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Q. In terms of my estate, do my children have to pay capital gains tax on my investments, etc.?
A. To answer your question, the assumption is that these investments are non-registered, and in your name only. If that is the case they are all deemed to be sold on your date of death and your estate will be liable for any capital gains accrued to that day. The net difference that emerges from your estate will be tax free to your children.
With that said there are a number of examples of assets that can pass directly to your children and bypass your estate, but applicable taxes will still have to be paid by the estate. It’s recommended you discuss your situation with your tax professional and your financial planner to evaluate your situation and allow them to provide solutions unique to you.
Having a formal estate plan is not just the preserve of the rich and retired, everyone should have one. A good plan can help maximize the value of your estate and minimize taxes and expenses, leaving more for your loved ones. Financial planning services are available free of charge to members of Synergy Credit Union, give us a call and set up an appointment today.
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