{"id":3738,"date":"2023-03-06T12:00:00","date_gmt":"2023-03-06T12:00:00","guid":{"rendered":"https:\/\/mercatorfinancial.ca\/?p=3738"},"modified":"2023-03-08T05:37:12","modified_gmt":"2023-03-08T05:37:12","slug":"estate-planning-for-retirees-and-mature-families","status":"publish","type":"post","link":"https:\/\/mercatorfinancial.ca\/estate-planning-for-retirees-and-mature-families\/","title":{"rendered":"Estate Planning for Retirees and Mature Families"},"content":{"rendered":"<div>\n<style type=\"text\/css\">\n@-webkit-keyframes oryCellResizeableAnimate {<br \/>\n  0% {<br \/>\n    background-color: hsla(0,0%,100%,.26);<br \/>\n    top: 45%;<br \/>\n    bottom: 45%;<br \/>\n  }<\/p>\n<p>  50% {<br \/>\n    background-color: hsla(0,0%,100%,.12);<br \/>\n    top: 0;<br \/>\n    bottom: 0;<br \/>\n  }<\/p>\n<p>  to {<br \/>\n    background-color: hsla(0,0%,100%,.87);<br \/>\n    top: 45%;<br \/>\n    bottom: 45%;<br \/>\n  }<br \/>\n}<br \/>\n@keyframes oryCellResizeableAnimate {<br \/>\n  0% {<br \/>\n    background-color: hsla(0,0%,100%,.26);<br \/>\n    top: 45%;<br \/>\n    bottom: 45%;<br \/>\n  }<\/p>\n<p>  50% {<br \/>\n    background-color: hsla(0,0%,100%,.12);<br \/>\n    top: 0;<br \/>\n    bottom: 0;<br \/>\n  }<\/p>\n<p>  to {<br \/>\n    background-color: hsla(0,0%,100%,.87);<br \/>\n    top: 45%;<br \/>\n    bottom: 45%;<br \/>\n  }<br \/>\n}<br \/>\n<\/style>\n<style type=\"text\/css\"><\/style>\n<div class=\"juiced\">\n<div id=\"postToSend-818\">\n<div class=\"ory-row\" style=\"box-sizing: border-box; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-cell-inner ory-cell-leaf\">\n<div class=\"ory-plugins-content-spacer ory-plugins-content-spacer-read-only\" style=\"border-bottom: none; position: relative; border: 1px solid rgba(0, 0, 0, 0.12); border-color: transparent;\">\n<div style=\"height: 20px;\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-cell-inner ory-cell-leaf\">\n<div><img decoding=\"async\" class=\"ory-plugins-content-image\" style=\"width: 100%;\" src=\"https:\/\/www.appsforadvisors.com\/ufs\/mediaLibrary\/xPwmYbFCcA4p36Dig\/estatePlanning.jpg\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\">\n<div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\">\n<div class=\"ory-cell-inner ory-cell-leaf\">\n<div>\n<p>What happens when the children grow up and are no longer dependent on their parents? Estate planning for mature families and retirees can bring up a number of issues, including family dynamics and harmony. One of the most difficult conversations is around the fair or equal distribution of assets. Before you begin putting a plan in place, we always encourage open conversation and a family meeting between the parents and children to provide context behind decisions; therefore, it minimizes the surprises and provides an opportunity for children to express their concerns.<\/p>\n<p>We&#8217;ve put together an infographic checklist that can help you get started on this. We know this can be a difficult conversation, so we&#8217;re here to help and provide guidance.<\/p>\n<p><strong>Adult Children<\/strong><\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Fair vs Equal (also known as Equitable vs Equal) \u2013 like what\u2019s considered to be fair may not necessarily be equal. Ex. Should the daughter, that\u2019s been working in the family business for ten years, receive the same shares as the son, who hasn\u2019t worked in the family business at all?<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Are the adult children responsible enough to handle the inheritance? Or would they spend it all?<\/p>\n<\/li>\n<\/ul>\n<p><strong>Family Meeting<\/strong><\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Encourage open conversation with parents and kids so context can be provided behind the decisions, there are no surprises and allows the kids to express their interests and concerns.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Facilitate a family meeting with both generations; this will help promote ongoing family unity after death and decrease the chances of resentment later.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Assets\/Liabilities<\/strong><\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">What are your assets? Create a detailed list of your assets, such as:<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Home, Family Business Interest, Real Estate, Investments- Non registered, TFSA, RRSP, RDSP, RESP, Company Pension Plan, Insurance Policy, Property, Additional revenue sources, etc\u2026<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">What are your liabilities? Create a detailed list of your liabilities, such as:<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Mortgage, Loans (personal, student, car), Line of Credit, Credit card, Other loans (payday, store credit card, utility etc.)<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Understand your assets-the ownership type (joint, tenants in common, sole etc.), list who the beneficiaries are of your assets.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Understand your liabilities- are there any cosigners?<\/p>\n<\/li>\n<\/ul>\n<p>Make sure you have a will that:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Assigns an executor<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Provide specific instructions for the distribution of assets<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Always choose two qualified people for each position and communicate your intentions with them to ensure they&#8217;re up for the responsibility.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Taxes and Probate<\/strong><\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">How much are probate and taxes? (Income tax earned from Jan 1 to date of death + Taxes on Non-Registered Assets + Taxes on Registered Assets)<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Are there any outstanding debts to be paid?<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">You\u2019ve worked your whole life- how much of your hard-earned money do you want to give to CRA?<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">How much money do you want to give to your kids while you\u2019re living?<\/p>\n<\/li>\n<\/ul>\n<p>Consider the following:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">The use of trusts.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">The use of an estate freeze if you wish to gift while you\u2019re living.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Once you determine the amount of taxes, probate, debt, final expenses and gifts required, review your life insurance coverage to see if it meets your needs or if there\u2019s a shortfall.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Execution: <\/strong>It\u2019s good to go through this, but you need to do this. Besides doing it yourself, here\u2019s a list of the individuals that can help:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Financial Planner\/Advisor<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Estate Planning Specialist<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Insurance Specialist<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Lawyer<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Accountant\/Tax Specialist<\/p>\n<\/li>\n<\/ul>\n<p>There are definitely unique situations in many families, and things can get complicated, so please use this when you feel it&#8217;s applicable.<\/p>\n<h4>Next steps&#8230;<\/h4>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Contact us about helping you get your estate planning in order so you can gain peace of mind that your family is taken care of.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>What happens when the children grow up and they are no longer dependent on their parents? Estate planning for mature families and retirees can bring up a number of issues including family dynamics and harmony.<\/p>\n","protected":false},"author":3,"featured_media":3740,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"<div><style type=\"text\/css\">\n@-webkit-keyframes oryCellResizeableAnimate {\n  0% {\n    background-color: hsla(0,0%,100%,.26);\n    top: 45%;\n    bottom: 45%;\n  }\n\n  50% {\n    background-color: hsla(0,0%,100%,.12);\n    top: 0;\n    bottom: 0;\n  }\n\n  to {\n    background-color: hsla(0,0%,100%,.87);\n    top: 45%;\n    bottom: 45%;\n  }\n}\n@keyframes oryCellResizeableAnimate {\n  0% {\n    background-color: hsla(0,0%,100%,.26);\n    top: 45%;\n    bottom: 45%;\n  }\n\n  50% {\n    background-color: hsla(0,0%,100%,.12);\n    top: 0;\n    bottom: 0;\n  }\n\n  to {\n    background-color: hsla(0,0%,100%,.87);\n    top: 45%;\n    bottom: 45%;\n  }\n}\n<\/style><style type=\"text\/css\"><\/style><div class=\"juiced\"><div id=\"postToSend-818\"><div class=\"ory-row\" style=\"box-sizing: border-box; display: -webkit-box; display: -ms-flexbox; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\"><div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\"><div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: -webkit-box; display: -ms-flexbox; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\"><div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\"><div class=\"ory-cell-inner ory-cell-leaf\"><div class=\"ory-plugins-content-spacer ory-plugins-content-spacer-read-only\" style=\"border-bottom: none; position: relative; border: 1px solid rgba(0, 0, 0, 0.12); border-color: transparent;\"><div style=\"height: 20px;\"><\/div><\/div><\/div><\/div><\/div><div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: -webkit-box; display: -ms-flexbox; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\"><div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\"><div class=\"ory-cell-inner ory-cell-leaf\"><div><img class=\"ory-plugins-content-image\" src=\"https:\/\/www.appsforadvisors.com\/ufs\/mediaLibrary\/xPwmYbFCcA4p36Dig\/estatePlanning.jpg\" style=\"width: 100%;\"><\/div><\/div><\/div><\/div><div class=\"ory-row ory-cell-inner\" style=\"box-sizing: border-box; display: -webkit-box; display: -ms-flexbox; display: flex; -webkit-box-flex: 0; -ms-flex: 0 1 auto; flex: 0 1 auto; -webkit-box-orient: horizontal; -webkit-box-direction: normal; -ms-flex-direction: row; flex-direction: row; -ms-flex-wrap: wrap; flex-wrap: wrap; margin-right: 0; margin-left: 0; position: relative;\"><div class=\"ory-cell ory-cell-sm-12\" style=\"position: relative; box-sizing: border-box; -webkit-box-flex: 0; -ms-flex: 0 0 auto; flex: 0 0 auto; padding-right: .5rem; padding-left: .5rem; -ms-flex-preferred-size: 100%; flex-basis: 100%; width: 100%; min-width: 100%;\"><div class=\"ory-cell-inner ory-cell-leaf\"><div><p>What happens when the children grow up and they are no longer dependent on their parents? Estate planning for mature families and retirees can bring up a number of issues including family dynamics and harmony.  One of the most difficult conversations is around fair or equal distribution of assets. Before you begin putting a plan in place, we always encourage open conversation and a family meeting between the parents and children to provide context behind decisions and therefore it minimizes the surprises and provides an opportunity for children to express their concerns. <\/p><p>We've put together an infographic checklist that can help you get started on this. We know this can be a difficult conversation so we're here to help and provide guidance. <\/p><p><strong>Adult Children<\/strong><\/p><ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\"><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Fair vs Equal (also known as Equitable vs Equal) \u2013 like what\u2019s considered to be fair may not necessarily be equal. ex. Should the daughter that\u2019s been working in the family business for 10 years receive the same shares as the son who hasn\u2019t worked in the family business at all?<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Are the adult children responsible enough to handle the inheritance? Or would they spend it all?<\/p><\/li><\/ul><p><strong>Family Meeting<\/strong><\/p><ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\"><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Encourage open conversation with parents and kids so context can be provided behind the decisions, there are no surprises and allows the kids to express their interests and concerns.<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Facilitate a family meeting with both generations, this will help promote ongoing family unity after death and decrease the chances of resentment later.<\/p><\/li><\/ul><p><strong>Assets\/Liabilities<\/strong><\/p><ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\"><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">What are your assets? Create a detailed list of your assets such as:<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Home, Family Business Interest, Real Estate, Investments- Non registered, TFSA, RRSP, RDSP, RESP, Company Pension Plan, Insurance Policy, Property, Additional revenue sources, etc\u2026<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">What are your liabilities? Create a detailed list of your liabilities such as:<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Mortgage, Loans (personal, student, car), Line of Credit, Credit card, Other loans (payday, store credit card, utility etc.)<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Understand your assets-the ownership type (joint, tenants in common, sole etc.), list who are the beneficiaries are for your assets<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Understand your liabilities- are there any cosigners?<\/p><\/li><\/ul><p>Make sure you have a will that: <\/p><ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\"><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Assigns an executor<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Provide specific instructions for distribution of assets<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Always choose 2 qualified people for each position and communicate your intentions with them to ensure they're up for the responsibility. <\/p><\/li><\/ul><p><strong>Taxes and Probate<\/strong><\/p><ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\"><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">How much are probate and taxes? (Income tax earned from Jan 1 to date of death + Taxes on Non Registered Assets + Taxes on Registered Assets)<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Are there any outstanding debts to be paid?<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">You\u2019ve worked your whole life- how much of your hard earned money do you want to give to CRA?<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">How much money do you want to to give to your kids while you\u2019re living?<\/p><\/li><\/ul><p>Consider the following:<\/p><ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\"><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">The use of trusts.<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">The use of an estate freeze if you wish to gift while you\u2019re living.<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Once you determine the amount of taxes, probate, debt, final expenses and gifts required, review your life insurance coverage to see if it meets your needs or if there\u2019s a shortfall.<\/p><\/li><\/ul><p><strong>Execution:<\/strong>It\u2019s good to go through this but you need to do this. Besides doing it yourself, here\u2019s a list of the individuals that can help:<\/p><ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\"><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Financial Planner\/Advisor (CFP)<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Estate Planning Specialist<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Insurance Specialist<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Lawyer<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Accountant\/Tax Specialist<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Chartered Life Underwriter (CLU)<\/p><\/li><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Certified Executor Advisor (CEA)<\/p><\/li><\/ul><p>There are definitely unique situations in many families and things can get complicated so please use this when you feel it's applicable.<\/p><h3>Next steps...<\/h3><ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\"><li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\"><p style=\"margin: 0;\">Contact us about helping you get your estate planning in order so you can gain peace of mind that your family is taken care of. <\/p><\/li><\/ul><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>","_et_gb_content_width":"1210","_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[2,15,16,13],"tags":[17,18,19],"_links":{"self":[{"href":"https:\/\/mercatorfinancial.ca\/wp-json\/wp\/v2\/posts\/3738"}],"collection":[{"href":"https:\/\/mercatorfinancial.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mercatorfinancial.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mercatorfinancial.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/mercatorfinancial.ca\/wp-json\/wp\/v2\/comments?post=3738"}],"version-history":[{"count":5,"href":"https:\/\/mercatorfinancial.ca\/wp-json\/wp\/v2\/posts\/3738\/revisions"}],"predecessor-version":[{"id":3760,"href":"https:\/\/mercatorfinancial.ca\/wp-json\/wp\/v2\/posts\/3738\/revisions\/3760"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mercatorfinancial.ca\/wp-json\/wp\/v2\/media\/3740"}],"wp:attachment":[{"href":"https:\/\/mercatorfinancial.ca\/wp-json\/wp\/v2\/media?parent=3738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mercatorfinancial.ca\/wp-json\/wp\/v2\/categories?post=3738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mercatorfinancial.ca\/wp-json\/wp\/v2\/tags?post=3738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}