Many years ago, you may have agreed to be a family member or friend’s executor when they drafted their Will. Well, the time has come, the individual has passed away, and you are asked to preform your duties as the executor of the estate. Where do you start?
As all Canadians know, home ownership is getting more unaffordable regardless of
the buyer’s age. Rental suites are becoming increasingly expensive as rents in major markets soar and short-term rentals, like Airbnb, replace traditional units which normally would have been available.
The Covid pandemic forever changed the way Canadians viewed their relationship to their employer and working from home rather than a traditional office. Many ventured into the world of being self employed either as a full-time independent contractor or on a part time basis, and the term Gig Economy was born.
In a previous newsletter we pointed out the glaring fact that less than 55% of Canadians have a valid Will, and an even smaller percentage have a Representation Agreement and Power of Attorney.
A common misunderstanding is that POAs are only for seniors, but this is inaccurate as a POA is a solid financial tool that any adult can benefit from.
The recent federal Budget in March 2023 introduced Canadians to a new financial tool meant to make the entry into residential home ownership more of a reality for many.
The FHSA will allow eligible Canadians to make a tax-deductible contribution to a savings vehicle geared solely for their first home purchase.
Want a subject matter everyone has a strong opinion on other than politics and religion? Look no further than the Reverse Mortgage program available to Canadian seniors, a subject misunderstood by far too many retirees.
As a financial advisor to a large group of seniors I have seen this product successfully create an unexpected source of wealth to allow retires to maintain or even enhance their standard of living.
You have done the hard part and made it to your ‘50s in better financial shape than where you were at a decade ago. If you have children, they are now launched, and their financial dependency on you has hopefully decreased. If you did not have children, you probably used the additional cash flow to hammer away at your mortgage and build up your assets.
Now as you look at your options for retirement you are wondering, “can I do this early or am I looking at the traditional age of 65 to make it happen?”
As a financial advisor I am often asked if a future death claim payout to a client’s beneficiary can be structured so that it is not paid out as a lump sum.
Parents, and sometimes grandparents, may be concerned that the inheritance if taken as a large lump sum may put the child at risk for several reasons:
Over the years I have reviewed a handful of my client’s RRSPs who had their assets with one of my competitors, and several times I have been shocked with how poorly it was communicated to the customer how important the beneficiary selection is.
In the last year a long-time senior client of mine sadly died unexpected and had two RRIFs. One with me showing his spouse as beneficiary (as Successor Annuitant/Owner) and the second with an online self service provider with his “Estate” as beneficiary.
In the late 1990s Canadians were introduced to a new form of insurance to protect against the financial impact of a major health-changing event, such as a diagnosis of cancer, heart attack, or stroke.
Statistics showed that with advances in medical technology and many new medications available, patients were surviving conditions that once had low survival rates. However, the problem patients faced post-treatment was the financial damage caused during their long road to full recovery.
Doesn’t a traditional disability policy cover my loss of income?