Buying and Selling the Business when an Owner Dies
Like many business owners, Rick and Warren thought it would be a simple process to continue the business when one of them died. Nothing could be further from the truth. Rick and Warren had a printing company and were equal partners. Warren died suddenly. Warren’s shares passed to his widow, Sarah, who became Rick’s new […]
Should You Prepare Your Own Will?
Earl wants to control the distribution of his estate when he dies and feels that a Will is a good idea. He had heard the ads on radio and TV about do-it-yourself Wills and bought a National Legal Will Kit. The booklet he received a few weeks later contained lots of useful information. There was […]
Everyone Needs an Estate Plan
Ralph became concerned about what would happen to his hard-earned estate after seeing what had happened to some people he knew. Vivian had remarried and chose to cut costs by using a do-it-yourself will kit. Because she had not allowed for the obligations set out in her deceased husband’s will, it took years and cost […]
Johnny Depp and Year-End Tax Planning
With the year-end fast approaching, the story about Johnny Depp (and other celebrities with Estate planning woes), act as a cautionary tale for the average Canadian. Actor Johnny Depp, best-known for his roles in the Pirates of the Caribbean movies, made a reported $650 million USD and finds himself broke according to news reports last […]
How Important is it to Have a Will?
Most Canadians want to pass their life savings on to their heirs. The assets remaining once retirement needs are met will be distributed more effectively if there is a properly prepared will detailing the deceased’s wishes. Many people mistakenly believe that this issue is far in the future. Preparation of a valid will and its […]
Holidays: The Best Time to Talk About Estate Planning
The holidays are a time for family to gather together and share in the warmth of the season. If family members live at a distance, the holidays also provide one of the only opportunities of the year when adult children can sit down with their parents and siblings to discuss practical matters. As we speak […]
It’s Up to You to Know the Consequences
The news has been full of stories lately of surging real estate prices in the United States. Many Canadian visitors to such places as Florida, Arizona and Hawaii are seeing real estate promoters from these and other states running seminars about US real estate investing. Many Canadians are viewing this as an opportunity to buy […]
How to Make Your Heirs Hate You
Your death will create problems. There will be three types – emotional, legal and financial. You can do certain things now, while you’re alive, to reduce or increase these problems and make your heirs either love you or hate you. Emotional Problems You can increase the emotional upset after your death by leaving your affairs […]
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 […]
Estate Planning for the Terminally Ill
If you are between the ages of 35 and 65, it is quite likely that someone you know has recently been diagnosed with a terminal illness. Hopefully, there is time for them to review and organize their estate to ensure their loved ones are properly taken care of. From a tax planning perspective, it is […]