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 Ravages of Alzheimer’s
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 the age when the disease […]
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 […]
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, […]
Incapacity Planning for Aging Parents
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 noticing dad’s mental decline. As it […]
Preparing for Wealth Transfer
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 and misunderstandings. If you are […]
Estate Planning Tips and Traps
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 a ‘legal will kit,’ she learned […]
Where’s the Money?
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 wait until March 2020 for […]
Gifts That Keep On Giving
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. “I’d hate to add up what […]
Using a Trust to Avoid Probate Fees
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 will. Not only did unexpected […]