Sometimes it’s hard to imagine that it’s June already and we can look forward to another glorious Ontario summer. Let me start by wishing you my personal summer greetings as we begin to come out from under the COVID “winter” of the last 2 ½ years.
Enjoy the barbecue, beach, or campground of your choosing as we get ready to soak up the rays and bask in our glorious summer sunsets.
It can be difficult to believe that we will eventually be enjoying the summer sun as we bundle up to go out and scrape ice of the windshield in January, but the arrival of summer is inevitable. Just like the arrival of snow in January (oops, sorry about that).
While the arrival of each succeeding season is inevitable, so too, as the saying goes are “death and taxes”. And one of the major purposes of a good financial plan is preparing those eventualities.
Preparing for the inevitable
We’re all used to the annual ritual of preparing for tax season, each and every spring. After that - summer. But many Canadians don’t do much about planning for the other eventuality – death. While you might not be there for it, you still don’t want to make things more difficult for your loved ones after you’re gone. Or for yourself as you “get on in years”.
Building the elements of an effective financial plan includes estate planning – it has to…
What does your financial plan need?
An effective financial plan includes many different elements:
Although it’s only one element of an effective financial plan, it is generally the one that people pay the least attention – until it’s too late. And because of that I want to spend some time briefly talking about the main elements of a well-structured estate plan.
What does your estate plan need?
Like so many elements of an effective financial plan, most of us know what an estate plan should include:
Your Financial Plan needs a full team
As your investment fund advisor my goal is to provide you with my expertise in investment planning. And I can work with you to decide on your insurance and put the products in place to cover your insurance needs.
But you need to include other professionals on your team, to give you the expert advice you need on every aspect of your financial plan.
You need the advice of a lawyer as you plan your will, choose your executor, and decide on your bequests and final wishes. Although you might think that’s obvious, I need to say it. Find a lawyer and prepare your will as soon as you can. Go ahead and do it. Now!
And while you’re at it, find an accountant that can help you plan for your tax liabilities and sort out options regarding RRSPs and TFSAs, etc.
Once you have all of that in place, I can work with them to make sure the plan you have is right for you. Together we can make it happen. I do it for my clients all the time.
So, your job is to find a lawyer to prepare your will, find an accountant to review your tax needs, and come back to me to plan out investments.
And if you have done all of that already, thank you. I want to thank you. Your family want thanks you. And once you’re done you will definitely want to thank yourself.
As usual, if you have any questions, email me at [email protected] or call me at (519) 279-0186. I look forward to hearing from you soon.
And have a great summer.
The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This Blog was written, designed, and produced by Todd Race Copywriting for the benefit of Brian Kettles who is a investment fund advisor at BJK Financial Group a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities.
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