What are the top 26 Estate Planning tips to consider?

What are the top 26 Estate Planning tips to consider?

Estate planning helps ensure a stress-free transition of your assets to the next generation or intended beneficiaries. Excerpts from the Book - Preserving Wealth - written by Jack Lumsden, MBA, CFP® The following are the top 26 estate planning tips from Preserving Wealth: The Next Generation. Have up-to-date wills.Have up-to-date powers of attorney for both property and personal care.Review your powers of attorney and will every few years.Review your executor(s) every few years.Determine if trusts may be of benefit to your family.Consider a staged inheritance if you have young children.Review your life insurance beneficiary designations on all your policies.Review your beneficiary designations on all registered plans, such as group savings plans, RRSPs, TFSA and RRIFs, etc.For RESPs, make them joint with your spouse, and name a successor subscriber in your will.Consolidate your investments with one financial advisor.Make sure you have enough life insurance to: protect your family, and if desired, create a family legacy, fund your favourite charity, and/or pay for estate costs. Use term insurance...
Read More
What is the  Eldercare Conversation?

What is the Eldercare Conversation?

Excerpts from the Book - Preserving Wealth - written by Jack Lumsden, MBA, CFP® The current COVID -19 Pandemic has highlighted the key issue of Eldercare in Canada and why everyone should include an Eldercare strategy in their financial plan. In my experience, this is an important conversation that clients are having with their parents when they reach their mid-70s in age, and clients who are in their mid-70s have with their children. What is the Eldercare Conversation ? With your parents and/or children, have a conversation about the potential strategies if a physical or medical setback were to occur. Issues you may want to discuss could include: What would the strategy be if they/you needed some extra help to continue to live at home?How is this to be financed? Is it in the financial plan?Would is the strategy if they/you decided they needed to or simply wanted to move into a retirement home?Do they/you want or need to downsize their home?What is the strategy if...
Read More