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

Phillip and Betty want their estate settled as smoothly and cost effectively as possible when the time comes. They have taken a number of steps to make sure this happens.   Phillip and Betty review their wills on a regular basis and make changes as necessary. They have discussed their

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

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

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

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

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

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