Is the will structured to reduce income taxes on death and in the Module 5 Chapters 9 and 14 – years following death? Assess the advisability of setting up a testamentary trust Module 2 Chapter 4.6 – Are the life insurance beneficiary designations consistent with the Module 2 Chapter 4.3 – conditions of the will? Objective: Determine life insurance needs Steps Reference Assess the need to maintain the cost of living Module 3 Section 2.2.1 heirs’ – Consider the objectives of: Module 3 Section 2.2.2.1 – Maintaining capital after death Other legacies Determine life insurance needs Module 3 Section 2.2 – Determine whether current life insurance coverage suits the Module 3 Section 2.6 and Chapter – situation 6 client’s Minimize income taxes payable on death Objective: Steps Reference Consider the types of income Module 5 Chapter 3, 4 and 5 – Consider the types of assets and tax repercussions of their Module 5 Chapter 5 – disposition Module 5 Chapter 9 – Other factors to consider: Death benefit Module 5 Chapter 6 – Medical expenses Module 5 – Section 9.2.4.1 Charitable donations Module 5 Section 9.2.4.2 – Unused capital gains exemption Module 5 Section 14.15.1 – Deferred capital losses Module 5 Section 9.1.1.2.1 – Rights or things Module 5 Section 9.1.1.2 – Separate returns Module 5 Section 9.2.3 – RRSP Module 5 Section 9.3.1 –
Is the will structured to reduce income taxes on death and in the years following death? Module 5 – Chapters 9 and 14 Assess the advisability of setting up a testamentary trust Module 2 – Chapter 4.6 Are the life insurance beneficiary designations consistent with the conditions of the will? Module 2 – Chapter 4.3 Objective: Determine life insurance needs Steps Reference Assess the need to maintain the heirs’ cost of living Module 3 – Section 2.2.1 Consider the objectives of: Maintaining capital after death Other legacies Module 3 – Section 2.2.2.1 Determine life insurance needs Module 3 – Section 2.2 Determine whether current life insurance coverage suits the client’s situation Module 3 – Section 2.6 and Chapter 6 Objective: Minimize income taxes payable on death Steps Reference Consider the types of income Module 5 – Chapter 3, 4 and 5 Consider the types of assets and tax repercussions of their disposition Module 5 – Chapter 5 Module 5 – Chapter 9 Other factors to consider: Death benefit Medical expenses Charitable donations Unused capital gains exemption Deferred capital losses Rights or things Separate returns RRSP Module 5 – Chapter 6 Module 5 – Section 9.2.4.1 Module 5 – Section 9.2.4.2 Module 5 – Section 14.15.1 Module 5 – Section 9.1.1.2.1 Module 5 – Section 9.1.1.2 Module 5 – Section 9.2.3 Module 5 – Section 9.3.1