Nov. 23, 2015 | Barb Livingstone
Proper planning avoids nightmare situation for heirs
What are Canadians, particularly the massive Baby Boomer generation, going to do with increasingly valuable real estate?
According to a new CIBC poll, many of them will be leaving assets, including recreational properties, to heirs in their wills.
And while it may be done with good intentions, Jamie Golombek, managing director of tax and estate planning for the bank's Wealth Advisory Services, says without proper planning, that real estate could end up on the housing market, as those heirs sell properties to deal with all sorts of tax issues.