Leave a Legacy Keeping the Family Vacation Property
Jerry and Diane always assumed that once they passed away, the family vacation property would pass to the children and their families to be enjoyed for generations to come. When they bought the property 40 years ago they dreamed it would become the centre of family life and fun – and indeed it has. But a friend told them recently that there was a strong possibility that the appreciated value of the vacation property would trigger a capital gain issue that would result in a hefty tax bill levied on their estate.
So when their favourite charity offered to connect them with ADVISORS with Purpose who would help them review their Will and estate they jumped at the chance. The estate specialist showed them how, through their Will, they could make a charitable donation through the liquidation of other assets that would bring the tax bill on the vacation property to ‘zero’.
Not only did this move allow them to fulfill their wish to pass on the property free and clear, but it redirected a sizeable portion of their estate that would have gone to the government in taxes to several charities that were near and dear to their hearts.
Opportunity International Canada has partnered with ADVISORS with Purpose to assist supporters in the areas of Wills and Estate Planning. If you have questions about your vacation property or would be interested in a complimentary and confidential conversation with an Estate Specialist to discuss your specific situation and how an Estate Plan can be of benefit to you and your loved ones, we invite you to contact ADVISORS with Purpose toll-free at 1-866-336-3315 today.