Many Baby Boomers have pinned their hopes on an inheritance to solve their financial challenges. Media reports often highlight the anticipated $1 trillion expected to transfer between generations over the next 10-15 years. A recent HSBC report from March 2024 reveals that 39% of working and recently retired individuals are
Ralph had always worked hard for what he owned. But after watching friends and acquaintances struggle with messy estates, he realized that without a proper plan, everything he’d built could be left in chaos. Take Vivian, for example. She remarried and decided to save money by using a do-it-yourself will
Scott Havens* is the kind of guy everyone wishes they had in their life. At 35, he’s the go-to mechanic in Vancouver who never hesitates to lend a hand—whether it’s helping a buddy fix a transmission or pulling over to help a stranger with a stalled engine. He’s the definition
If you’re between 35 and 65, chances are you know someone who has been diagnosed with a terminal illness. It’s a tough reality, but if there’s still time, helping them get their estate in order can provide peace of mind for them and their loved ones. Why Estate Planning Matters
Let’s face it—your death will create challenges for your loved ones. These challenges will fall into three main categories: emotional, legal, and financial. The good news? You have the power to minimize these issues. The bad news? If you want to make things worse, you can follow the “how not
Recently, a client wanted to leave all of 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
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
Many clients in their 50’s and 60’s are increasingly worried about the finances of their aging parents. This is especially true when it is difficult to predict interest income on investments. They often ask: ‘How do I talk to them about their care and their finances?‘ This topic
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
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
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
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,
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
The Baby Boomers have become known as the sandwich generation as they are wedged between the dependency needs of aging parents and the needs of their children. Those hit the hardest have been the families ravaged by the onset of dementia or Alzheimer’s disease. Baby Boomers now find themselves reaching
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,
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
Almost 750,000 Canadians are living with some form of dementia1. The personal and financial challenges can be devastating for elderly individuals as well as for the adult children who care for them. Daniel, 63, knows this story all too well. “It was about five years ago when I started
By 2026, an estimated $1 trillion in personal wealth will be transferred from one generation to the next in Canada1, the largest transfer of wealth in our country’s history. This transition involves financial complexities for both benefactors and their heirs. Without planning and clarity, wealth transfer can lead to confusion
Julia wants to make sure that her estate passes to her heirs with as little hassle and cost as possible when she dies. She knows she needs a will and decides to buy a do-it-yourself will kit. When she opened it, she soon discovered some serious shortcomings. Advertised as
When Dora died on August 1, 2018, most of her assets passed by Will to her adult children and were therefore subject to probate. $250,000 was in GICs and a fairly rapid transfer of this money to her heirs was expected. But that was not the case. They had to
It’s that time of year when wish lists for gifts are circulating. Before purchasing that iPad, game system, e-bike or leather jacket, consider a gift that will keep giving well into the future. After years of overspending on her children, this is what Maude will be doing this year.
When Simon’s father passed away two years ago, he didn’t think much about how his estate would be handled. His mother had died five years before, and his dad’s will was clear about how his assets would be divided. Then came probate, a process to confirm the validity of his
It seemed there was nothing her father couldn’t do when Margaret was growing up. He was the most capable person she knew. Widowed by the time he was 55, he lived an independent and full life, never relying on Margaret for anything other than her company. Four years ago,
When Margaret and James married in 2005, it was a second marriage for both of them. They had no children, so when they did their financial planning, their wills were clear that 100% of their estates would go to the other. Believing this was sufficient protection, they built a life
Today, 28% of Canadians provide some form of unpaid caregiving to relatives or family friends. Seniors make up the largest group of those requiring this type of care. The evolving concern is that 65+ is one of Canada’s fastest-growing segments and is expected to double over the next 20 years.1
Your estate is everything you own today – your home, savings, investments, life insurance and personal possessions. So, no matter where you may be on your financial journey, you have an estate that needs protecting. But how you approach this plan is important. Julie decided to save money by purchasing
With the average price of a home in Canada 1 costing roughly $530,000 in 2020 , it’s getting harder for first-time buyers to enter the market. This is likely why a growing number of parents are stepping up to help their adult children purchase a home. While it’s admirable to
Recently retired Ross and Penny have an estate planning challenge. They’ve accumulated a comfortable net worth, with a good portion of it in liquid investments. They plan to leave everything to their three adult children, but they also want to help them financially right now. The problem is that all
Ottawa dropped Estate Taxes over forty years ago. All the provinces did away with Succession Duties by 1985. We thought that was the end of taxes arising at death. We were wrong. Ask yourself these questions: If you answered ‘yes’ to any of these questions, you may
The Baby Boomers are making history as the largest retirement migration ever seen. However, it’s their parents who hold the most massive accumulation of wealth which is now being transfered to future generations. Estimated to be well in excess of a trillion dollars, the traditional rules of inheritance are changing.
Many Baby Boomers have pinned their hopes on an inheritance to solve their financial challenges. Media reports often highlight the anticipated $1 trillion expected to transfer between generations over the next 10-15 years. A recent HSBC report from March 2024 reveals that 39% of working and recently retired individuals are
Ralph had always worked hard for what he owned. But after watching friends and acquaintances struggle with messy estates, he realized that without a proper plan, everything he’d built could be left in chaos. Take Vivian, for example. She remarried and decided to save money by using a do-it-yourself will
Scott Havens* is the kind of guy everyone wishes they had in their life. At 35, he’s the go-to mechanic in Vancouver who never hesitates to lend a hand—whether it’s helping a buddy fix a transmission or pulling over to help a stranger with a stalled engine. He’s the definition
If you’re between 35 and 65, chances are you know someone who has been diagnosed with a terminal illness. It’s a tough reality, but if there’s still time, helping them get their estate in order can provide peace of mind for them and their loved ones. Why Estate Planning Matters
Let’s face it—your death will create challenges for your loved ones. These challenges will fall into three main categories: emotional, legal, and financial. The good news? You have the power to minimize these issues. The bad news? If you want to make things worse, you can follow the “how not
Recently, a client wanted to leave all of 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
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
Many clients in their 50’s and 60’s are increasingly worried about the finances of their aging parents. This is especially true when it is difficult to predict interest income on investments. They often ask: ‘How do I talk to them about their care and their finances?‘ This topic
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
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
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
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,
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
The Baby Boomers have become known as the sandwich generation as they are wedged between the dependency needs of aging parents and the needs of their children. Those hit the hardest have been the families ravaged by the onset of dementia or Alzheimer’s disease. Baby Boomers now find themselves reaching
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,
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
Almost 750,000 Canadians are living with some form of dementia1. The personal and financial challenges can be devastating for elderly individuals as well as for the adult children who care for them. Daniel, 63, knows this story all too well. “It was about five years ago when I started
By 2026, an estimated $1 trillion in personal wealth will be transferred from one generation to the next in Canada1, the largest transfer of wealth in our country’s history. This transition involves financial complexities for both benefactors and their heirs. Without planning and clarity, wealth transfer can lead to confusion
Julia wants to make sure that her estate passes to her heirs with as little hassle and cost as possible when she dies. She knows she needs a will and decides to buy a do-it-yourself will kit. When she opened it, she soon discovered some serious shortcomings. Advertised as
When Dora died on August 1, 2018, most of her assets passed by Will to her adult children and were therefore subject to probate. $250,000 was in GICs and a fairly rapid transfer of this money to her heirs was expected. But that was not the case. They had to
It’s that time of year when wish lists for gifts are circulating. Before purchasing that iPad, game system, e-bike or leather jacket, consider a gift that will keep giving well into the future. After years of overspending on her children, this is what Maude will be doing this year.
When Simon’s father passed away two years ago, he didn’t think much about how his estate would be handled. His mother had died five years before, and his dad’s will was clear about how his assets would be divided. Then came probate, a process to confirm the validity of his
It seemed there was nothing her father couldn’t do when Margaret was growing up. He was the most capable person she knew. Widowed by the time he was 55, he lived an independent and full life, never relying on Margaret for anything other than her company. Four years ago,
When Margaret and James married in 2005, it was a second marriage for both of them. They had no children, so when they did their financial planning, their wills were clear that 100% of their estates would go to the other. Believing this was sufficient protection, they built a life
Today, 28% of Canadians provide some form of unpaid caregiving to relatives or family friends. Seniors make up the largest group of those requiring this type of care. The evolving concern is that 65+ is one of Canada’s fastest-growing segments and is expected to double over the next 20 years.1
Your estate is everything you own today – your home, savings, investments, life insurance and personal possessions. So, no matter where you may be on your financial journey, you have an estate that needs protecting. But how you approach this plan is important. Julie decided to save money by purchasing
With the average price of a home in Canada 1 costing roughly $530,000 in 2020 , it’s getting harder for first-time buyers to enter the market. This is likely why a growing number of parents are stepping up to help their adult children purchase a home. While it’s admirable to
Recently retired Ross and Penny have an estate planning challenge. They’ve accumulated a comfortable net worth, with a good portion of it in liquid investments. They plan to leave everything to their three adult children, but they also want to help them financially right now. The problem is that all
Ottawa dropped Estate Taxes over forty years ago. All the provinces did away with Succession Duties by 1985. We thought that was the end of taxes arising at death. We were wrong. Ask yourself these questions: If you answered ‘yes’ to any of these questions, you may
The Baby Boomers are making history as the largest retirement migration ever seen. However, it’s their parents who hold the most massive accumulation of wealth which is now being transfered to future generations. Estimated to be well in excess of a trillion dollars, the traditional rules of inheritance are changing.