A down payment before 30 can change the next thirty years. Sometimes the greatest value of a gift is its timing. A gift during your lifetime, known as an inter vivos gift, can help your family buy a first home, finish school, or get a business off the ground when those opportunities matter most. If you can afford to give, it is worth considering whether some of the inheritance you plan to leave could do more good today. Organisation for Economic Co-operation and Development (OECD) research across 14 European countries found that, among the households studied, those who received an inheritance or major gift before age 30 had the largest wealth advantage over non-recipients.[1] For your family, that could mean more years to build equity, develop a business, or save for the future; all with you there to witness the difference. And, depending on the nature of the transfer, it may also reduce taxes payable by your estate. Conversely, waiting to pass on wealth through an estate may mean that help arrives after many of life’s most expensive milestones. Statistics Canada’s 2023 figures show that a 65-year-old man can expect to live to about 85, and a 65-year-old woman to about 87.[2] Thus, a parent who had a child at 28 could therefore leave an inheritance when that child is in their late fifties.[3] By then, a first home and the early years of raising a family may be years long gone. Of course, giving now should still leave you comfortable later and fit within your financial plans. Before making a substantial gift, consider your retirement needs, possible care costs, and how much you can afford to part with. The assets you gift matter too. Transferring real estate, investments, or private company shares can come with unintended tax consequences. Planning before a transfer can help you understand those costs and choose how to best help. A lifetime gift is also a great reason to revisit your Will. If you help one child buy a home, should that reduce what they receive from your estate? Or is the assistance intended to be an additional gift, without affecting their inheritance? Neither approach is right or wrong, and either may suit your family’s needs. What matters is that your estate planning documents accurately reflect your intentions rather than leaving your family trying to interpret your wishes years later. Adding a “hotchpot clause” to your Will can help you keep things equal by counting specified lifetime gifts when dividing your estate. Suppose you give one child $100,000 and later have a net estate of $500,000 to divide between your two children. A properly drafted clause could give the first child $200,000 from the estate and the second $300,000, taking into account the earlier gift and bringing each child’s total to $300,000. Another option is to advance the money as a loan, documented by a promissory note, with repayment deferred until your death or some other triggering event. Your Will can then address whether that balance should be collected, deducted from that child’s inheritance, or forgiven. These choices have different results. For example, forgiving the loan and giving that child an equal share of the remaining estate may leave them with a larger overall benefit. If you are considering a substantial gift, or have already helped a family member financially, now is a good time to review your estate plan. Our team can help you consider the tax implications, document your intentions, and update your Will so that your lifetime generosity and future wishes work together. [1] OECD, To Have and Have Not (2025), Chapter 4, Figure 4.3 and accompanying discussion [https://www.oecd.org/en/publications/to-have-and-have-not-how-to-bridge-the-gap-in-opportunities_dec143ad-en.html]. [2] Statistics Canada, Deaths, 2023 (December 4, 2024) [https://www150.statcan.gc.ca/n1/daily-quotidien/260109/dq260109b-eng.htm]. Remaining life expectancy at 65 years of age is 19.6 years for males and 22.2 years for females. [3] Child’s age is an illustrative calculation based on Statistics Canada data.