Families

Financial Planning for You & Your Family

Click below to view our video about protecting your family

Video created by Jaime Munro from Whisper Media (www.whispermedia.ca)

My goal is to help you find creative solutions to reach your financial goals & cover your risks for the best value.

So together, we’ll look at your specific financial goals, understand what’s important to you, and find some creative solutions that will help make it easier to reach those goals and get more out of your hard-earned money.

This may include a combination of cash & asset management solutions, tax planning, estate planning, risk management & insurance solutions, optimizing benefits through your small business, maximizing benefits from government programs and other solutions that may be appropriate to meet your specific needs.

Losing your ability to earn income is the biggest risk to your family’s quality of life.

So covering that risk is a very important part of a financial plan that will help you get through some of life’s unexpected challenges.

For major illness and inability to work you’ll need a plan to cover the following, and preferably in a tax-efficient way so you don’t lose more of your savings on paying higher taxes.  Expenses can include:

  • Covering your minimum obligations so you can avoid losing your home (mortgage or rent)
  • Paying for potential increases in medical and non-medical expenses
  • Replacing loss of income and bridge any gaps from employer disability income
  • Meeting debt and other financial obligations
  • Support recovery back to good health
  • Maintain lifestyle needs for the rest of the children/family
  • Continue saving for children’s education & your retirement plan

In the case of premature death of one of the parents, you will need to:

  • Cover your minimum obligations so you can avoid losing your home (mortgage or rent)
  • Support dependents & cover potential increased living expenses (for surviving parent/caregiver)
  • Meet debt and other financial obligations
  • Pay final expenses & final taxes
  • Cover estate taxes due on deemed disposition of assets
  • Leave money to children or grandchildren to help them as they build their future
  • Leave a gift to charity with optimized tax benefit to the estate

Our Process

  • Establishing our client-advisor engagement.

  • Determining your goals and expectations.

  • Clarifying your present situation and identifying any shortfalls, issues or opportunities.

  • Reviewing & selecting options to cover your needs

  • Implementation

  • Monitoring your plan and making adjustments if necessary.

Information on protecting your family’s future and ideas on saving taxes

BC Budget Changes

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If your plans involve doing well financially and leaving an inheritance for future generations, look at using life insurance to transfer wealth tax-free. This would seem preferable to leaving a big chunk of your hard earned money for the government. It also protects your money from probate and claims or "challenges" made to your Will.

Estate Planning for Real Estate Investors

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For many Canadians the majority of their wealth is held in personally owned real estate. For most this will be limited to their principal residence, however, investment in recreational and real estate investment property also forms a substantial part of some estates. Due to the nature of real estate, it is important to utilize estate planning to realize optimum gain and minimize tax implications.

Leave a Financial Legacy for your family and less taxes for the government

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If your plans involve doing well financially and leaving an inheritance for future generations, look at using life insurance to transfer wealth tax-free. This would seem preferable to leaving a big chunk of your hard earned money for the government. It also protects your money from probate and claims or "challenges" made to your Will.

How to select Mortgage Insurance that gives you more benefits

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See how getting your own coverage gives you & your family more benefits compared to getting Mortgage Insurance from your lender.

A few seconds that can change your life

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A few seconds could change your life - in a good way, or a bad way. My close call could have led to a much worse situation that could have severely affected my quality of life. So while we could all go through unfortunate situations that we can’t avoid, planning for the unexpected can help reduce the adverse impact on our quality of life.

5 KEY STEPS TO REACHING YOUR FINANCIAL GOALS THIS YEAR & BEYOND

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Albert Einstein defines insanity as doing something over & over again and expecting different results. What have you been doing over & over the last few years that has not moved you closer to your financial goals? Why even bother with new years’ resolutions if you’ve usually just abandoned them after a few weeks? These 5 key steps gives a different perspective that can truly make a big difference to reaching your financial goals this year and beyond.

10 often overlooked places to look for savings

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When you search the internet for articles on the saving money, most usually say the same old obvious suggestions like turning lights off, turning the thermostat down and bringing your lunch to work. This article highlights some not-so-common places to look for savings - in some very common ways we “waste” money. As you read through the list, think about how much these may have cost you in the past, or imagine how much they could cost you in the future. As you add it all up, you may find that you have a hidden pot of gold right under your fingertips.

TFSA or RRSP?

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RRSP or TFSA

Taxation Changes for Life Insurance Create Tax-Savings Opportunities in 2016

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Permanent life insurance, such as Whole Life or Universal Life, has long been accepted as a tax efficient way of accumulating cash for future needs. Soon the amount of funds that can be tax sheltered within a life insurance policy will be reduced by new tax rules which take effect January 1, 2017. These changes may make 2016 the best year to buy cash value life insurance.

5 must-read rules for the last minute shopper for meaningful gifts & avoid overspending

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Busy times and old traditions around the holidays can lead to overspending and more importantly - wasted opportunities to give gifts that truly mean something to people we care about. Read these 5 tips to help you give meaningful gifts that don't require spending a lot of money.

Critical Illness: Are you Protected?

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Medical practitioners today will confirm that the lower your stress levels the better the chances for your recovery. When one is ill with a serious illness, having one less thing to deal with, such as financial worry, can only be beneficial. Your Life Could Change in a Minute!

Family Business Planning Strategies

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If you are an owner in a family enterprise, the likelihood of your business successfully transitioning to the next generations is not very good. This has not changed over the years. Statistics show a failure rate of: 67% of businesses fail to succeed into the second generation 90% fail by the third generation With 80% to 90% of all enterprises in North America being family owned, it is important to address the reasons why transition is difficult.
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