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Frank Abate is a Chartered Professional Account (CPA, CA). He also holds a CFP
designation (Certified Financial Planner), and TEP designation (Trust and Estate
Practitioner Designation). Frank’s professional designations, along with his years
of experience as a Tax Advisor (Primarily with Owners of Private Corporations and
High Net Worth Individuals) have provided an excellent foundation for the area of
advice he currently focuses on.
Frank acts as an independent advisor specifically in the area of Estate Planning
with Life Insurance. Given Frank’s extensive tax expertise, the solutions he offers
clients focus on ways to maximize transitions of wealth to loved ones, while
minimizing taxation on death.
Frank works with numerous financial advisors across Canada dispensing advice to
their clients, with a good portion of his time being spent working with the
Ascendant Financial team and their clients.
Business owners and high net worth individuals tend to pay large amounts of tax
throughout their lives. They typically receive outstanding accounting and tax
advice related to their short term needs, however, when it comes to planning for
the long term including estate planning, I see a gap in the advice being offered.
Clients understand the fact that on their passing, taxes will need to be paid.
Typically, they are accepting of this potentially gigantic tax liability at death since
they have not been shown ways to mitigate or eliminate it. I really enjoy working
with these clients to find out what their goals are, and provide solutions to
efficiently and effectively achieve those goals. The underlying objective is to
ensure we leave more to our loved ones, a specific charity, etc… and less to the
government in the form of taxes, while never losing sight of our primary goals on
passing!
On the golf course or snowboarding with my family. It’s funny how things change
with time. Just a few years ago I remember how nice it was to cruise on the easy
runs with my boys, all the while being excited for the time we could hit the double
black diamond runs together. Well, now that they have become great at
snowboarding, I kind of wish we could just hang back on the cruisers as the
double black diamonds don’t seem as easy as they once were for me!
By helping people properly plan for the transition of their assets including their
businesses, it ensures their loved ones are not left with what most people refer to
as a mess. A common phrase I hear from clients is “Building up my Wealth was
easy, compared to figuring out how it will be dealt with on my passing”. I hope
that I can provide the support clients need to make this process less stressful.
Clients that realize they need help to ensure a smooth and efficient transition of
their assets that took a lifetime to build.
On the other hand, I also like to work with clients who think they have it all
figured out, and I can open their eyes to the issues that they had never thought of
before.
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