Preserving Wealth The Next Generation
The Definitive Guide to Protecting, Investing, and Transferring Wealth. This book is based on my experiences working with many families developing and implementing plans to build, preserve and transfer wealth. I hope you enjoy the first chapter! CHAPTER 1: INTRODUCTION—MEET THE CAST It was the usual opening day for our father’s summer cottage, the May […]
The R5 Retirement Playbook™ A Smarter Way to Retire with Confidence
Retirement today isn’t what it used to be. People are living longer, everything gets more expensive, markets are unpredictable, and tax rules keep changing. That’s why we created the R5 Retirement Playbook™ — a simple, six-part process to help you build income you can count on, reduce taxes, protect your lifestyle, stay flexible, and feel […]
How Business Owners can increase their Retirement Savings by Investing within their Corporation.
A great strategy many owners of Canadian-controlled private corporations (CCPC) use to build up retirement savings is to invest within their corporation using the benefit of the tax deferral between their personal income tax rate and the small business income tax rate. Why invest with your CCPC? Investing within your CCPC offers the potential to defer […]
Do you need Disability Insurance?
Disability Insurance? While reviewing the financial documents during a meeting with a couple in their forties who wished to create a retirement plan, I didn’t see any disability insurance for one of the spouses. He had a group disability policy with work, but she was self-employed and didn’t have one. She mentioned they had examined […]
Trusts for Retirees – Probate Planning
When estate planning, most retirees wish to review strategies to avoid probate fees, which in Ontario are 1.5% of the value of the asset that is distributed via a will. A potential client asked, “Can trusts be used to avoid probate costs when we transfer assets to the next generation?” The answer is yes. For retirees, […]
The Four Essential Family Conversations
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® Based on my experience of helping many families over the years, I have found that there are four essential conversations that families should be having concerning their financial and estate plans. They are: The Estate Documents Conversation The Eldercare Conversation The […]
Nine Tax Strategies to Pay Less Tax in Retirement
Income tax is one of the largest expenses any retiree has. The Fraser Institute Report indicated that Canadians paid 42.3% of income as taxes in 2024. Your goal in retirement should be to organize your income stream to: reduce the amount of tax you may have to pay preserve any government tax credits preserve government […]
Should I Transfer the Ownership of My House or Investment Account into Joint Ownership
Transfer the Ownership of my House or Investment Account into Joint Ownership with my Children to Avoid Probate Fees. A common question we receive is, “Should I transfer the ownership of my house or investment account into joint ownership with my children to avoid probate fees?” This type of ownership is called joint tenancy with […]
What Do I Do if I Don’t want to be An Executor?
The question that arises occasionally from clients is: Can you turn down the role of an executor if you are named one? Why turn it down? You may not want to be the executor due to family conflict, or the job may be too much for you. So, can you turn the role down? The simple […]
Risks to Retirement Income Planning
Retirement Income Planning is a speciality in the world of financial advice. There are specific risks that are different from simply saving for retirement. It requires a different skillset for the advisor to be able to plan for the specific risks when developing an income plan that will last a family’s entire lifetime. From my […]