, trusts can be used to accomplish a number of estate planning goals. Learn 7 common uses for trusts.

7. www.rbcwealthmanagement.com › en-ca › insightsIs a testamentary trust right for your estate plan?

   www.rbcwealthmanagement.com › en-ca › insights

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   Testamentary trusts: A potentially wise estate-planning move. Because a testamentary trust comes into effect when a person dies, the terms of the trust are established in a Will or through a separate trust document.

8. People also ask

   Do you need a trust for estate planning?

   • Trusts are sophisticated arrangements that can involve a number of tax and estate planning issues. A trust must be properly structured to achieve your estate planning goals. Get professional advice before taking action. There are 2 main types of trust: You can establish a trust that takes effect during your lifetime or upon your death.

   Using trusts in estate planning - GetSmarterAboutMoney.ca

   www.getsmarteraboutmoney.ca/learning-path/wills-and-estate-planning/using-trusts-in-estate-planning/

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   Should I create a trust?

   • You may need to create a trust if you hope to protect assets from creditor claims, avoid estate taxes or facilitate the transfer of assets outside of probate. An estate planning attorney can help you to determine if this is the appropriate legal tool for you to use to protect or transfer your wealth.

   How To Set Up A Trust 2024 Guide – Forbes Advisor

   www.forbes.com/advisor/legal/estate-law/how-set-up-trust/

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   Should I set up a trust during my lifetime?

   • A lawyer or other professional adviser can advise you on the best strategy for your specific estate planning needs and goals. Whether it’s best to establish a trust during your lifetime or upon your death will depend on the intended use and your personal situation. 1. You have children from a previous marriage

   Using trusts in estate planning - GetSmarterAboutMoney.ca

   www.getsmarteraboutmoney.ca/learning-path/wills-and-estate-planning/using-trusts-in-estate-planning/

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   Are trust assets subject to probate?

   • Because the transfer of ownership is during your lifetime, the trust assets do not form part of your estate and are not subject to probate . The decision on whether to set up a living trust or a testamentary trust depends on many factors, including your need for the assets during your lifetime.

   Using trusts in estate planning - GetSmarterAboutMoney.ca

   www.getsmarteraboutmoney.ca/learning-path/wills-and-estate-planning/using-trusts-in-estate-planning/

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   Should I set up a living trust or a testamentary trust?

   • The decision on whether to set up a living trust or a testamentary trust depends on many factors, including your need for the assets during your lifetime. A lawyer or other professional adviser can advise you on the best strategy for your specific estate planning needs and goals.

   Using trusts in estate planning - GetSmarterAboutMoney.ca

   www.getsmarteraboutmoney.ca/learning-path/wills-and-estate-planning/using-trusts-in-estate-planning/

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   Why do you need a trust?

   • “A trust enables you to maintain a degree of control over transferred assets, by setting out who gets the benefit of what and over what period of time,” says Tracey Woo, chief operating officer and vice president of RBC Royal Trust. “In many circumstances, having the protection of a trust makes for good estate planning.”

   Is a testamentary trust right for your estate plan?

   www.rbcwealthmanagement.com/en-ca/insights/is-a-testamentary-trust-right-for-your-estate-plan

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9. www.forbes.com › legal › estate-lawHow To Set Up A Trust 2024 Guide – Forbes Advisor

   www.forbes.com › legal › estate-law

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   Nov 27, 2023 · You may need to create a trust if you hope to protect assets from creditor claims, avoid estate taxes or facilitate the transfer of assets outside of probate. An estate planning...