Quote:
Originally Posted by troutman
Seems unnecessary in Alberta where there is no inheritance tax, and very low probate fees.
More of a technique in the USA, or for people with high net worth. Perhaps your Dad heard about it from a US or Ontario source.
AI Overview
In Canada, living trusts, while offering some benefits, also come with disadvantages. These include higher initial setup costs and complexity compared to wills, ongoing administrative costs, and potential for tax issues. Additionally, asset protection might be limited, and the trust can be more difficult to navigate than a simple will.
https://freedomlaw.ca/blog/what-are-...e%20a%20lawyer.
Updating a will should cost much less than setting up a living trust. |
Ya it was surprisingly cheap. Only taxes owed are registered accounts and any capital gains made long the way. I don't think you can get around that. Maybe if they have little income and start pulling it out over the years at minimum tax rates,.