Most of us want the same thing, once our retirement is taken place , we would like our children to get benefits from what's left behind. That could be family cottage. However without proper planning, often it could lead to a hefty tax bill. But you should be prepared for taxes and protect what you value with the asset/ estate protection plan strategy.
Taxes can consume a substantial portion of your estate depending on province of residence; registered assets can be taxed from 39%- 48%. Capital gains on assets such as cottage are taxed from 20% to 24 %.
Strategy that uses universal life insurance policy help you to pay your tax bill protecting your estate and the assets that are so important to your family.