LAL Screenplay in two acts
Greater Vancouver Chapter, CAGP
Enter Mrs. McIntosh (M) from stage right into Mr. Wong’s (W) office.
W: It’s so nice to see you, Mrs. McIntosh. How have you been?
M: Mr. Wong, I’m afraid I haven’t been doing very well. I lost my daughter to cancer a few months ago.
M tears up and W offers her a tissue.
W: I am so sorry to hear that and please accept my deepest condolences on your loss.
M: Thank you. It has been an extremely trying time but I need to take care of business. I saw my daughter’s name as the beneficiary on my latest TFSA statement. I’ll have to change that now…
W: I can certainly help you with that. What are your thoughts?
M: As you know, my husband is gone and my daughter never married or had children. I’m all alone now.
M tears up again.
W: I can see this is taking a toll on you. Would you rather come in another day?
M: No, no. I’ll be alright. I’m just a little lost about what to do.
W: When we last looked at your estate plan and your tax returns, I noticed you made a number of donations to charities.
M: When my husband was alive, we made gifts to several charities which were important to us. I just keep on making the annual gifts.
W: A person’s last tax return attracts the highest amount of tax, and it is possible to offset this tax by leaving gifts in your Will to charities or naming them as beneficiaries of your TFSA. But, I suggest that we not proceed with updating this until you have had a chance to discuss your entire estate plan with your lawyer. There can be complications if different aspects of your estate are handled independently of the others.
M: I’ll make an appointment to see my lawyer right away. Thank you, Mr. Wong.
M returns to W’s office.
M: Mr. Wong, I am so happy that you suggested I see my lawyer! Here are the instructions to name these charities as the beneficiaries of my TFSA. In my Will, after bequests to friends, the rest of my estate goes to my favourite charities, as well as a cancer research charity, in honour of my daughter.
W: This plan will definitely eliminate your final taxes. We should talk about how to reduce your current taxes further by making larger gifts to the charities now. Let me show you a demonstration…