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Nikki Boyd is a professional home, business and lifestyle organizer. She runs a successful YouTube channel, At Home with Nikki alongside her consulting firm helping others with design, home décor and organization.Author of five best-selling coffee table books, Beautifully Organized, Estate Planner, Home Planner, Beautifully Organized at Work and Beautifully Organized in 52 weeks.Nikki offers online sessions, resources and a variety of digital products to help clients stay happy, healthy and of course "Beautifully Organized"www.athomewithnikki.com@athomewithnikki
On this episode: Estate Planner and Golden Reserve Founder Tim Stallings joins us to talk about inheritance and long-term care planning. Why are people moving toward dividend paying stocks? An 80-year-old with a big tax problem. Subscribe or follow so you never miss an episode! Learn more at GoldenReserve.com or follow on social: Facebook, LinkedIn and YouTube.See omnystudio.com/listener for privacy information.
Thinking of selling your U.S. real estate or dreaming of a future purchase? The tax implications for Canadians can be complex. Join us as James Smeaton, Tax and Estate Planner from our Financial Planning team,* breaks down everything you need to know. From smart ownership strategies to consider before you buy, to the tax consequences of selling or renting, and even estate planning considerations for your U.S. assets, learn how to confidently navigate the cross-border tax landscape and make informed decisions about your U.S. real estate ventures.Find your U.S. Entry & Exit Record here: https://i94.cbp.dhs.gov/search/history-search *Odlum Brown Financial Services Limited (OBFSL) is a wholly owned subsidiary of Odlum Brown Limited offering life insurance products as well as tax, retirement, estate and financial planning services exclusively to Odlum Brown clients. This material has been prepared for informational purposes only and is not intended to provide tax, legal, financial or other advice. Recipients of this information are expressly cautioned to seek the advice of professional advisors, as applicable, before acting on any part of the information provided herein. The information presented, while obtained from sources we believe reliable, is checked but not guaranteed against errors or omissions.
Listen in to our webinar on simplifying the estate planning process. We are joined by Suzanna Walter, an inhouse Wealth and Estate Planner, who shares her expertise on the matter.
Discover how a pilot's dream of starting an airline unexpectedly paved the way to a fulfilling career in estate planning. Meet Kevin Quinn of Legacy Counselors, who shares his remarkable journey and the invaluable lessons learned from mentors that shaped his pioneering approach. This episode promises to redefine your understanding of legacy by focusing on the human elements that transcend financial wealth. Kevin's unique strategy involves cultivating ongoing relationships with clients, ensuring their estate plans reflect evolving family dynamics and priorities. Explore the innovative "My Family, My Wealth" program, which empowers families to manage and maximize their wealth across generations. This conversation delves into the complexities of modern family definitions and the importance of flexible estate planning. Kevin offers practical insights into engaging family members in meaningful wealth discussions, ensuring the continuity of values and goals. You'll be inspired by stories of families using opportunity trusts to create significant, positive impacts, proving that legacy is about more than money—it's about nurturing potential and fostering enduring family bonds. Timestamps 00:00:00 - Introduction and Welcome to the Business Legacy Podcast 00:00:05 - Kevin Quinn's Journey from Pilot to Estate Planner 00:05:17 - Introduction to "My Family, My Wealth" Program 00:07:00 - Modern Family Structures and Evolving Estate Plans 00:11:30 - Engaging Family in Wealth Discussions and Philanthropy 00:16:47 - Creating Legacy Through Family Wealth and Opportunity Trusts 00:19:30 - Kevin's Personal Journey and Expanding Legal Practice 00:21:00 - The Impact of Family Wealth on Community and Generations 00:24:00 - Kevin Quinn's Vision for Helping People Realize Their Potential 00:27:00 - Where to Find More Information About Legacy Counselors and the "My Family, My Wealth" Process 00:28:00 - Closing Remarks Check out My Family, My Wealth Program here: https://legacycounsellors.com/my-family-my-wealth/ Legacy Podcast: For more information about the Legacy Podcast and its co-hosts, visit businesslegacypodcast.com. Leave a Review: If you enjoyed the episode, leave a review and rating on your preferred podcast platform. For more information: Visit businesslegacypodcast.com to access the shownotes and additional resources on the episode.
Do you feel like you're missing the secret to balancing your real estate business with motherhood? Or like there's not enough time to do everything you need in your home and your business? Today we're talking to Taylor Johnson, a Houston, TX real estate agent and founder of The Mompreneur Paper Co. In this epsiode, we're talking: Taylor's Background Story & Experience in Real Estate Creative Childcare Solutions for Realtor Moms Balancing Motherhood & Real Estate The Mompreneur Paper Co Planner: How it started & Taylor's vision for this product Incorporating your Kids into Real Estate Activities Future Goals & Advice for New Real Estate Moms Listen in and connect with our amazing guest, Taylor Johnson, Founder of The Mompreneur Paper Co Follow The Mompreneur Paper Co & Taylor Johnson on Instagram --- Support this podcast: https://podcasters.spotify.com/pod/show/modernrealestatemama/support
Joining us today is Naim Omar, an experienced Estate Planner with 15 years of expertise, having assisted over 500 families. Passionate about educating and empowering the community on Islamic Estate Planning, Naim is also a sought-after guest speaker featured on platforms like SURIA, NJU, M3, and more. Welcome to our Podcast Bro Naim. https://naimomar.com/
In this episode, Clint visits with Zale Dowlen, a Kingdom-driven attorney, estate planner, insurance professional, and public speaker. Clint and Zale discuss some helpful estate planning tips and ideas.
LISTEN: Today we're joined by the ultimate problem solver, Dan Ihara with Keller Williams Honolulu. Dan runs The Ihara Team and has been recognized among Honolulu's Top 100 Realtors for the past 17 years. Additionally, Dan leads the KW Real Estate Planner Community where he guides agents to provide immense value to their clients, navigating everything from capital gains tax to 1031 exchanges. He inspires agents within the community to find the gap for their clients and fill it while unlocking wealth in real estate.
Deze RB Podcast gaat over de mooiste plekken van Nederland. Over zo'n 5.500 landgoederen om precies te zijn. Met daarachter oude verhalen en bijzondere families. Over het in stand houden van familiebezit, diep verankerd in de identiteit van de eigenaren. Met in het kielzog daarvan de vraag: hoe ziet dit cultureel erfgoed er over een aantal decennia uit?De overheid vindt het behoud van dit natuurschoon in Nederland belangrijk en wil voorkomen dat belastingheffing ertoe leidt dat landgoederen door splitsing en verkoop versnipperd raken. En daar kan menig RB-lid in de praktijk mee te maken krijgen! Hoe dat zit hoor je van Frederike Haan, Belastingadviseur en Estate Planner bij Stomphorst Fiscaal Raadgevers in Lunteren en (samen met Giel Stomphorst) auteur van het boek ‘Natuurschoonwet 1928 in theorie en praktijk. Landgoederen fiscaal toegepast'. In gesprek met Sylvester Schenk, directeur fiscale zaken van het RB en de vaste host van de RB Podcast.Regelmatige luisteraar van de RB Podcast? Laat ons weten wat je er van vindt én stuur ons suggesties voor nieuwe afleveringen
This week, I am joined by Richard Myers, Tax and Estate Planner at Odlum Brown Financial Services Limited, to discuss the proposed changes to the Income Tax Act and the capital gains inclusion rate. We dive into the details: how will this change affect individuals, corporations and trusts?--Follow The Financial Long Game:Website - http://odlumbrown.com/FinancialLongGameApple Podcasts - https://podcasts.apple.com/ca/podcast/the-financial-long-game/id1723891225Spotify - https://open.spotify.com/show/1rHyrg4b5Eq5EGJ8EiHksNAmazon Music - https://music.amazon.com/podcasts/f1fa0b03-e006-42b3-914a-e91e50644f43/the-financial-long-gameFollow Shelly Appleton-Benko:Website - https://www.odlumbrown.com/advisors/advisor-detail/shelly-appleton-benkoLinkedIn - https://www.linkedin.com/in/shellyappletonbenko/?originalSubdomain=caFollow Odlum Brown:Website - https://www.odlumbrown.com/X - https://twitter.com/Odlum_BrownLinkedIn - https://ca.linkedin.com/company/odlum-brown-limitedInstagram - https://www.instagram.com/odlumbrown/
On this week's show: How doing the math on your retirement can make it real. Finding the dirt in your portfolio. The pitfalls of estate planning shortcuts. Subscribe or follow so you never miss an episode! Learn more at GoldenReserve.com or follow on social: Facebook, LinkedIn and YouTube.See omnystudio.com/listener for privacy information.
Zola Mbatha, an Admitted Attorney of the High Court of RSA, is the founder of Legacy Yezibaya, a niche consultancy that specializes in estate planning, fiduciary services as well as general legal advice. Through this consultancy Zola has been invited as a guest speaker at the Africa Financial Inclusion Summit held in Cape Town in 2024; on "Redefining your Money with Palesa", as a moderator for Old Mutual (BD Trust); she has MC'd for Esteemed Financial Services' Pension Fund Workshop; and featured in her capacity as a Fiduciary Specialist and Estate Planner for the I am Lady in Justice workshop hosted by Sister In Law amongst many other public speaking platforms. She holds an LLB Degree and is due to complete her Business Compliance course to qualify as a CPrac. We would love to hear from you, follow us on instagram @sister_in_law_ and @zoeymbatha Don't forget to subscribe to the show, and rate and review wherever you listen to the podcast :) --- Send in a voice message: https://podcasters.spotify.com/pod/show/tebello-motshwane/message
Adam Zuckerman is Founder of Buried in Work (www.BuriedinWork.com), a company focused on easing the burden of estate planning, the tasks surrounding end-of-life activities, and estate transition. He is an Eisenhower Fellow, an attorney, an MBA, and has a background that spans multiple industries, including finance, consumer package goods, clean energy, and media.Please rate us on Apple and Spotify and subscribe for free at mikeyopp.com This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit mikeyopp.substack.com/subscribe
Kori Whisenant is a Legacy Planning attorney and Estate Planner who focuses on helping parents with young children create a plan that protects them, their families, and creates generational wealth. And Kori is not your typical attorney… She has a degree in Psychology, which mixed with her law background makes Kori and her practice super unique and super effective. Here's where to find more:https://www.linkedin.com/in/koriwhisenantWww.kwhisenantlaw.comhttps://www.facebook.com/kwhisenantlawhttps://www.instagram.com/k.e.whisenantlaw___________________________________________________________Welcome to The Unforget Yourself Show where we use the power of woo and the proof of science to help you identify your blind spots, and get over your own bullshit so that you can do the fucking thing you ACTUALLY want to do!We're Mark and Katie, the founders of Unforget Yourself and the creators of the Unforget Yourself System and on this podcast, we're here to share REAL conversations about what goes on inside the heart and minds of those brave and crazy enough to start their own business. From the accidental entrepreneur to the laser-focused CEO, we find out how they got to where they are today, not by hearing the go-to story of their success, but talking about how we all have our own BS to deal with and it's through facing ourselves that we find a way to do the fucking thing.Along the way, we hope to show you that YOU are the most important asset in your business (and your life - duh!). Being a business owner is tough! With vulnerability and humor, we get to the real story behind their success and show you that you're not alone._____________________Find all our links to all the things like the socials, how to work with us and how to apply to be on the podcast here: https://linktr.ee/unforgetyourself
Die Steuereinnahmen sind so hoch wie nie, aber die Ampel gibt das Geld mit vollen Händen aus. Aber leider für Andere. Alles wird teurer. Bürgergeld scheint für manch einen attraktiver als zu arbeiten. Und und und........ Von der Lokomotive Europas zum Schlußlicht? Was ist los in D? Du interessierst Dich für Informationen rund um die Themen Vermögensaufbau, -sicherung, und -nachfolge? Hör doch mal, was Holger dazu meint....... Mit Holger‘s Podcast
Funny Tales and Effective Tactics from an Estate Planner!We had the honor today of hosting Christopher Burns, partner with Henson and Efron Law Firm. Christopher's practice primarily focuses on Estate and Tax Planning, and he advises and counsels owners of privately held companies on how best to reduce their tax liability and increase their peace of mind by orchestrating comprehensive estate planning techniques and strategies and facilitating tough conversations between owners and family members.Now that was a mouthful, so where do we start? Christopher says it all starts with a plan. Whether you currently have a plan that needs updating, or you've never had a plan, documenting your wishes and making them known alleviates more problems and conflict than you can imagine, not to mention the money saved in unnecessary taxes. If so much is at stake, then why do we resist doing it? Do you know anyone who avoids talking about death like the plague? If you have ever been involved in an estate situation where no planning had been done, you know how arduous, painful, time wasting and contentious these situations can be. Enough said; if I just described something that resonates with you, then let's vow to check it off our 2024 list as soon as possible. There are many strategies that owners can implement to avoid long and expensive probate, and paying more to the IRS than necessary. Christopher says that what works for one owner, doesn't always work for another, so it's essential that you begin the planning process well in advance of any liquidity event, especially if you live in a state like MN and plan to move your residence to a tax friendly state. As Christopher says, it's like Hotel California in MN; you can check out but it's very difficult to leave and the look back on tax saving strategies starts with a minimum of three years out. The knowledge, expertise and counsel Christopher imparts and embodies are invaluable! Contact Christopher here and Julie hereWe shared some pretty good laughs around such a dry topic! Listen to the episode hereSupport the showAre you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition online course Free Ebook download here Purchase Poised for Exit book here
This is an encore of our most listened to episode of the past year, where we were joined by Jeff Haggerty, CFP®, CLU, Wealth & Estate Planner in our Edmonton branch. The conversation hits on a number of things we often talk to clients about when it comes to starting to plan for the inevitable. As always, per our disclosure, none of what we discuss constitutes advice in and of itself, and we are definitely not will and estate lawyers. This discussion is meant to get you thinking about some things, avoid some common mistakes, and maybe then meet with a qualified legal professional for further advice.
Was dir Notare nicht erzählen !!! Die Anregung zu dieser Podcast – Folge bekam Holger durch einen Post eines Steuerberaters. In diesem schilderte er einen Fall aus seiner Praxis. Und dieser „Spaß“ sprich Notar-Erfahrung hat seinen Mandanten mal schlappe 50 TEUR gekostet. Aber hör doch selbst…………. Hier einige Bullet Points aus dieser Folge:
Ich bin mit meinem Steuerberater und zufrieden! Was soll ich tun? Diese Frage hat Holger dieses Jahre schon 9 mal gestellt bekommen. Und deshalb ist das doch eine neue Podcast-Folge
Hier einige Bullet Points aus dieser Folge:
Goldstone Financial Group (630-620-9300) in Murfreesboro has a new legacy planning service that will help you create multigenerational wealth and ensure your children's financial future. Go to https://goldstonefinancialgroup.com/ to find out more. Goldstone Financial Group 18W140 Butterfield Road 16th Floor, Oakbrook Terrace, IL 60181, United States Website https://goldstonefinancialgroup.com/ Phone +1-630-620-9300 Email contactus@goldstonefinancialgroup.com
This week we're joined by Jeff Haggerty, CFP®, CLU, Wealth & Estate Planner in our Edmonton branch. The conversation hits on a number of things we often talk to clients about when it comes to starting to plan for the inevitable. As always, per our disclosure, none of what we discuss constitutes advice in and of itself, and we are definitely not will and estate lawyers. This discussion is meant to get you thinking about some things, avoid some common mistakes, and maybe then meet with a qualified legal professional for further advice.
Publisher, Estate Planner & Author-activist Dr. Rosie Milligan checks into our classroom to discuss why many Black women want to get married while many Black men do not. Before we hear from Dr. Rosie, Restaurateur & Holistic Dr. Baruch Ben-Yehudah shares some the food items we should be eating this summer. Before Dr. Baruch, Brother Sadiki Kambom will preview this weekend's Nubian Ciricles' Black Leadership Summit. Getting us started Journalist Brother Obie outlines a tribute to former Grenada PM Maurice Bishop. Text "DCnews" to 52140 For Local & Exclusive News Sent Directly To You! The Big Show starts on WOLB at 1010 AM, wolbbaltimore.com, WOL 95.9 FM & 1450 AM & woldcnews.com at 6 am ET., 5 am CT., 3 am PT., and 11 am BST. Call-In # 800 450 7876 to participate, & listen live in the DMV on 104.1hd2 FM, 93.9hd2 FM, & 102.3hd2 FM, Tune In Radio & Alexa. All shows are available for free from your favorite podcast platform. Follow us on Twitter & Instagram.See omnystudio.com/listener for privacy information.
Du interessierst Dich für Informationen rund um die Themen Vermögensaufbau, -sicherung, und -nachfolge? Mit Holger‘s Podcast
Wenn Du jetzt denkst: "Mhh, das Thema hatten wir doch schon mal", dann liegt Du natürlich vollkommen richtig. Möglicherweise kennst Du den Film "Und täglich grüßt das Murmeltier". So kam es mir auch vor, als ich mal wieder auf meinen Podcast angesprochen worden bin. Daher................... lege ich Teil 2 nach Du interessierst Dich für Informationen rund um die Themen Vermögensaufbau, -sicherung, und -nachfolge? Mit Holger‘s Podcast
Beachte DIESE 10 Tipps Hier einige Bullet Points aus dieser Folge:
Reichtum sofort! Tipps von Finfluencern Hier einige Bullet Points aus dieser Folge:
Ich bin Erbe. Soll ich oder soll ich nicht ? Hier einige Bullet Points aus dieser Folge:
Ich bin Erbe. Soll ich oder soll ich nicht ? Hier einige Bullet Points aus dieser Folge:
Kannst Du Angehörige enterben? Du hast Vermögen. Möchtest aber, dass bestimmte Personen nix bekommen. Geht das? Holger hat dazu eine neue Podcast-Folge
Hey friends! Welcome back to the Ambitious Legacy Podcast! Thanks for tuning in and for helping me to stay on purpose! Today we have a very special guest with us, Mr. Marion J. Caffey. He's a writer, publisher and producer at the Apollo Theatre. He made an observation about something that we often don't think about as a society and decided to do something about it. He saw a gap in the way that we share crucial information with our loved ones especially during their latter years. In today's episode we'll be hearing about his journey to finding the problem and coming up with a solution. Thanks for tuning in and don't forget to rate and subscribe! Pick up your copy here! IG: @sabinethepurposelawyer Website: www.sabinethepurposelawyer.com Email: info@sabinethepurposelawyer.com Law Firm: www.theambitiouslegacyfirm.com Purchase a copy of my book here. --- Support this podcast: https://anchor.fm/ambitiouslegacy/support
I am passionate about helping people to live well and be remembered. I do this with holistic Estate and Retirement planning. I use both Law and Insurance products to help clients hit their goals and give them peace of mind.Learn more: https://www.zaledowlen.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-zale-dowlen-kingdom-driven-attorney-estate-planner-insurance-professional-and-public-speaker
I am passionate about helping people to live well and be remembered. I do this with holistic Estate and Retirement planning. I use both Law and Insurance products to help clients hit their goals and give them peace of mind.Learn more: https://www.zaledowlen.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-zale-dowlen-kingdom-driven-attorney-estate-planner-insurance-professional-and-public-speaker
This week on Hull on Estates, Ian Hull and Suzana Popovic-Montag return for part 2 of their conversation with Jordan Atin, Co-founder and CEO of eState Planner. The three of them continue discussing the planning steps to consider when using eState Planner and some of the document generation options available with the program. Should you have any questions, please email us at . To learn more about eState Planner you can contact Jordan directly at .
This week on Hull on Estates, Ian Hull and Suzana Popovic-Montag are joined by Jordan Atin, Co-founder and CEO of . In part 1 of this 2-part series, the three of them discuss the importance of data collection, the planning side, document generation, and the benefits of planning estates with eState Planner. Should you have any questions, please email us at . To learn more about eState Planner you can contact Jordan directly at .
David takes an empathetic approach to estate planning, recognizing that clients often find it a difficult or uncomfortable topic. He strives to make the process as seamless as possible and works closely with his clients to get to know their family members, their wishes, and their complete financial picture. Because every client is unique, estate planning is continually offering new challenges, and David enjoys creating innovative and actionable solutions for families. After working in private practice and then as a trusted advisor in financial planning practice, David was drawn to Truepoint because of the firm's unwavering commitment to its clients, which he believes is unique to the industry. What's more, David is a certified specialist in estate planning, trust, and probate law, licensed by the Ohio State Bar Association, and one of fewer than 200 individuals to hold this designation. Even outside of the office, David is committed to helping families achieve their dreams. After he and his wife struggled with infertility, they created Parental Hope, an organization that raises awareness about infertility and provides support to couples facing their own challenges. To date, Parental Hope has created a support group with over 2,500 members and awarded an increasing number of grants that cover the full cost of IVF, impacting dozens of families. In his spare time, David loves spending time with his wife and children, especially biking, swimming, and watching sports and movies together. He is actively involved in coaching his twins in their various sporting activities and completing home renovation projects. When he can, David also enjoys getting in a round or two of golf. David's insights include: His perspective of two mistakes that people are doing with regards to estate planning Is estate planning important? Do you really need it? What are the differences between an estate plan and a will? His insights about the pending legislation and how do they give tranquility to their clients? Estate planning as a relationship type industry Do you have to be afraid with estate planning? Enjoy the show! Connect with David: Website: https://truepointwealth.com/Facebook: https://www.facebook.com/Truepoint/LinkedIn: https://www.linkedin.com/company/TruepointWealth/Instagram: https://www.instagram.com/truepointwealth/Twitter: https://twitter.com/truepointwealth Connect with Gary: Website: https://sbadvisors.cc/Facebook: https://www.facebook.com/SmallBusinessAdvisorsLinkedIn: https://www.linkedin.com/in/gary-d-heldt-jr-388a051/ Learn more about your ad choices. Visit megaphone.fm/adchoices
Inspired by the advocacy needed later in life by her beloved grandparents, Larae Schraeder started https://www.schraederlawllc.com/ (Schraeder Law LLC), to specialize in estate planning and elder law. Larae focuses on helping clients of all ages plan for the later-in-life issues her own family faced without legal counsel. Many of us have had to move through the difficult steps of making decisions with our parents regarding housing and downsizing. A more critical situation is determining the legal steps to be taken, whether they occur before or after the passing of a family member. In this episode, we want to help you understand the important legal steps you should be discussing with family. And the ramifications should decisions not be made. There are critical times we tend to avoid, even run from. Our aging parents, grandparents, or other family members need to live safe, healthy lives. If we educate ourselves on the resources available to us, we could avoid future crises. Yet we often wait too long and a crisis occurs. Larae explains how she talks her clients through the basic legal steps like wills and a power-of-attorney. “End of life” is not the only transition we should prepare for. Sudden illness or accidents can require healthcare directives. Mental and behavioral health issues, such as Alzheimer's, can certainly change the dynamics of a family. Larae talks about the various documents that can guide them through such situations. These include wills, trusts, estates, healthcare power of attorney, power of attorney and more. It seems that the most important step a family can take is to communicate clearly with each other. These discussions can be very difficult. People are fearful of the future. Or “losing” – their home, their “things," their freedoms, or even facing death. Larae gives some advice on how family members can support each other, but make the decisions needed to secure their financial security along with safe living conditions. Individuals will make decisions and hopefully their family will be supportive. However, there are issues which may be more difficult to understand. If a will is created, does Probate Court still step-in and why? And more importantly, if there is no will or estate, what are the ramifications? There are other issues affecting older adults in our community. Those can include senior scams, elder abuse, and even age discrimination in the workplace. Although these are not areas that she normally assist, Larae has some great advice on who to contact. We would love to hear from you. Email us at hello@lookingforwardourway.com. Find us on https://www.facebook.com/lookingforwardourway/ (Facebook). https://g.page/looking-forward-our-way/review?gm (Please review our podcast on Google!) And of course everything can be found on our website, https://my.captivate.fm/www.lookingforwardourway.com (Looking Forward Our Way.) Recorded in Studio C at https://my.captivate.fm/www.channel511.com (511 Studios). A production of https://my.captivate.fm/www.circle270media.com (Circle270Media Podcast Consultants).
Elder law attorneys work primarily with seniors (and their families), taking a holistic approach to legal issues that people commonly face as they age. Especially with health, housing, financial well-being and long-term care. Our guest on our next episode is Estate Planner and Elder Law Attorney Larae Schraeder. Inspired by the advocacy needed later in life by her beloved grandparents, Larae Schraeder started https://www.schraederlawllc.com/ (Schraeder Law LLC), to specialize in estate planning and elder law. Larae focuses on helping clients of all ages plan for the later-in-life issues her own family faced without legal counsel. This episode will be in your podcast player Monday October 4, 2021. Here's a quick preview of what you will hear. We would love to hear from you. Email us at hello@lookingforwardourway.com. Find us on https://www.facebook.com/lookingforwardourway/ (Facebook). https://g.page/looking-forward-our-way/review?gm (Please review our podcast on Google!) And of course everything can be found on our website, https://my.captivate.fm/www.lookingforwardourway.com (Looking Forward Our Way.) Recorded in Studio C at https://my.captivate.fm/www.channel511.com (511 Studios). A production of https://my.captivate.fm/www.circle270media.com (Circle270Media Podcast Consultants).
In this episode, we have Paolo Bastone a retirement and estate planner. We get to talking about why it's important for entrepreneurs to plan for their retirement. Paolo shares some of the ways automation and the digital world freed up his calendar and what's coming up next for them. Make sure you check out their links down below and share with a friend if you enjoyed the episode. Always Remember to Invest In Yourself Phil Better ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ His Email: pbastone@progression.netTheir Website: www.itsyourfuture.ca ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Providing you with financial security when it comes to unforeseen events such as premature death and disability. Paolo Bastone helps facilitate in building intergenerational wealth, estate preservation and intelligent solutions that make sense, for your today and your tomorrow. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Invest In Yourself: the Digital Entrepreneur Podcast is an award-winning Podcast for Best Snobby Business Podcast 2020 and aims to be the reference for Business Owners, Entrepreneurs, Solopreneurs, Freelancers, and CEO's that want to elevate their knowledge listening to fellow Entrepreneurs and specialist in their Industry share their story as well as lessons they learned along the way and how you can use it in your life or business. Your host Phil Better, the Podcast Mogul, has guests from different parts of the internet who have all 1 thing in common; they used the Digital space to create their business. Join as he learns about their struggles and some of the best advice they receive along their journey. Hear how he is taking his love of podcasting and helping businesses leverage the medium to connect with their ideal customers. Join him in his journey to learn from some of the individuals who created the life he always wanted to have from his youth, on this amazing Podcast! The Website: www.investinyourselfpod.comThe Facebook Page: https://www.facebook.com/InvestinyourselfpodThe Facebook Group: https://www.facebook.com/groups/392876241780702The Instagram: https://www.instagram.com/investinyourselfpod/The Twitter: https://twitter.com/InvestinPod ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ This podcast contains affiliate links. If you use these links to buy something we may earn a commission. Thanks. For the best VPN protection go with NordVPN: https://go.nordvpn.net/SH32M This Season of Invest In Yourself: the Digital Entrepreneur Podcast is Sponsored by the following companies: Sarlat Rugby: https://sarlatrugby.com/ Uniqorn Incubator: https://uniqornincubator.com/ Startup SuperCup: https://startupsupercup.com/
In this episode, we have Paolo Bastone a retirement and estate planner. We get to talking about why it's important for entrepreneurs to plan for their retirement. Paolo shares some of the ways automation and the digital world freed up his calendar and what's coming up next for them. Make sure you check out their links down below and share with a friend if you enjoyed the episode. Always Remember to Invest In Yourself Phil Better ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ His Email: pbastone@progression.netTheir Website: www.itsyourfuture.ca ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Providing you with financial security when it comes to unforeseen events such as premature death and disability. Paolo Bastone helps facilitate in building intergenerational wealth, estate preservation and intelligent solutions that make sense, for your today and your tomorrow. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Invest In Yourself: the Digital Entrepreneur Podcast is an award-winning Podcast for Best Snobby Business Podcast 2020 and aims to be the reference for Business Owners, Entrepreneurs, Solopreneurs, Freelancers, and CEO's that want to elevate their knowledge listening to fellow Entrepreneurs and specialist in their Industry share their story as well as lessons they learned along the way and how you can use it in your life or business. Your host Phil Better, the Podcast Mogul, has guests from different parts of the internet who have all 1 thing in common; they used the Digital space to create their business. Join as he learns about their struggles and some of the best advice they receive along their journey. Hear how he is taking his love of podcasting and helping businesses leverage the medium to connect with their ideal customers. Join him in his journey to learn from some of the individuals who created the life he always wanted to have from his youth, on this amazing Podcast! The Website: www.investinyourselfpod.comThe Facebook Page: https://www.facebook.com/InvestinyourselfpodThe Facebook Group: https://www.facebook.com/groups/392876241780702The Instagram: https://www.instagram.com/investinyourselfpod/The Twitter: https://twitter.com/InvestinPod ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ This podcast contains affiliate links. If you use these links to buy something we may earn a commission. Thanks. For the best VPN protection go with NordVPN: https://go.nordvpn.net/SH32M This Season of Invest In Yourself: the Digital Entrepreneur Podcast is Sponsored by the following companies: Sarlat Rugby: https://sarlatrugby.com/ Uniqorn Incubator: https://uniqornincubator.com/ Startup SuperCup: https://startupsupercup.com/
In part one of our Estate Planning Basics Series, Shawn is joined on the podcast by Ella Neely, an Estate Planner with Baird's Financial and Estate Planning Department. Together Shawn and Ella go over the basic documents everyone should consider putting into their estate plan. They also tackle common questions such as “When is it necessary to get a will?”, and “What is a Health Care Directive?”
October 7, 2020 | Episode 7 Brian Altounian & Shawn Francis are joined by their guest, estate planning Attorney Glen Wagstaff. They discuss the value of estate planning, what happens without it, and what it means in particular to families who have members with special needs.
Curtis Olsen is an experienced Estate Planner for over 10 years and has done over a thousand estates. Curtis started in the financial planning game years ago and continues to stay close int he legal services industry.To get started we should talk about some of the questions that will be discussed in the podcast, like is it helpful for families to actually talk about death and assigning kids to be the trustee or there's assets out there, is it wise to have discussions about it prior to passing away? Is there a process that has to do with changing the beneficiary or listing the ownership of the asset to be the trust?Support the show (https://retirementriskadvisors.com)
Why You Should Get Life Insurance Rob: Why should you get life insurance? Today I'm chatting with you with none other than our Senior Wealth and Estate Planner, Mr. Adam Buss. First of all, tell me about the different types of life insurance that exist. Obviously, the question today is why should you own life insurance? Adam: Well, there's two major types of insurance that we'll kind of cover. There is term insurance and there is permanent insurance and there are a variety of different contracts under each of those. A term insurance generally is meant for those who want to replace their income, to make sure that their surviving spouse is taken care of, their families are taken care, and their debts paid off if they pass away. And then there is permanent insurance. Permanent insurance is designed for a long-term need, leaving money for your estate, your beneficiaries, charitable donations covering large tax bills such as a family cottage, as an example. These are a few of the different types of things we often see. Rob: Okay, now why should you have life insurance? Adam: Why not? That's probably the better question. But it's probably the most selfless thing you can purchase in your lifetime is to make sure that your family's taken care of in the event that you pass away. Let's say, Rob, you had an ATM in your house that spit out $60,000 a year. Would you put insurance on it? Rob: Absolutely. Adam: Who wouldn't put insurance on it? You are that ATM. You are the one that has that earning power every year. Whether it's $40-100k dollars a year of salary, if you were to pass away prematurely, that just disappears. Who wouldn't want to make sure that that continue to make sure that your family's taken care of financially? Rob: Now what about someone who says that, you know what, I'm just going to save that money and I'm just going to of a self-insure. Why would you not want to do that? Adam: Some people may have a large amount of wealth and be self-insured, but you know, do they want to transfer that wealth to their family? Or do they want to have to spend it all just to afford to put food on the table and have nothing left for their family long-term to accomplish their goals. Rob: Okay. Let's start with the term insurance. Term insurance as I understand, is effectively renting, right? Adam: Precisely. Yeah. Rob: Who would that typically be suited for? Adam: That would be suited for, again, anybody who's looking to replace their income coverage, shorter term need – you are renting the coverage; therefore, it is cheaper than owning it long term. It is fairly affordable, and a great way to protect your family, while also covering your debt in a very affordable manner. Rob: Okay. And then the permanent coverage, there's a few different types of that as well? Adam: There are a few different types. There's the universal life and participating life. The idea is that it's a whole life, meaning it's around for your entire life. It is guaranteed to pay out at some point in time, hopefully many years down the road. But it is there to ensure that the long-term needs are there as a protection. I like to consider it a part of your investment component. It is a piece of the puzzle. You're investing in that long-term growth of that policy. Rob: We do that here. It is part of the complete holistic investment picture. And if you're not sure about that, please don't hesitate to go to speaktorob.com and to book a consultation. Let's get back to this. The whole life that pays when I die. Correct? Adam: Correct. Rob: Does it also pay if my wife dies before? Adam: It depends on how you structure the policy. You can have one just on your life. You can have a joint one with your spouse. Often for those for estate planning purposes, we're going to set it up as a joint last to die policy. There, both husband and wife are insured on one policy and it pays out when the second person passes away. Full Video & Blog Article on Financial Help for Widows – Top Things to do After Spouse Passes Away Rob: What about a joint first to die policy? When would you be using that? Adam: Those are often used for making sure that either surviving spouse is looked after financially, and there's money to pay off debt. Those are often things that we kind of see that when the first person passes away that those needs are looked after. Rob: Okay. And the joint first to die versus the joint last to die, which one would be more expensive? Adam: First to die would be more expensive. Rob: Alright. Now we're insured. We're protected until we die. Now the permanent insurance you talked about – we talked earlier about cottages and stuff. Give me an example of how insurance could be potentially used to protect a cottage, or to make sure that a cottage can stay in the family. Adam: Sure, great question. Often cottages have a large capital gain at the time when the second person passes away. Let's say you bought it for $100,000 20 years ago and 30 years from now it's going to be worth half a million dollars. That's a $400,000 gain in value that the government is going to want their share of tax on. Do you want to leave your kids a financial burden by having to either get a mortgage on that property just to pay the tax bill or having to sell the property just to pay the tax bill? Often a cheaper way is to use a permanent life insurance policy to pay out to the estate to pay that tax bill. Full Video & Blog Article on Inheritance Tax That way the family cottage and all the memories that go with it can stay in the family Rob: Because otherwise, if mom and dad pass away and the cottage goes to a younger child who might not have the net worth to be able to pay the tax bill, because the tax bill's payable. Whether or not the cottage is sold or not, the tax bill is payable. Adam: Yeah. Rob: It is a deemed disposition. I mean, whether or not they want to put a mortgage on it, maybe they can't get a mortgage on it. All of a sudden now you're left with a situation where, you've got to sell the cottage because you can't pay for it. Adam: That's right. Rob: Now what about individuals who built up assets and value through real estate? Adam: That'd be a very similar concept. We do come across a lot of clients that have large rental portfolios, where they bought them at a great deal. They've grown in value over time and now there's a very large capital gain at the time of death because the real estate has also grown in value. They've also depreciated along the way to help offset some of their income tax on annual basis. Those are all things that we want to look at to come up with a solution, which is often life insurance as a way to create the liquidity for the estate instead of a having to go and sell the entire rental portfolio or have to go and get the additional unnecessary debt on that. Rob: Okay. The one you rent, a term insurance, and the one you own permanently permanent insurance, whole life, et cetera. A lot of times this will be used in tax planning, if I understand correctly, right? Adam: Yeah. Often one of the overall most overlooked, but most valuable tax tools is using a whole life insurance policy as a tax strategy. Those policies grow tax exempt behind the scenes. It's a great place to park money, surplus non-registered money using as a strategy within the corporation, which is a much bigger topic. But those are things that we work with our clients on a daily basis, coming up with the right strategies to put in place to save them the most tax. Rob: It's not just to protect the risk of you or me dying. It's not just to pay a tax bill potentially or debt. That's not just to make sure the cottage stays in the family. It could also be used as a tax planning tool. Adam: Exactly. Is absolutely a tax tool as well. Rob: Okay. Adam, real great to chat with you. We appreciate the time today talking about life insurance and why you should have life insurance. If you do have further questions on this aspect or anything involved in financial planning, please go to speaktorob.com and schedule a free, no obligation consultation.
What is Financial Planning? Rob: Financial planning; why it makes sense for you, what to make sure you have, and what are the pitfalls to avoid? I'm Rob Tétrault from robtetrault.com, Head of the Tétrault Wealth Advisory Group here at Canaccord Genuity Wealth Management. I'm here with Adam Buss. He's a CFP wizard with this kind of stuff. Senior Wealth and Estate Planner here at Canaccord Genuity Wealth Management. Adam, thanks for being here. Adam: Thanks for having me, Rob. Rob: All right. Adam financial plans. Who needs to have a financial plan? Adam: Well rob in my opinion, I think everybody needs to have a financial plan. Rob: Is your opinion biased? Adam: (Chuckles) Well, because I do the financial planning it's automatically biased, but yes, as a financial planner, I believe everybody needs a financial plan, but everybody needs one for different reason. Everybody's at different stages of life. The ones that we often come across are those approaching retirement. Rob: They're approaching retirement. You're thinking, oh my goodness, do I have enough cash for where am I going and do I have enough cash for retirement? Adam: That is often the biggest question – can I retire? Sometimes it's us giving the client permission saying, yes, you have enough financial resources or cash at your disposal to retire comfortably and live that lifestyle. Rob: The financial planning process is all about giving the client peace of mind that they can accomplish their retirement goals. Let's talk about the actual financial planning process here at the Tétrault Group for example. How does it go? Adam: Well, we have a fairly dedicated process. It generally involves a couple of different meetings with the client. We want to sit down, we want to get to know you. We want to know what your unique goals and objectives are. There's no cookie cutter approach here. There's no one size fits all when it comes to financial planning, because unless I sit down with you and learn what's important to you, I can't try to accomplish those goals for you. We first want to do a fact finding and we want to sit down. We want to gather as much information as possible from the client. Then I go back and I work on building the financial plan. Perhaps I need to get some additional information, coordinate with the client's accountants, lawyer, anybody else that's important in that decision making process. And then I have the plan ready. We'll sit down with the client. We're going to go through everything step by step, educate them on the entire process. What's important. And then of course, it's not just simply done at that point. We want to do annual reviews. We want to make sure that we're keeping up with any changes that happen in the client's life. Rob: If someone sells an asset perhaps, or there's a death, or maybe there's a new grandchild – those are goals that would for sure form part of the review portfolio. Adam: We call it major life events. A death in the family and inheritance, or retirement and birth of somebody, all of those different things may change how the client views their financial goals going forward. Rob: Okay. Let's take a look at the kind of questions on people's minds. Cashflow, or do I have enough to retire? What are some of the other questions that you would look at when you're doing the financial plan? Adam: Often, nobody wants to pay more tax than necessary, and everybody wants to pay the least amount of tax possible. We always take that approach with clients, whether it's an incorporated individual that asks the question if they should take dividends or salary, or draw down their corporation, or start taking money from my RRSP. That's a very common one that we get. Often, it's how much money is left for my beneficiaries down the road? Can I leave more money to the family? What's my tax bill when I pass away? Those are all some of the aspects that we look at. Rob: What are some of the pitfalls that you've seen that you're able to avoid or you're able to advise people to avoid? I'm imagining income splitting and taking money from the wrong corporation. I'm taking dividends instead of salary. What are some of those other ones that you sometimes see? Adam: Well, those are certainly a lot of the big ones, but another is not planning ahead of time. Coming to us after you've already retired and then wondering, well, did I make the right choice? Should I have waited to retire? Should I have waited to take my Canada pension plan? Rob: The world-famous - "Should I take my CPP" question? Adam: That is a world-famous question and one that we see multiple times per day. Rob: Sometimes it's too late. Once you've made that decision, Adam: Once you decide, that's it. You're stuck with whatever choice you made. Rob: We would take a look at that. We would take a look at income splitting. We would take a look at the tax efficiency in corporations. We would take a look at to see, I would imagine if there's any life insurance that can be used to kind of optimize wealth and what does the actually look like? So what do you actually do in a plan - it's number crunching and it's cashflow projection? Full Video and Blog Article on Income Splitting Adam: That's the basis of it. Maybe we come back with a nice detailed report saying, okay, what does your cashflow look like in retirement? That's great. You want $6,000 per month, but where do we take that from? We're going to look at your Canada pension plan, your old age security, your work pension, your corporate dollars, your RRSP or RRIF or your tax free. Where is the most logical and efficient way that we can get to that goal of $6,000 per month Rob: And then you will build that year by year. Adam: Yes. Rob: Until you're 90-95 something like that. Adam: Yeah. We generally try to use fairly conservative planning projected out until mid-nineties to ensure that the client does not run out of financial resources. Rob: What about this comment I hear all the time that you need 70% of your income in retirement to live? What do you think about that? Adam: I would view that as a common misconception. If I'm working today and retire tomorrow, my lifestyle and expenses are probably the same. I can't say that I need 70% of my income. Perhaps I want to travel more in retirement time. My expenses may actually go up. There is no one size fits all. It's about us getting to know the client, their goals, their objectives, their cashflow needs to make sure that we are achieving their target number that they want to spend. Rob: The great thing is, is that it's truly a year by year breakdown. If there is a year where you would maybe sell the home or sell the cottage or get an inheritance, that can be factored into the plan. Adam: Absolutely. We want to update it as time goes on as well. You may know that you're going to get an inheritance down the road, but we don't build it in. We wait for it to have actually happened. If we have a real dollar, we'll factor it in. We can estimate when you're going to sell the cottage or when you're going to sell the house. Perhaps you want to downsize, or you want to sell the family cottage down the road. Rob: I imagine that there are some years where there's going to be less expenditures potentially down the line. These plans are very nimble and you're able to front load them for some clients, with more cashflow needed in years 1 to 10 and less cashflow needed potentially at the back end. Adam: We see that very often with clients. They have a higher need for the first 10 to 15 years of retirement. They're more active years, they want to travel more. You want to do a lot of fun things while you're healthy and able to do these. You need more cash to do that. We want to add more cash to the budget for the first couple of years and then reduce that down over time. Rob: See, at the end of the day, our goal here is to protect the wealth. Makes sure that we can answer the question as to can I retire? Like the financial planning process is initially is going to be, can I retire? That's the question. And then it's going to be optimized. Adam: Absolutely. Rob: Which accounts? Tax efficiency, leaving more to the estate, protecting the wealth. It truly is a fun process. We've gone through it so many times with clients and I find that it brings me great joy because when we do deliver that plan to the clients, they are so thrilled. They're so excited, they have an answer, they know they have peace of mind and they tell us how unbelievable it is for them to get this peace of mind. Thanks for, thanks for coming Adam today. I appreciate you taking the time to chat with us about financial planning and how important it is for clients.
How RESP Grants Work Rob: Hey guys, today we're talking about the RESP grant, how it works, when it makes sense, how much you can get, what the limits are, and how to take advantage of it. I'm Rob Tétrault from robtetrault.com, head of the Tétrault Wealth Advisory Group here at Canaccord Genuity Wealth Management. To my right, your left is Adam Buss, Senior Wealth and Estate Planner here at Canaccord Genuity Wealth Management. Adam, we're thrilled to have you. Thanks for coming in. Adam: Thanks for having me again. Rob: Alright, RESP grants. Adam, first of all, how do they work? What's the basic percentage and what do you get when you make an RESP contribution? Or first of all, what is an RESP? Adam: Whoa, that's a great question. So Registered Education Savings Plan, the grants is kind of the whole concept as to why you should put money into an RESP. You get 20% of free government money added to the RESP account for every contribution that you make. Rob: All right, so I put 1000 bucks in… Adam: They'll throw on $200 extra for you, added to the pot to use towards future education. Rob: Do I get that as cash or does that go into the account? Adam: Goes into the account. Rob: Okay, I knew that. Just testing! Adam: But it's good. But, of course there's maximums. They're not going to say, oh, okay, well Rob put a hundred thousand dollars into the RESP, let's give him 20 grand. That's not how it works. Rob: There's a maximum per year. Adam: There's a maximum per year. And there's also a lifetime maximum. Rob: The maximum per year is… Adam: Is 20% of up to $2,500 contribution. Rob: $500 in grants. Adam: $500 per year. However, you can make up for past unused contribution room of up to $5,000 that you put in, the government will throw in $1,000. Rob: All right, so that's per child. Adam: Per child. Rob: I'm lucky I have four kids. I could in theory put $10,000 into my RESP per year and I would get $2,000 of grants every single year. Adam: Correct. Rob: And if I forgot to do it last year, I could do $20,000 this year, Adam: Absolutely. Rob: Okay. And I'd get $4,000. Adam: But if you decided to do $21,000, they would not give you any additional grant money on that extra thousand dollars. Rob: Now how would that be set up for me if I wanted to do it that way. That would likely be set up as a RESP family plan. Adam: Correct. Rob: We put all the four kids – Alexandre, Arielle, Angéline, Aubrie – all in one plan and then they all get to use the grants effectively. Adam: Yeah. The best part is any of the children can use that grant money when they go to post-secondary education. Rob: If one of your, kids decides they don't want to go to post-secondary education, you don't lose that grant. Adam: Don't lose it. Rob: Very interesting. I'm sorry, go ahead. Adam: Yeah, sorry. I did mention there is a lifetime maximum as well. It's up to $7,200 of grant money per child. Rob: Okay. Adam:So they do cap it. Rob: Oh, okay. So $7,500, that'd be like $37,500 of contributions. Okay. So that's quite a bit of contribution amount. Yeah. All right. Clearly this can't be tax free, right? Adam: It's after tax dollars that go into the RESP account. Rob: Okay. Adam: You pay tax on it and then you put the money into it. Unlike in RRSP, which is often confused. And when you take the money out down the road is when it's taxable as withdrawn. So your money you put in is withdrawn, tax free. The government money and any income or growth has been generated in the account is taxable to the beneficiary when withdrawn. Rob: We always like to say the grants and the growth. Adam: Grants and the growth. Rob: The grants and the growth are taxed. In theory, the way this works out is, in my mind anyways, is hopefully the kids have a much lower income bracket than you do. And when they're pulling it out, most of it is likely tax-free. Adam: Yeah. Ideally they're in university, they're poor students and don't have necessarily that income level. And they also probably have additional write-offs from education credits. Rob: Right, right. Adam: Essentially, they hopefully will pay as close to zero taxes on that money as possible. Rob: Okay. It's the first year, my son's in university, we submit a confirmation of enrollment. This could be for pretty much any post-secondary education. Adam: Yeah. There is a list on the government of Canada website as to qualify post-secondary education institutions. It was a little bit more limited when the program came out, but it's pretty wide variety now, including some international schools as well. Rob: International, some trades. Adam: Yeah. Rob: Some traditional universities, colleges, those are all candidates. Adam: Fairly flexible. Rob: And I know there's a limit in your first 13 weeks. Adam: I think it's $5,000 if I remember correct. Rob: $5,000 bucks your first 13 weeks, and after that effectively the sky's the limit. Let's talk about the Canada learning bond and how that works. So that would be for lower income families? Adam: Yeah. So that is additional money that they throw into the pot. It has nothing to do with your contributions, so it doesn't even matter if you throw any money into it. They will add money to the RESP free of charge based on your income level. Rob: If you open the RESP, Adam: If you open the RESP, and they'll continue to do so and as long as your family income is within a certain level. Rob: How long can I contribute for my kids RESPs, does it end at some point? Can I contribute all the way until they're 18? Adam: Generally, you would contribute to the end of the year that they turned 17 because that is the last year that you can qualify for the grant money. Really you can contribute beyond that. But what's the point if you're not going to get the government money? Rob: Absolutely. How long do these things last? I imagine I have to pull the money out at some point. Adam: There are different restrictions in place. It depends as to when the plan was established, how old the kids are. Those are all different things that we want to work with our clients on. Hopefully take out the money early on when the first child goes to school, and that way we can close it later on. Full Video & Blog Article on How an RESP Works, and RESP Withdrawal Rules Rob: It's basically a really neat tax arbitrage strategy. Adam: Absolutely is great. Rob: Yeah. What happens if none of my kids go to university? Adam: Okay, well if none of your kids go to school, you still get your money back. You essentially get all the growth and income that was generated on your money. All the government money goes back to the government. That's only fair. Your kids didn't go to school. There is a penalty that the government does charge, which is approximately 20% which equates to the growth on the government money as they put in 20%... anything that you take out and you get your money back, tax free, any income is you can either roll to your RRSP if you have the enough room in your RRSP, or where you take it out as taxable income. Rob: The RESP grant, pretty neat stuff. Makes sense for a lot of families out there. Some of them super important to consider too. I would say be an important part of a financial plan, right? When you're building a financial plan, you want to factor in this and any other education goals, right? Adam: Yeah. If the goal is to help the kids pay for post-secondary education costs is a fantastic program to do so. Rob: All right. Adam, thanks so much for joining us today. Adam Buss, Senior Wealth and Estate Planner here at Canaccord Genuity Wealth Management. If you have questions on this or your portfolio, go to speaktorob.com, and book a no obligation consultation.
HEB | HEPP Pensions Rob: If you're a healthcare provider in Manitoba, this is for you. I'm Rob Tétrault, Head of the Tétrault Wealth Advisory Group from robtetrault.com, here at Canaccord Genuity Wealth Management. I'm here with Adam Buss here at Canaccord Genuity Wealth Management. Adam, thanks for coming today. Adam: Thanks for having me, Rob. Rob: You are the pension expert, so I'm super thrilled to have you here. You've seen a ton of these. We're going to have a good time today talking about these Manitoba health care provider pensions. All right Adam, first of all – HEB and HEPP. A bit of a tongue twister. Adam: It certainly is. And I would view those as rather interchangeable. Rob: Yeah? Adam: A lot of people deal with the HEB, the health care employees' benefit side on a regular basis. The one that we often work with is HEPP, which is health employees' pension plan. It really comes from the exact same place, but we're actually dealing with the pension plan side of the business majority of the time. Rob: Okay. So these are health care employees in Manitoba. They have a pension. What kind of pension do they have? Adam: This is a defined benefit pension plan. So there's two different types of plans out there, a defined contribution plan where you put the money in and choose kind of the investments that you want to deal with. And there is a defined benefit, which is you still have to contribute, but it results in a, you know, a guaranteed payment stream for the rest of your life, which is what this is a defined benefit. Rob: Okay. So with respect to these pensions, how are they calculated? I mean, I know that t's probably a tough question, but I assume there's a formula with respect to years of service income. Adam: Yeah. So it's years of service. It's generally your best five years. Some plans are the best 10 years of your income, multiplied by a pension factor. In this case the health employees' pension plan is a 1.5% up to YMPE and I know you're going to ask what is YMPE..., Rob: That's the song, right? Where they go … Adam: It's not the YMCA song, but they do get confused rather often. YMPE is yearly maximum pensionable earnings. Rob: Okay. Adam: That is basically the number is to what level of earnings do you pay Canada pension plan premiums on? Rob: Okay. Okay. Right now, that would be…? Adam: $57,400 I think is the magic number this year. It does change every year. So based on your pension, the health employees' pension plan is a lesser amount up to that. And then over that amount, it's a 2% factor. Rob: Once we get one and a half of the first $56 K and 2% above that. Adam: Exactly. Rob: And that's your factor. That's multiplied by your years of service Adam: Correct, you do years of service, times the average pensionable income and that equals your guaranteed payment stream for life. There's added complexities. When you get your pension options, it's going to be 10 different options. Okay, well what happens if you choose a guaranteed survivor option, you know, 100% or a single life or a 66% to survivor or you want, you know, a 10 year guarantee period. All of these different options effect that number as to what is going to be in it. There's probably a baseline and then they adjust, whether or not you're guaranteeing it or you're not. If you did the simple math, that's called a straight life, which is basically just for one person saying, okay, this is your payment stream guaranteed for the rest of your life. If you want to add the bonus aspects of leaving money for a surviving spouse or in a state for the beneficiaries, that's where that number starts to go down a little bit. Rob: Okay. Now, if I'm an employee, how do I know when I can retire? Is there a formula for like a magic number or something like that? Adam: Yeah, most of these plans do have a magic 80, which should be once your years of service plus your age equals the total number of 80. That's when you generally can retire without an unreduced pension. Some plans also have a minimum age of 55 years, which is when you're allowed to start drawing from your pension. Every plan is slightly different, but we certainly want to a work with our clients to identify what that looks like. Rob: Okay. Let's say I'm retiring in a year or two. And I'm a little stressed about these options. What should I do, and how do I know what option is for me? And is there are another option. Adam: There certainly are many options. All we do with our clients is we work with our them to pick A, the best option, which isn't necessarily A, but it's trying to determine what is the best option on their pension for what their needs are. Hopefully you're coming to us to kind of navigate what some of those options are. There is also the option of taking a commuted value for your pension. Rob: Now that's interesting. Adam: Yeah. So commuted value is the lump sum of money behind the scenes that is being exchanged for that guaranteed payment for the rest of your life. So, Rob, you have the option of transferring that commuted value out of the pension plan into your own investment choices. And then you get to pick as to how that money's invested. When do you want to draw from it? Do you want to take more upfront in more and less than the later years, you have a lot more options available to you and it's guaranteed to leave any money that's left to your beneficiaries. Rob: Basically, you own those assets. Adam: You own that money, not the pension plan. Rob: So contrary to, you know, you contribute to this pension, take the money out, you give it to them, they give you a stream forever. If here you say, give me my assets, I will put them in a locked in retirement account and maybe I can roll some of that to an RRSP and then that becomes my assets. Those are my assets, my pension. I can have quite a bit of flexibility on it because I can draw more or less. But more importantly, the big one is, it's in my name. If I pass my estate gets it, my spouse gets it, it goes onto my beneficiaries. Full Blog Article and Video on Pension Tax Credit Adam: That is often the number one thing when we meet with clients is their goal is they want to make sure the bulk of that pension that they worked so hard for their entire career actually goes to their family if they pass away. Rob: Yeah. Adam: Right. Instead of that guaranteed payment stream, it's making sure that 100% of whatever money is left goes to what's most important. Their families. Rob: Makes a ton of sense. Talk to me really quick about the bridge benefit. Adam: Some pensions do have a bridge benefit, which gives you a little bit extra money prior to age 65 which is to bridge you until you start your Canada pension plan or your old age security. So it gives you a slightly higher pension until that point in time and then it drops your pension. But then your CPP and your old age security kick in, which boost up your income back to where it should be. Rob: It's an advantage. Adam: It is an advantage, right? It's extra money that you're getting to try to smooth out your income throughout retirement. Rob: Okay. And what about cost of living adjustments? Are there any for costs of living. Adam: When it comes to that, the HEPP pension plan, it is on an ad hoc basis, which means they will give you the cost of living increase when they feel they have the money to do so. There are no guarantees in place that your pension is going to keep up with the cost of living increases. Rob: Historically, some of them have happened, some of them haven't. Adam: Yeah, they do it on a year by year basis. Depends on how the pension's funded. Depends on all the performance has been a variety of different factors that may only be partially indexed to inflation or cost of living on a year by year basis. But of course, there's no guarantees. Rob: That's called COLA. Adam: COLA, Cost of Living Adjustment. Rob: All right, perfect. Well thanks Adam. I really appreciate your time. It's great to have you here live from downtown Winnipeg talking about the HEB and the HEPP pensions. I'm Rob Tétrault from robtetrault.com, Head of the Tétrault Wealth Advisory Group here at Canaccord Genuity Wealth Management. Adam Buss, Senior Wealth and Estate Planner at Canaccord Genuity Wealth Management. If you have questions on this or on your portfolio or on your planning, or if you're retiring soon and you're not sure what to do, go to speaktorob.com, we'll book a consultation free, no obligations. We'd love to hear from you. Thanks for tuning in. Have a great day.
Corporate Owned Life Insurance (H1) Rob: Corporate owned life insurance is a neat way to save some taxes inside of your corporation while also protecting any and all risk inside your corporation. I'm Rob Tétrault from robtetrault.com, head of the Tétrault Wealth Advisory Group here at Canaccord Genuity Wealth Management. This is Adam Buss. He's a really smart guy and we're thrilled to have him here. Adam: Thanks for having me. Rob: A bit of a superstar. All right, Adam - corporately owned insurance. Where do we begin? Adam: Well first of all, who doesn't love talking about life insurance; it doesn't get any more exciting of a topic than that! But there's a variety of reasons that somebody may want to have corporately owned life insurance. Often, we see buy/sell agreements, which are a great way of kind of protecting the corporation. Rob: Okay. So, you and I are partners in a business. We put in our shareholders' agreement, and there's an agreement where if I pass or if you pass, you're buying out my shares. Adam: I'm going to buy your shares from you. It's pre-agreed upon that this is what's going to happen. But I don't want to go to the bank and borrow, let's say half a million dollars to buy you out from the corporation. Rob: Right. Adam: I'm going to put life insurance on you, and if you pass away, that guarantees that there is cash in place for me to buy your shares … Rob: And then that money goes? Adam: To your estate. Rob: To my estate, to my family, and that just comes out? Adam: Yeah. It's guarantee that that is going to happen. It gives the liquidity; your family has the peace of mind knowing that the cash is there for that transaction. Rob: Okay. For that, I assume you'd have to factor in growth of the company and that would be like the corporation would pay for both of our policies. I understand. Adam: Yeah. It's much more efficient if you have the corporation own the policies, as it's paid with after tax corporate dollars instead of after-tax personal dollars. As we all know, the corporate tax rate is a lot lower than the personal tax rate if you had to pay for that policy yourself. Rob: We're chugging along, we're running our business, and the corporation has a monthly expense or an annual expense for insurance. But you and I don't suffer as a result in our day to day salary or anything. And if ever anything happens to me heaven forbid, you get the company; you get ownership of it and my family gets the wealth. Adam: Exactly. Rob: It's a neat way to structure something to protect ourselves and our interest. Because you know, if there's no USA in place, maybe my wife now gets the shares or my partner or my estate gets the shares. Maybe they don't know anything about our business. It could be complicated. That's very important to look at. Adam: Absolutely, it's a key component. Rob: That's one. You could do buy/sell agreement. What else could corporately owned insurance cover? Adam: Well, a lot of corporations have debt within the corporations; whether it's buying real estate or operating loans, it's nice to have that debt paid off in in case of one of the key owners of the corporation passing away. Often banks require that the loans have adequate insurance coverage on it as well to give them the peace of mind that if the key employee, let's say Rob, passes away, that they're going to get their money to pay off that loan. Rob: Okay. You're covering the debt much like you would like on a mortgage or personal debt. Adam: Yes. Rob: Okay. You're covering the debt now. What about a key person - you hear that term a lot for sure? Adam: Yeah. A key person is basically there to make sure that any lost income for that corporation could be replaced if that key individual was to pass away. There's also such things as key person for critical illness or disability coverage. It's a way of the corporation protecting its earnings in the event that that key individual passes away or experiences and unfortunate illness. Rob: That would likely be for a corporation where there's potentially one or two individuals that are driving most of the revenue in the corporation. Adam: Yes. Rob: A trade perhaps, or a consulting business where one individual is driving a lot of the revenue. Adam: Absolutely. Rob: Okay. And then you insure the protection. That person's no longer to drive the revenue. You insure that. And then the corporation still has the assets. And the estate benefits from that. Adam: You bet. Rob: Okay. What about these tax planning strategies that I hear about where you're using corporate dollars to pay for a policy to effectively protect some wealth long-term, and to pull some money out of the corp effectively tax free? Adam: Absolutely. It is a great strategy we talk to clients pretty much every day about which is using a whole life insurance policy owned by the corporation, paid for by the corporation. Again, it's paying for it with after tax corporate dollars. And the idea is to try to get some of that cash out to the beneficiaries tax-free, or maybe to pay a tax liability on the disposition of your corporate shares when you pass away, maybe a large real estate tax liability, or you just have far too much money in your corporation, which is a good problem to have. But we want to try to get that out tax free to your beneficiaries as much as possible. And whole life insurance is one of the best strategies to do that. Rob: Okay. So let's talk about that last scenario. You've got too much money in your corp; great problem to have by the way. Super fun problem. So you've got a ton of money in your corp. You're not going to be able to spend it all. You're in the kind of high net worth ranking - you would consider yourself to be high net worth. There's a lot of money built up in the corp, but you do it through an operating company or a holding company. So, you've made profits in your operating company. Maybe it's moved to the company. Now there's wealth that's accumulated there. You're never going to spend it. You've got RRSPs, you've got TFSAs. Is that a situation where you could potentially consider a whole life policy? Adam: It's certainly something that we take a deep dive into every client's unique situation. I want to address and see, okay, how much of this corporate cash is actually needed to fund your lifestyle over time? Is any of it earmarked for a particular corporate project? Maybe the person wants to go and buy a new rental property in the near future, but we want to look at how much of that cash is surplus and is just sitting there. You're having to pay tax every year on the investment growth and we want to see how we can try to make that a bit more tax efficient moving forward. We're basically going to take some of that corporate cash every year and shift it from pocket A to pocket B into a tax-exempt life insurance policy where all of the growth is tax sheltered. Down the road when you pass away, it pays out to the corporation 100 percent tax free and then it pays out to the beneficiaries of your estate through the CDA credit. Rob: The CDA would be the capital dividend? Adam: The capital dividend account, which is a tax-free amount that can come out of the corporation. Rob: The corporation pays the insurance policy, correct? I pass away the corporation gets it tax free. Yes, the million or 2 million or whatever it may be. Absolutely. And then it also comes out of there completely tax free through the CDA. Adam: Yes. So generally it is going to be completely tax free. There may be a portion which is taxable, but it's very minor by comparison and generally the tax savings is huge by comparison to not having the strategy put in place. Rob: This would not be a situation like we've done in some other videos where we've talked about protecting risk through insurance. This would not be a situation where you're trying to protect the risk. This would be a situation where you're trying to optimize your estate for... Adam: Optimizing your estate. You're optimizing your tax efficiency for your corporation. Some people will use it as a tool to avoid the small business deduction. The grind on the small business tax rates since they implemented the passive income changes. Any income generate within the life insurance policy does not apply towards the passive income. Rob: It's exempt from that $60 grand rule? Adam: Yes. Rob: The passive income grind, if you make more than $50 grand of passive income annually in your corporation, your small business tax rate exemption gets grinded away. And this income would exempt that. Adam: That's correct. Rob: Okay, so just another way to shelter income. All right, we've talked about a whole bunch of different things – we talked about protecting debt, we talked about key person insurance, we talked about the tax efficient strategies, and we've talked about the buy sell agreements. Anything else you can think of that would make sense for a corporately owned policy? Full Blog Article and Video on How to Prepare a Sound Retirement & Estate Planning Strategy I guess the key thing we're taking away from all this is you're not paying this with after tax dollars, right? Adam: Yeah. You're paying it with after tax personal dollars. It's maybe costing you, you know, 90 cents on the dollar instead of more because you're using after tax corporate dollars and you have a fantastic low corporate tax rate. The other thing we often look at is which corporation, if you have multiple, should these policies be owned. Again, that's something we look at with our clients to make sure we find the right fit. Rob: Many times, we'll meet a client and their insurance is either not owned by the right corporation or we're being paid by the wrong corporation or its own personal when it should be owned corporately. Adam: Yep. Rob: This is stuff that I feel is fairly high level and you probably need really good advice on this. If that's something that's on your mind, make sure to go to speaktorob.com to get a free consultation with us. Adam, I thank you for your time today. We looked at a lot of really neat things. I'm Rob Tétrault from robtetrault.com, head of the Tétrault Wealth Advisory Group here at Canaccord Genuity Wealth Management. Today I had with me Adam Buss, Senior Wealth and Estate Planner here at Canaccord Genuity Wealth Management.
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