Estate Planning

The perception that our jobs, as financial advisors, is just about money and investments is far from the truth. Our clients lean on us for help with constantly changing life events; such as death, disability, marriage and divorce, leaving a job, buying a house, and new parenthood. We encourage them to do so. It is far simpler to prevent mistakes rather than trying to fix things after bad decisions are implemented. In the next several blog posts, we will discuss some of these topics, and how we can help when a major life event happens in your life. In this…

Don’t fool with the taxman when transferring your cottage By Tim Cestnick Last week I took my son, Win, to Dairy Queen on his eighth birthday. He was half-way through his ice cream when he said: “Dad, people who have a plastic leg have to be careful not to eat too much ice cream – it can hurt them.” Now, I’m no expert on prosthetic limbs. But I had to believe there was a flaw in Win’s thinking. “What makes you think that?” I asked. “Well,” he continued, “I read it in a book at school.” “So, what happens if…

Not many people like to think about death, and certainly not our own disability or demise. As unappealing as it might be to start planning for this inevitability, it has to be done. The Legal Stuff First, get the legal stuff done. There are many documents you may need to consider, and the good news is that it is likely not as complicated or expensive as you might imagine. A Will Everybody needs a will; however studies show less than half of Canadians actually have a will. A will is there to explain what you want done with your assets…

As taxpayers we are all well aware that our government and Canada Revenue Agency are always looking for ways to collect more tax dollars from us. This year, 2015, will be the last year that tax sheltering using Universal Life insurance will be possible. For years, wealthy clients have used these policies to combine their needs for life insurance to pay the inevitable estate taxes that will be due at death, and shelter additional investments from ongoing taxation at the same time. These structures are not just for the wealthy however – they may (or may not) be appropriate for…

Part of our commitment to your financial well-being, is to look at all the aspects of your financial life (and more), and develop a single, comprehensive and strategic plan. If it has been a while since we reviewed your complete purpose, intentions, values, and goals; it’s time to set up a meeting to get on track. Many of our clients have been surprised to learn of all of the different things we can do. Along with managing your investments, we can assist in ensuring you have adequate protection in the event of your death, or if you fall ill or…

You suddenly receive tens or even hundreds of thousands of dollars. It is a scenario that many people secretly wish for, and for an increasing number of people (especially baby boomers) it is becoming a reality as their parents—now in their eighties and nineties—are inevitably dying, leaving their heirs sizable inheritances. Unlike boomers (many of whom love to spend their money), their parents were much more likely to be savers than spenders. This ‘saving’ mentality is what is providing many boomers with inheritances of significant value. Handled correctly, these gifts from parents to adult children can be life changing. Handled…

Category Archives: Estate Planning

Death of a Loved One

Cottage Ownership & Taxes

Estate Tax & Tax Sheltered Savings

Not Just Investments

How to Plan for an Inheritance