estate planning

The Three Levels of Retirement Resources

A survey conducted by one of the big banks some years ago revealed that about 18% of Canadians were hoping for a lottery win to fund their retirement. This raises the question, 'If you were to paint a picture of your retirement, what would it look like?' Many would let dreams take over and envision lots of travel, a vacation home in an exotic location, spoiling their grandchildren, perhaps several year-long world cruises.

Estate Plans and Your Children

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, will giving them a large sum of money actually help them or set them up for failure?

Passing it on to Your Heirs

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 to their kids today, as they are part of the Spending Generation. Ralph and Mary also want to treat their children as fairly as possible.

What if I Can't Look After My Affairs?

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 special occasions and holidays for his children and his wife, and supported several charities on a regular basis.

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