The Family Trust

What is a Family Trust?

 

A family trust is an investment structure that can offer the following benefits:

  • Flexibility to distribute income among the beneficiaries
  • Potential tax efficiency
  • Offset costs related to beneficiaries for expenses like private school and extracurricular activities
  • Reduction of probate fees in an estate
  • Ongoing control of an asset or investment

Depending on your situation, significant income splitting and possible tax savings can be realized when a trust is structured, funded, and invested properly. Wealthy families often use a family trust to offset the cost of private school, extracurricular activities and other costs related to their beneficiaries.

Tax planning and beyond

The advisors with the Mackie Wealth Group and the in-house Tax and Estate Planning professionals within Richardson GMP have significant firsthand knowledge and expertise working with family trusts and can help you determine whether setting up a Family Trust is right for you.

Our group prides itself on understanding the needs of Canada’s affluent families and provides personalized wealth management strategies designed to address tax, estate, insurance, philanthropic and succession needs to help utilize their wealth to achieve their goals.

The Mackie Wealth group takes careful consideration of your personal financial and life goals to recommend the appropriate strategy for your unique situation. The Family Trust structure is complex and it is important to be aware of the costs involved for implementation and ongoing management of the trust. The family will need to engage their personal legal and tax professionals for advice.  The Mackie Wealth Group works with families with children attending local Calgary-based private schools and has helped them set-up family trusts for this purpose.

Contact us to receive a copy of our Family Trust report and to setup a meeting with our team to discuss whether setting up a family trust makes sense for your financial situation.

   

The Definitive Guide to Setting Up a Family Trust

Learn more

This material is provided for general information only. The comments contained herein are general in nature and are not intended to be, nor should be construed to be, legal or tax advice to any particular individual. Accordingly, individuals should consult their own legal or tax advisors for advice with respect to the tax consequences to them, having regard to their own particular circumstances. Before acting on any of the above, please seek individual financial advice based on your personal circumstances. However, neither the author or Richardson GMP Limited makes any representation or warranty, expressed or implied, in respect thereof, or takes any responsibility for any errors or omissions which may be contained herein or accepts any liability whatsoever for any loss arising from any use or reliance on this report or its contents. Insurance services are offered through Richardson GMP Insurance Services Limited in BC, AB, SK, MB, NWT, ON, QC, NB, NS, PEI and NL. Additional administrative support and policy management are provided by PPI Partners. Richardson GMP Limited is a member of Canadian Investor Protection Fund. Richardson is a trade-mark of James Richardson & Sons, Limited. GMP is a registered trade-mark of GMP Securities L.P. Both used under license by Richardson GMP Limited.