While life insurance never seems to be on the top of your to do list, it is an important component of your financial plan and a source of liquidity that success itself will necessitate. If you are planning to purchase life insurance in the near future – and if you are purchasing a home, having a … [Read more...]
Serious illness at a young age can trigger a financial crisis
A serious illness at a young age can trigger a financial crisis Our ability to earn an income can be interrupted by disability, sickness or accident (see below link). SHARRATT, A. (2017, June1). A serious illness at a young age can trigger a financial crisis. The Toronto Star. Retrieved … [Read more...]
Family Money Talks – Cottage Succession
The source of generations of happy memories, the future of the cottage in the lives of an expanding Family can also be the source of worry and angst. Honest Family discussions about the future of the cottage are a sensible starting point. Who is likely to be in? Who is likely rather to be … [Read more...]
New drug benefit program coming to Ontario
A new drug benefit program is coming to Ontario in January of 2018 which will provide the roughly four million Ontarians under the age of 24 with publicly funded drug coverage. The announcement, made by the Government of Ontario in the April 27th, 2017 Budget, outlined the new … [Read more...]
Estate Planning: How to keep the cottage in the family
Corporate shares; bond certificates; investment accounts and gold bars are representative of some of the assets created by a lifetime of work; but none carry the collective emotive of the Family cottage. The joyous memories perhaps across multi generations almost always result in … [Read more...]
What and When Is “Estate Planning”?
For many people it doesn't make sense to work a lifetime to accumulate assets; only to have at least 25% of much of their value confiscated at death or distributed otherwise than in accordance with their wishes. Hard work is what built this country. The desires to succeed; to raise a family; build … [Read more...]
Major Principles of Insurance #2
As we deal with entrepreneurs who collateralize assets as they grow their businesses and create estate exposures in the event of premature death, disability or sickness, it is reassuring to know that the proceeds of life insurance are creditor proof. Our client Richard is a wonderful young man. … [Read more...]
Major Principles of Insurance #1
When my Grandfather returned at the conclusion of the Second World War from serving six years overseas with the Royal Canadian Artillery he contemplated a career in the financial sector and had narrowed his choice to the brokerage, banking or insurance industries. He was shocked to learn of the … [Read more...]
Retirement #3: The Living Standard Retirement Ratio
Notwithstanding the various retirement income planning guides and models referenced in the previous article in this series - their applicability will vary according to the personal circumstances of each retiree or retiring couple. As reported in Rob Carrick's Globe & Mail article of FEB 5th, … [Read more...]
Retirement #2: How much retirement income should be targeted?
The Stanford Research Institute advises planning to replace 75% of one's economic human life value in the event of death, disability or retirement. What does this actually mean? Consider your ability to earn an income akin to a money machine located in your basement. Just as you would insure such … [Read more...]
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