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Estate planning is for everyone
Estate planning is one of the most important steps any person can take to make sure that their final property and health care wishes are honored, and that loved ones are provided for in their absence. By planning for tomorrow today, you can retain more of your assets, protect your estate and leave a lasting legacy for your family.
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New Rules for Executors and Estates in Ontario
Over the years, Eileen Madder has been a frequently requested presenter within her community. Her session "New Rules for Executors and Estates in Ontario" has become the most requested topic in recent years.
The session has three parts:
First is a general introduction to Estate Planning including tools that are used.
The second part describes these New Rules in more detail; where they came from, what they are and how they are now impacting Estate settlement.
The third and last section provides solutions that will simplify an Estate, reduce estate costs and speed up payment to Beneficiaries even with these new changes now in place.
"I hope you find the information of value."
Estate Planning Tools
Estate planning is not just for the elderly or wealthy.
Good estate planning often means more to families with modest assets, because they can afford to lose the least. An estate plan is essential for organizing your financial affairs and providing for the well being of your family.
Depending on your unique situation, there are different ways to achieve your estate planning goals, including wills, beneficiary designations, powers of attorney, insurance, trusts, tax planning, and charitable gifts and foundations.
Changing Family dynamics impacts Estate planning
In today’s world, family structures are different from the traditional model we were once used to. We now see more blended families, common-law spouses, multiple marriages, single households, one-parent families, divorced/separated couples, and same-sex relationships.
These new family structures need new, and unique estate planning strategies that can bridge the gaps of family dynamics, privacy and uneasy communications.
With changes in work environments, remote working and families living across provinces, it is important to speak to a professional that can help ensure you are considering the different laws and factors that may be at play so you can ensure your Estate transfers are both effective, and tax efficient. The key to all of this is proper planning.
Charitable Gifting
Giving to charity is a strong tradition in Canada. Charitable donations provide individuals and organizations with the satisfaction of giving back to their communities, and Canadian tax laws ensure that there has never been a more tax-advantaged time to give.
Eileen has 25+ years experience as an active volunteer in the local charitable sector. Combining this practical experience with her MFA-P provides Eileen with the qualifications to discuss a strategic approach to philanthropy. She is able to guide conversations with multiple stakeholders of the clients philanthropic goals. These include the client, the charity, accountants legal, insurance and investment advisors.
Through proper tax planning and an understanding of different planned giving options, donors and charities can work hand-in-hand to achieve maximum benefits while enhancing our communities’ overall quality of life.
New Rules and Estate Filing Process for Executors in Ontario as of January 1, 2015:
While costs related to Estate Settlement in Ontario did not increase as of January 1,2015 the steps and information that an Executor filing an Estate in Ontario must submit have changed. There are also new filing deadlines and possible penalties not seen before. View these two articles below provide more details.
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So what exactly is a Segregated Fund?
By definition, a Segregated fund is simply an investment offered by an insurance company instead of being from a bank, credit union, brokerage firm or other Financial institution. These investments are comparable and essentially the same as those offered by the banks such as mutual funds or GIC’s. Except for one main difference.
A Segregated Fund can be best described as an investment that has an attached ‘insurance wrapper’. This ‘wrapper’ provides several unique features and benefits to that insurance investment not available through the banks at all. Unique because there are different rules and regulations that govern investments from an insurance company compared to those from say a bank.
For example, all Segregated funds must have a capital and maturity guarantee. Minimum is 75% of invested capital. This type of guarantee is not available nor required on any mutual funds or stock portfolios. There are options available that will provide Guaranteed Income for Life much like a DB pension would. One of the key main features of all segregated funds is the Ability to name Beneficiaries directly on these investments including nonregistered accounts.
When a Beneficiary is named those investment assets will flow directly to your Family and other Beneficiaries (including Charities) upon death AND :
- Avoid Probate and other Estate Administration costs
- Paid out in usually 10-15 banking days compared to usually over a year through a traditional Will
- Completely Private
And there are many more unique planning features and benefits for segregated fund.
All insurance companies offer segregated funds to investors. The list includes but is not limited Manulife, SunLife, Canada Life, Empire Life , Desjardins and RBC insurance to name a few.
Interesting fact.
For all their unique and powerful planning features, Segregated funds remain essentially unknown to most and often overlooked asset class amongst Canadian investors.
Why? Well to begin, an Advisor must be Insurance licensed to offer these products to clients. Segregated funds cannot be sold at any the banks due to current banking rules and regulations. So there simply is not, in my opinion, the broad exposure to the products including what they can do for clients as other bank products would have.
So here is where I can help. Segregated Funds have been my niche specialty as an Advisor since 2006. I have been able to combine my expertise as a Financial Planner with the unique planning solutions segregated funds can offer to help clients with their Estate planning goals.
Seg funds may just be the ideal fit for just a part or most of a clients Estate planning needs. It all depends on the client, their family situations, and their Estate planning goals.