Protecting Clients' Wealth Since 1983
Are you concerned that your assets will be diminished through probate taxes and legal fees upon your death? Do you need information about how to manage and transfer assets now and on death effectively and tax-efficiently? Are you looking to minimize taxes upon death and maximize your estate for your beneficiaries?
Professional legal help regarding the use of trusts can preserve wealth. For instance, trusts can be used as a will substitute. If you establish a trust and place assets into it, its ownership can pass directly to its beneficiaries upon your death. As a result, probate taxes and the delay and expense of probate are avoided.
Selecting a Trust to Meet Your Needs
At the Toronto, Ontario, law firm of O'Sullivan Estate Lawyers, we provide clients with tailored and cost-effective trust planning. We will work with you to plan and establish a trust that helps you protect your wealth for future generations.
Inter Vivos Trusts
An inter vivos trust is a trust that is established during the lifetime of the person who has transferred the assets to the trust. By using this type of family trust, you may be able to reduce income taxes by splitting income with your family members who are in lower income tax brackets. It is an attractive means by which to fund children's and grandchildren's education and other expenses.
There are many varieties of inter vivos or living trusts. For instance, alter ego trusts and joint partner trusts are available to those who are over the age of 65. They have a variety of possible advantages depending on one's individual circumstances, including acting as a will substitute, and can reduce probate taxes, ensure capital succession to family members, and allow privacy of one's affairs, as opposed to a will which becomes a public document once it is probated.
Testamentary Trusts
A testamentary trust is established under a will and only goes into effect upon the testator's death. It can also allow for income splitting among family members, protect your wealth from additional probate taxes payable on a beneficiary's death, ensure capital succession to your intended beneficiaries, and can provide greater protection against claims made against a beneficiary, including matrimonial and creditor claims.
Other Specialized Inter Vivos and Testamentary Trusts
There are a variety of inter vivos and testamentary trusts that can be used to protect your wealth and minimize tax, including:
- Family trusts
- Life insurance trusts
- Special needs trusts for persons under a disability
Experienced Ontario Wealth Protection Lawyers
Margaret O'Sullivan of O'Sullivan Estate Lawyers is recognized by The Canadian Legal LEXPERT Directory 2011, Best Lawyers in Canada 2011 and Euromoney's Guide to the World's Leading Trust and Estate Practitioners 2011 - 2012 as a leading trusts and estates lawyer. Toronto trusts and estates lawyer Susannah Roth has practiced, spoken and written in the area of estate planning and administration since being called to the bar in 2002.
Susannah Roth has practised trust and estate law since being called to the bar in 2002 and has written and lectured on various subject areas in trust and estate law and is involved in leadership roles in the legal profession with the Ontario Bar Association. Claudia Sgro practices exclusively in the trusts and estates area, is a member of the Trusts and Estates Section of the Ontario Bar Association and has published legal articles in several legal journals.
We have helped many clients create advantageous alter ego trusts, joint partner trusts, living trusts and inter vivos trusts. Living trusts, inter vivos trusts and other trusts can reduce tax and provide numerous other benefits. For more information about the Ontario living trust lawyers of O'Sullivan Estate Lawyers, contact our law firm at 888-365-6235.
