Imagine buying a car. You’d check ads, articles, the Internet, and talk to friends. You’d think carefully about the size of car, the features that are must-have’s, its intended use and, above all, your budget. You’d visit a few dealers, ask a lot of questions, do a test-drive and strike a deal you felt comfortable with.
Approaching a move to a retirement home isn’t much different!
The traditional definition of family is changing in Canada, with four in 10 first marriages ending in divorce, as reported in the 2006 census. For the first time in Canadian history, there are more unmarried people than legally married people.
The benefits of using family trusts in tax and estate planning cannot be denied. When looking to transfer family assets to the next generation, trusts can provide not only a tax-effective means, but flexibility in managing and distributing those assets. Done properly, a family trust is possibly the best vehicle to effect long-term wealth management planning for high net worth families.
Do we really need a financial plan? Are we actually better off having one than we are just being financially responsible? One thing is for sure, if we were able to work as long as we wanted and remain forever healthy, there would be little need for a financial plan other than to pay the least amount of tax along the way. But the reality is we do not live forever, we neither can nor want to work to our last day, and we do get sick. So a financial plan makes a lot of sense. It makes even more sense when you think about the turbulent economic times of the last few years and the uncertainties that continue to haunt us today.
Parents, adult children and finances – a recipe for misunderstanding and confrontation, or an opportunity for generations to work together? Is it possible? Decidedly, it is – but, like all good things, it takes awareness, co-operation and planning. It’s essential to understand the dynamics that motivate both generations.
The fact of the matter though is that most joint accounts are openedby individuals without independent legal or tax advice or even without the guidance of a qualified financial planner.
One of the saddest rites of adulthood is losing our parents, and it’s heartbreaking to see our surviving parent’s brave, solitary figure. Whether it’s after a lingering illness or a sudden attack, a death in the family is like a pebble in a pool – over time, the ripples affect us all.
The goal of the immigration process is to sponsor your parents so they eventually attain Canadian ‘permanent resident’ status. Canadian citizens and permanent residents living in Canada, 18 years of age or older, may sponsor parents from abroad who want to become permanent residents of Canada under the Family Class application.
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AgeComfort.Org’s experts don’t only care with passion but create examples. We are excited to announce that Barry Lebow, AgeComfort.org’s Senior Real Estate Expert was named Top 10 in Sales by Remax.
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