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Thursday, September 15, 2011

Inheritance up in flames

As a follow-up to the article I posted right before this one (tax on inheritance) I'm attaching a link to an article in http://www.capitalmagazine.ca/. It's the true story of a family in BC who didn't get tax advice before giving the parent's home to the children as an estate-planning move. After the parents died, this ended up costing the children $700,000 in tax. Whew, not at all what the parents had hoped for. Click here to read the article, especially if you think you don't need legal or accounting advice for estate planning.

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