To understand what an estate plan is and what it does, one should start with defining the objectives. Typically, the first objective is to transfer assets to the next generation in the most tax effective manner. Preserving family harmony is a crucial consideration, as nothing is more destructive than having an estate tied up in litigation.

An estate freeze will allow assets to be frozen at the value today. This will limit tax on future capital gains. With appropriate planning, these gains can be reduced and possibly even eliminated.

A family trust allows assets to be held in trust for the next generation without the parent giving up control. The trust can be discretionary and the decisions as to whom to pass on the assets can come at a later date.

Life insurance protects the estate from erosion by taxes, inflation and lack of liquidity. There are many different products and it is important to choose the ones that best suit your needs.

A will should be drawn up and periodically revised.

These are your assets and planning for your estate may be the most important tax and financial planning you ever do!