Why your Parents should make Tax-Effective Wills

Large potential tax savings through “full-family” income splitting Most people look at wills solely from the perspective of the benefits to their family after they leave this world. While that remains the key consideration, there may also be substantial benefits if you arrange for those who wish to leave assets to you to do so in the most tax-effective way.Unlike a “standard” will, a “testamentary trust” will can enable the main beneficiaries to make substantial tax savings by distributing income earned on investing estate assets (and, in many cases, other income) to other family members in lower tax brackets. Most importantly, [...]