Blogs

Hello;

Over the years, we have received numerous questions with regards to estate planning. Here are a few estate planning inquiries with true or false explanations.1 (Scotia Estate and Trust Services)

Common-law and legally married spouses are now treated equally for all purposes under the law. False. In Ontario, only legally married spouses are entitled to share in an intestate distribution.

Hello;

Estate planning encompasses many things such as providing for loved ones, mitigating or avoiding probate, minimizing taxes, providing for the orderly distribution of assets, protecting assets and planning for incapacity. The utilization of a segregated fund in one's estate plan allows your beneficiaries to receive your money without having those funds flow through your estate. That means the money in your policy won't be reduced by taxes and fees associated with settling an estate.

What is a Segregated fund?

Hello;

There was a recent survey conducted to individuals over the age 90 in the USA. They were asked: Report 3 things they would of done differently if they were given the opportunity to relive their lives? One desire was: they reported their wish to do something that would live beyond them. They would do something to ensure their mortality.

Hello;

We receive this question a fair bit - Do you invest your money and slowly pay down your credit card debt or focus entirely on reducing your credit card debt?

Hello;

The survivor pension is a monthly benefit paid to an individual who, at the time of the contributor's death, is the legal spouse or common-law partner of a deceased contributor. (CRA Website). Assuming that the deceased contributor met eligibility criteria, the amount of the survivor's benefit depends upon: 

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Hello;

Here is a description of each work retirement plan and some key differences:

Defined Contribution Plan (DC)

Hello;

Here are some reasons why permanent life insurance is very valuable:

Provides liquidity when it's needed. If you're primarily invested in real estate, a private company, or other illiquid assets, where's the cash going to come from to pay taxes owing when you're gone? Life insurance can solve the problem.

Hello;

With an aging population, the role of executor is becoming more valuable. Have you or someone you know been asked to act as an executor? Do you see yourself as having to deal with this role sometime in the future? If so, we are here to help! We know the unfortunate truth about the executor role is that it is triggered after the loss of a loved one. So in addition to your executor duties, you will also be grieving. 

Hello;

Here is a scenario:

• Gerald has a RRIF worth $180,000
• Doreen is Gerald's wife
• Gerald's RRIF minimum for this year is $7,800 - We set a payment schedule that gives him $900/mth on the 1st day of every month.

Gerald passes away on 30-March. What happens?