Estate Planning with Life Insurance, 10th Edition

This book is primarily intended for insurance advisors who work with business owners, executives, and other high net worth individuals, although lawyers, accountants, and other professionals admit to reading the book. We hope this book will be helpful not only to insurance professionals but also to tax advisors who may be unfamiliar with insurance opportunities and rules. By necessity, this book contains a lot of income tax-related material. It is not, however, intended to be an income tax or estate planning text. The income tax information provided is intended to be of sufficient detail that it will help the insurance advisors understand how insurance products can best be used in client situations.

As in all previous editions, new and relevant case law have been included, as well as references to relevant sections of the Canadian Income Tax Act and pertinent CRA publications. This edition contains also both new and revised examples in many chapters and uses updated income tax rates where applicable. 

Updates include:

• Expanded guidance on intergenerational business transfers
• New analysis of beneficiary designation disputes
• Enhanced coverage of corporate-owned life insurance
• Updated guidance on shareholder agreements
• New insights on insurance leveraging strategies
• Expanded discussion of executor and estate administration issues
• Updated tax rates, CRA references, examples, and case law throughout

Topics include:

• How to resolve and plan for estate liquidity needs
• The impact of personal and corporate tax rates on life insurance planning
• The role of corporate-owned life insurance in estate and business planning
• Insurance needs and succession planning for owners of family businesses
• Detailed strategies for funding shareholders' agreements
• How to help clients and find insurance opportunities by reviewing and understanding shareholders' agreements
• The use of life insurance as a leveraging vehicle
• The use of life insurance in planning with trusts
• The role of life insurance in charitable giving
• Creditor protection using insurance products
• The impact of the passive income rules and other private corporation tax changes on life insurance planning
• Commentary regarding the transfer of insurance policies between corporations and shareholders
• New case studies and important new court cases
• Commentary in different chapters concerning the impact of changing personal tax rates and dividend tax rates on insurance and tax planning
• The impact of recent Budget changes on corporate-owned life insurance and capital dividend account planning

An essential reference for anyone involved in estate planning, this book will demonstrate how life insurance can assist your clients in securing lifetime financial success and establishing a strong legacy.