2800 Victoria Avenue, Unit A, Brandon, MB R7B 3X1View on Map »

estate planning

Your Legacy Plan and Charitable Giving

Recently, a client wanted to leave all their money to two charities through their Will. They wanted to leave a legacy to a few charities, and they didn't have any close family members.

Here is her situation: Age 80, $550,000 in savings (75% non-registered and TFSA), with income of $70,000 annually from pensions and RRIFs. She was also spending an additional $20,000 a year from savings to support her lifestyle.

Passing it on to Your Heirs

Ralph and Mary have accumulated a nice estate, a good portion of it in cash. They want to leave it all to their children when they die, but they also want to do something for them today. Being part of the Savings Generation, they are reluctant to give large sums to their kids today, as they are part of the Spending Generation. Ralph and Mary also want to treat their children as fairly as possible.

When someone dies, their estate falls into three basic categories:

What is Insurance?

Insurance surrounds each of us every day: When you get in your car, when you come home to your residence, and while you work. Insurance is always in the background discreetly doing its job. Most of us, however, do not think about it much or realize the very important function that all types of insurance provide. In fact, the role of insurance is so important that it is the focal point of a wise financial strategy.

Avoid the Boomer-Widow Financial Syndrome

It is seldom planned or wished for, but it is a reality and something that requires discussion - the illness and/or death of a spouse or partner. As the so-called Baby Boomer generation ages, there is a marked increase in widows suddenly left with financial situations that they do not fully understand. There are others who are forced to financially self-educate while providing quality of care for a partner that previously, and perhaps solely, took care of that role.

What if I Can't Look After My Affairs?

Clarke owned a small business that employed three other people besides him. He had sole signing authority on his business bank account, and personally had a joint mortgage on his home with his wife, Lois. His car was registered in his name only. Clarke was generous with gifts on special occasions and holidays for his children and his wife, and supported several charities on a regular basis.

Tips and Traps for Handling Estates

Here are some common TIPS Canadians should consider when assisting family members with handling their financial affairs while alive. And some common TRAPS that may occur once an Executor is working on distributing the Estate assets to the heirs.

It is a common practice to have all of Mom's or Dad's bank accounts set up in joint name with an adult child. This allows the child to clear out the bank accounts when Mom or Dad passes, and to avoid Probate (Letters of Administration etc.).

Estate Planning Saves You Money

When it comes to your estate, it is important to consider giving some thought to how you want to distribute your assets, household goods and other gifts to your heirs as you contemplate your other matters in life. This, including tax planning, is what lawyers refer to as Estate Planning, which can be a simple or complex matter depending upon your specific situation and the needs of your heirs. So why bother to worry about having Wills, Powers of Attorney and Living Wills or Medical Directives updated to reflect your hopes, wishes and personal values?

Financial Independence Tips for Seniors

As people age, maintaining financial independence can become increasingly challenging. However, there are steps that senior can take to help ensure that they can continue to live independently and enjoy their golden years without financial worries.

Below, we will discuss some of the ways that seniors can maintain their financial independence for years into the future.

Estate Plans and Your Children

After spending a lifetime managing your money to ensure that you actually have something to leave to your heirs, there are some questions that might naturally spring to mind. How much should you leave them? Should you make arrangements to give it to them while you're still alive? More importantly, will giving them a large sum of money actually help them or set them up for failure? These are just three of the most important things you should consider before setting up your estate distribution plan.

Advice to a Future Widow

Most wives outlive their husbands. Women live longer than men the same age and tend to marry men who are older than they are. So, if you're a wife, it is more likely you will become a widow than your husband becoming a widower.

Knowing this, how can you prepare for it?

First of all, when widowhood strikes, don't do anything drastic. Do not sell the house or car. Don't decide to move to another town. You have just suffered a very traumatic experience and your system needs time to adjust to it. Take your time.

Pages

Subscribe to RSS - estate planning