The recent Olympic 4 x 100 men’s relay is a great metaphor for family wealth transfer. You can have great team members but if the baton is not transferred well, you will have a disappointing finish. Are you and your heirs prepared for the hand off?
Do the People Who Know You Best Love You Most?
An irony of life is we do not know when it will end. Yet we typically live as though it won’t. Don’t assume you have a lot of time to work on the items required to finish well.
Don’t Miss the Season to Create Exceptional Wealth
If we slow down enough to consider what we value most, we recognize that loved ones and relationships are our most valuable assets.
What Will the Federal Budget Mean for Higher Net Worth Families?
The recent federal budget had enough changes that I want to give you a summary of the key items that could impact higher net worth families. Here’s what you need to know.
3 Steps to Keep Your Money from Wrecking Your Kids
It is hard to walk the fine line between using our money to bless our kids and over doing it such that our financial blessing starts to become a curse. Consider these three steps to keep your money from wrecking your kids.
Four of Life’s Most Critical Questions
The demands of all the urgent things in our life keep us from focusing on the important things. After nearly 30 years providing financial advice, I believe the following four questions are the most important to ask. These four questions, if properly answered, will change your financial future and likely the health of your family relationships.
How To Eliminate CRA From Your Estate
There is a BIG hole in most individuals’ tax planning – they try to reduce their annual taxes during their lives while rarely considering how much their estate will pay in taxes.
If this isn’t addressed, it can often lead to hundreds of thousands of dollars in taxes… sometimes millions of dollars in taxes. Sometimes the family cottage or other important assets must be sold to obtain the money to pay the taxes.
If you and your spouse had died yesterday, how much of your estate would Canada Revenue Agency (CRA) receive?
This is likely a big number and a significant percentage of your net worth. It’s critical you know this number and decide if you agree with CRA inserting themselves in your estate. I have yet to meet someone who knew this number before they were a client.