This involves wealth transfer as well as consolidation of the value of the
estate for retiring families. We need to look at the tax implications as well as how to create a safe passage for all the financial assets comprising the family's wealth. Generally Canada Revenue Agency, advocates of law, Government Probate & Estate authorities as well as accountants are involved.
However, the solution of passing on the wealth to the next in line is nearly always in the form of Life Insurance proceeds going to the named beneficiary tax free.
On Death of the estate owner, Income Tax on deemed disposition of the estate now transferred, has got to be paid by the beneficiary of the deceased person, to the Canada Revenue Agency.
The beneficiary gets this tax money from Life Insurance plan proceeds, created for by his estate benefactor for this very purpose. Once the Estate duties are paid along with the final Income Tax of the deceased, the Estate is safely transferred to the name of the beneficiary.
Estate planning for your family!