Just A Minute - Podcast Episode 43: Primary Corporate Wills for Medical Professionals and Business Owners Part 2

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[00:12] Welcome to a new episode of “Just a Minute” by Landmark Law. This episode is presented to you by Mabel on September 1 2023, to help educate our listeners on various legal scenarios.

[00:25] BELL CHIME

[00:26] Followed by last week’s introduction to Primary Corporate Wills for Medical Professionals and Business owners, If the will-maker were to have only a single will combining all the estate including the professional corporation and not a Secondary Will to separately contain the professional corporation shares, then all the estate would be subject to Estate Administration Tax, there would be no tax-savings permitted.

[00:54] In Ontario, the Estate Administration Taxes are generally calculated on the fair market value on all property owned in excess of $50,000 at 1.5%. It is the highest in Canada.

[01:08] The Estate Administration Taxes that would otherwise be paid on these assets normally outweighs the effort and cost in arranging dual wills. And you would be able to avail more of your assets and estate to your loved ones.

[01:23] Landmark Law may assist in your Wills and Estates planning matters. To get started with your dual will, please feel free to book a 30-minutes consultation with us today at landmarklaw.ca/book