Insights Into Wealth

Author: BULLWEALTH

Short 10-15 minute conversations about wealth management with the BULLWEALTH team, from how they advise on investments, to what makes them tick, and the principles they live by.
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Language: en

Genres: Business, Investing, Management

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Navigating Terminal Tax Returns – Your Most Important Tax Filing
Episode 46
Sunday, 7 December, 2025

Today, Randy Gunn, BULLWEALTH’s VP & Portfolio Manager, speaks with Michael Kulbak of Kulbak Trust Solutions about terminal tax returns—often the single largest tax liability an individual will face—and why proactive planning and expert guidance are essential. Their discussion covers what terminal returns are, how deemed disposition works, and the use of optional returns, marginal tax rates, and available credits to minimize taxes and maximize benefits for heirs. A key message is the importance of working with professionals experienced in these filings, as many accountants may miss valuable elections or nuances. They also outline common executor pitfalls, including managing estate liquidity, meeting filing deadlines, canceling benefits, reporting registered accounts correctly, and obtaining CRA clearance certificates before distributing assets. Since estate distribution is the moment when a client’s lifelong wealth is ultimately allocated, thoughtful guidance during this stage is critical. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.