2 Tax and Estate Planning Errors that Cost High net-worth Families Big Money

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2 Tax and Estate Planning Errors that Cost High net-worth Families Big Money

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No two families are the same. This much is evident any time you visit a new household; each new family you encounter will have different personalities, relationship dynamics, and traditions. So if no two families are alike, why in the world would dissimilar family units follow cookie-cutter tax or estate planning advice?

Edison Wen CPA can tailor tax or estate insight to your unique circumstances and family needs. We house a number of Chartered Professional Accountants, contract compliance accountants and Certified Internal Auditors under one roof in Calgary. We focus on professional excellence whether we are conducting vendor audits, or advising high net-worth families on tax and estate planning.

Though no standardized tax or estate planning advice will be enough to guide you towards the best outcomes, these 2 estate planning tips for high net-worth families should help get you started. Read on to learn how to avoid 2 common errors made by high net-worth families during their tax and estate planning.

  • Outdated and invalid wills. Many clients fail to realize that their wills must be reviewed and updated at least once every five years, or whenever a major life change occurs for them or their families. Edison Wen CPA tax planning experts in Calgary can help advise you on the best financial decisions in the event of marriage, divorce, birth, death, and any major investment purchase or sale.
  • Hiring different advisers rather than choosing a single team. Hiring different advisers to work on parts of your estate in isolation may seem like a good choice to take advantage of different perspectives, but it ultimately just muddies the process. The most effective tax and estate planning team is united, able to work together and share the knowledge of your situation and account to develop the ideal plan for your family. Edison Wen CPA houses tax planners, estate advisers, and more in their Calgary offices, and can handle your tax and estate planning project without interference from independent advisers.

Remember, these tips are only an introduction; our team truly shines when customizing tax planning for high net-worth individuals. Visit http://www.edisonwenCPA.ca/about to meet your team of tax and estate consultants in Calgary today!