Best advice is to talk to an estate/tax lawyer. With our tax laws changing yearly they keep up to date. There are no death/estate taxes any more. The CRA considers the value of the estate at the moment before your death and uses that for your last income tax filing.
As to disposition you can appoint an executor (doesn't have to be your spouse) to distribute your earthly belongings. Somebody that knows the value helps.
Your spouse can inherit everything without much penalty but children may generate taxation based on increased value.
One loop hole is to set up a testamentary trust. Each trust is taxed as a separate person so your last tax filing doesn't get hit for big dollars. You can set up as many trusts as you like, vehicles to one person, radios to me, etc.
I agree with those that won't donate to museums. I've seen all too often equipment sucked into a big black hole never to be seen by the public again.
|