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 […]
Advice for the Sandwich Generation
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, however, Margaret began noticing changes. Subtle […]
Caring For Aging Parents
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 This is a result of […]
Planning to Protect Your Legacy
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 a “legal will kit” online. […]
Helping Adult Children Buy A Home
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 offer this level of support […]
Leaving a Legacy
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 of their children have a […]
Yes, Trudy, there are death taxes in Canada
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: Do you have an interest in a pension plan, or an RSP? Do you own property on which you’ve […]