You can leave a legacy to charities directly by donating cash, securities or specific assets, making beneficiary designations, or transferring ownership of permanent life insurance policies.
Life is different once your children leave home and start out on their own. Whether you have a sense of melancholy or feel free and easy as you look forward to a new chapter, it’s important to recognize that various aspects of your financial life may change.
With the winter holidays fast approaching, many media campaigns are asking us to remember the less fortunate in our communities and beyond, and to donate generously to help support them.
With the weather cooling and winter on the horizon, snowbirds are poised to fly south—but if you’re looking to purchase a property in the U.S. or returning to one you already own, you may face estate planning complexities.
Many people avoid conversations about funerals, particularly their own. Some are indifferent to what happens to their body. Others dismiss the topic to deflect their discomfort, saying, “I’ll be gone anyway, so why worry about it?” Meanwhile, those who are superstitious may feel that discussing their own death is taboo and will somehow hasten their passing. Still, it’s a conversation worth braving.
Events in your life or changes involving the person you designated may call for a review of your executor—also known as a liquidator, estate trustee or personal representative, depending on the province.
In a typical estate plan, each spouse leaves their assets to the other. When the second spouse passes away, assets are distributed to the children. However, an estate plan is not usually typical when you remarry and have children from a prior marriage.
The day may come when your parents find it more difficult to take care of their financial matters. Your help can make a difference, whether it’s in the form of your time, advice or financial assistance.
Months after the federal government launched the First Home Savings Account (FHSA), more than 20 financial institutions are offering FHSAs, and Canadians are opening accounts by the tens of thousands.
Making a difference in a loved one’s life is truly rewarding. Explore the ways you can help a grandchild, and understand why the first decision is when to give the gift.
When you sell or give a vacation property to your children, you’ll need to manage the tax liability on capital gains. Should you pay a smaller tax bill now or leave a larger tax bill for your estate?
If you haven’t already given us the name of a “trusted contact person,” read why naming one now could help you in the future.
What do you get when you combine some of the best features of a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA)? Read about the new First Home Savings Account (FHSA).
You want an inheritance to leave your children better off—not in conflict with each other. The good news is that communication can head off disputes.
If you plan on passing down your cottage, cabin or chalet to your children, make sure they actually want to own the property. Finding out where everyone stands will prevent family conflicts down the road and help you with tax and estate planning.
It’s natural to think that estate planning for a single person would be less involved than for someone who’s married with children. But that’s not necessarily the case.
If you were to imagine someone establishing a trust, you may picture an individual leaving their hilltop mansion and being driven by their chauffeur to stately law offices visited only by the rich and famous. In reality, a trust can be used by just about anyone to meet a variety of estate planning needs. One of the most common uses is controlling how an heir or heirs will receive their inheritance.
One of the tax breaks the government gives to couples takes place when the first spouse passes away. That person’s Registered Retirement Income Fund (RRIF) can be taken over by the surviving spouse without taxes being payable at the time. So those funds continue to grow on a tax-deferred basis.
Most parents who think about helping a child buy a home have something in common. When they bought their first home, it was significantly easier to make the down payment than it is now.
A vacation property owner has always intended to hand down the property to her two children. However, she’s planning her estate and faces a challenge.
Unless you prepare properly, your executor could end up feeling more like a detective. Where are receipts for the final tax return?
Just over 12 months ago, provinces and territories responded to the COVID-19 pandemic by declaring states of emergency.
It’s easy to think you can put off changes to an estate plan – the plan doesn’t even take effect during your lifetime.
When you raise a child who has special needs or look after another family member with a disabling medical condition, you spend a lot of extra time providing care.
Hopefully, you’ll never suffer an illness or disorder that seriously impairs your cognitive functioning. But if you ever suffer such a condition, you may lose the ability to manage your finances.
Imagine a $1 million estate including $200,000 of stocks in a non-registered account, a $300,000 Registered Retirement Income Fund (RRIF) and vacation property valued at $500,000.
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At Endurance Wealth Partners, we’re here to help you simplify your financial journey. Whether you have questions, need advice, or are ready to take the next step, we’d love to hear from you!