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Another option for affluent families like Hugo and Milena is to consider setting up a family trust. It works best when families have a significant amount to settle into the trust or loan the trust. This may be considered for amounts over $1 million due to the costs to set up the trust and its ongoing administration.
A growing number of wealthy people have decided to pledge their fortunes to charity rather than leaving large inheritances to their children or extended family. Giving to charity isn't just a smart strategy for community-building: it provides tax benefits too.
It's a good time to be rich in Canada. Then again, it's always a good time to be rich ... anywhere. All the same, 2012 was a particularly good year to be rich. The stock markets came roaring back afte...