The essentials of estate planning

The essentials of estate planning


Jonathan M. Charron, LL.M. Tax

Tax Lawyer – Wealth & Tax Planning

Estate planning is essential to achieving the objectives of wealth preservation, protection and transmission to future generations. At Blue Bridge, this planning is part of an overall vision of estate and personal management engineering, which is strategic, multidisciplinary, and sui generis, which means it is personalized and adapted to each situation.

Among others, this planning notably considers the legal context, the situs of assets, current ownership structure (personal, corporate, trust or other), human factors such as desire for a particular bequest, protection or financial support of a particular person, philanthropic objectives, and fiscal and financial factors.

Our comprehensive approach to estate planning includes the following:


  • Patrimonial Assessment As a starting point for estate planning, this statement identifies current assets and liabilities, which are then used to establish the client’s planning objectives.


  • Testamentary planning. Your will details your final wishes regarding the management and distribution of your wealth following your death. It also sets the future tax base upon death. Your will is thus a fundamental part of estate planning. For example, the choice of estate liquidators and trustees responsible for administering testamentary trusts is paramount, as their role is to ensure that the testator’s will is respected. In this regard, appointing an independent liquidator or trustee ensures efficient administration and can limit potential family conflicts.


  • Tax optimizationstrategies. This is an important part of estate planning, as death generally results in a deemed disposition of all property immediately before death with realization of any unrealized gain. Foreign taxes may also be added, such as inheritance tax or inheritance transfer rights. You can implement strategies during your lifetime to limit or reduce taxes on death, for example by structuring the manner in which assets are held or by implementing an estate freeze for the ultimate benefit ofyour next generation.


  • Assessment of potential life insurance protection needs. Such protection may be considered in order to preserve existing assets (ensure that the estate has sufficient liquidity to pay taxes upon death) or to create an inheritance for your heirs.


  • Planned giving and philanthropy. This allows you to fulfill philanthropic dreams during your lifetime or after your death by considering the client’s personal, family and fiscal context.


  • Protection of assets. Strategies and structures to ensure the sustainability of assets during your lifetime and following your death, including creation of inter vivos or testamentary trusts to hold your assets.


  • Planning in event of disability. Mandate in case of incapacity and “living benefits” insurance protections are considered, such as disability insurance.


  • Family governance and support for future legatees and heirs.


Specialists in different fields are usually involved in estate planning. Our network of specialists in law, taxation, financial planning and life insurance, as well as our experienced team, assist our clients in the organization, administration, optimization and transfer of wealth.

Finally, since there may be changes to your personal situation and laws, it is important that you periodically review your estate plan.

If you have any questions, you may contact a member of the Blue Bridge team who will be happy to assist you.