estate planning

Mental Health Impacts Retirement Planning Strategies

Mental Health Impacts Retirement Planning Strategies

The unfortunate truth about aging is that the human brain deteriorates as we age. While the process is vastly different depending on the individual and their health and circumstances, the rate of deterioration cannot be predicted with any level of certainty. It doesn’t cater to genetics, family history, or life habits.

The Three Levels of Retirement Resources

Why You Should Have a Will

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.

Asset or a Liability?

Do you have a separate recreational property or a rental property? If so this may apply to you:

Some years ago, Roy and Mary bought a cottage at the lake in their home province for about $50,000 and today it is worth about $750,000. Over the years, they have spent about $100,000 on improvements to the property and they kept all receipts to prove it. Roy and Mary, like many, think that it will be easy to pass the cottage on to their children and grandchildren. It may be far more costly than they think.

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? These are just three of the most important things you should consider before setting up your estate distribution plan.

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.

When someone dies, their estate falls into three basic categories:

Part 1 - Proceeds that can be passed on by way of a named beneficiary designation.

Estate Planning Saves You Money !

With the New Year fast approaching, consider giving some thought to how you want to distribute your assets, household goods and other gifts to your heirs as you contemplate your other New Years' Resolutions. This, including tax planning, is what lawyers refer to as Estate Planning.

Estate Planning can be a simple or complex matter depending upon your specific situation and the needs of your heirs. So why bother to worry about having Wills, Powers of Attorney and Living Wills or Medical Directives updated to reflect your hopes, wishes and personal values?

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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