Archive for 'Informational'

Life Is Forever Changed

Life Is Forever Changed

After the death of a loved one, life is forever changed. You are now a single in a couple’s world. As you’ve discovered grief is quite painful and you need your friends more than ever. Unfortunately, many couple friends are lost when you are no longer part of a couple.

There is nothing worse than having to leave a gathering of friends to go home alone to an empty house. Most of us have experienced this feeling because ...

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Minimizing Mortgage Costs

Minimizing Mortgage Costs

Courtesy of Alexandra Evans-Munoz from The Mortgage Centre.

The following strategies will help you to minimize the amount of interest you pay and the number of years you hold your mortgage.

Increase your payment amount

It may take some adjusting to work into your budget, but increasing your monthly payment amount can save you thousands of dollars in interest over the duration of your mortgage and reduce the life of your mortgage for several years. For example, suppose you have a 5- ...

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Grief in the Workplace

Grief in the Workplace

Courtesy of Patricia Muir from Executive Encore – Maestro Quality Inc.

A few years ago, I worked with a young woman who lost her sister to a rare cancer. In the months, weeks, and days leading up to her sister’s death, I saw her struggle with her commitments to her work, her sister, and her children. Other than a few urgent phones calls at work and a few emergency-leave days, it was business-as-usual considering the major disruption in her life. Her ...

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Widows – When To Date?

Widows – When To Date?

How many times have you thought to yourself: I don’t want to “work” at a new relationship, I want it to be the fun part of my life. And how many times has a nagging voice in your head chimed in, well, just live alone then, because there’s no such thing as a toil free relationship.

You will still argue and still have moments of total frustration. Whether it’s a friend or another partner, relationships do require effort. ...

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Yesterday A Wife, Today A Widow

Yesterday A Wife, Today A Widow

Courtesy of Robert Lamb from Maven Financial.

Yesterday A Wife, Today A Widow

When a widow first comes to me she often seems lost and very alone. “I believed my life was over. I believed I would never be happy again. I believed I had no reason for living…”

“Can I make it?” is the same question asked by widows whether they’re worth more than a million dollars or considerably less. As a financial planner the role becomes that of being a decision ...

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What are an Executor’s Duties?

What are an Executor’s Duties?

Courtesy of Kareim M. Abbouda, Financial Advisor

Personal representative checklist
This checklist will provide a better understanding of your many duties as an Executor; however, depending on the situation and your relationship with the deceased, not all points will apply. It is recommended that you seek legal advice at the outset if you think it might be necessary.

Making necessary arrangements
In general, the following arrangements will need to be looked into immediately after death:

Arranging the funeral
– Notify family, friends, heirs ...

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A Financial Recap on 2011

A Financial Recap on 2011

Courtesy of Claire Sarda from Redsell-Seguin and Associates.

A Financial Recap on 2011

As we close out 2011, a heavily volatile year for stock markets, we breathe a sigh of relief that the year is now behind us. Some stock indices finished the year higher like the US Dow Jones Industrial Average, some lower like the Canadian S&P TSX. However, European markets by far took centre stage throughout 2011.

To recap, each quarter of 2011 was captivated by headline news. There was the ...

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Business Ownership Changes…

Business Ownership Changes…

Courtesy of Kareim M. Abbouda from Investors Group.

Is your business prepared for an unexpected ownership change?

A buy-sell agreement can help avoid future turmoil.

Your business couldn’t be better – and then it happens: a co-owner suddenly becomes disabled or dies from illness or accident. That could mean the disruption of your business, your income and possibly even a comfortable retirement.

Good business
That is why business succession planning – including a well-constructed buy-sell agreement – makes good business sense, for both co-owners ...

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Death & Taxes Part 2

Death & Taxes Part 2

Courtesy of Janet Baccarani & Jennifer Black from DFS Private Wealth.

Widows and widowers can face a variety of distinct issues come tax time. In our second installment on “Death and Taxes”, we examine RRSP options.
RRSP options after the death of a spouse

Let’s first deal with what some might consider the obvious. No contributions can be made to a deceased individual’s RRSP after the date of death.

Note however, the deceased individual’s legal representative can make contributions to the surviving ...

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Dying Without a Will

Dying Without a Will

Courtesy of David Mills from Mills and Mills LLP.

If a person dies without a valid Will, lawyers say that the person died “intestate” or that they left an “intestacy” (whereas a person with a Will dies “testate”). Many people have no idea – or, more frequently, the wrong idea – of what will happen to their money if they die intestate.

In Ontario, Part II of the Succession Law Reform Act governs how a person’s estate will be distributed ...

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