Here are some common TIPS Canadians should consider when assisting family members with handling their financial affairs while alive. And some common TRAPS that may occur once an Executor is working on distributing the Estate assets to the heirs.
It is a common practice to have all of Mom's or Dad's bank accounts set up in joint name with an adult child. This allows the child to clear out the bank accounts when Mom or Dad passes, and to avoid Probate (Letters of Administration etc.).
You've likely heard the term "financial resilience". You may even know it refers to a household's ability to navigate and overcome financial stress and hardships that life inevitably throws at you. But did you know that financial resilience can be measured?
Retirement is a significant life event that requires careful planning and preparation. One of the most important aspects of retirement planning is figuring out how to generate income during your post-work years. In this article, we will discuss some wise retirement income strategies that can help you make the most of your retirement savings.
Managing personal finances effectively is crucial for long-term financial stability and security. However, many consumers often fall prey to common financial mistakes that can hinder their progress and lead to unnecessary stress. By understanding these pitfalls and taking proactive steps to avoid them, individuals can make smarter financial decisions and pave the way for a more prosperous future.
In this article, we will highlight seven common financial mistakes that consumers should be aware of and provide practical tips on how to avoid them.
Life insurance, including mortgage or creditor insurance, is a key tool in your financial arsenal. This article will provide a high-level overview to help you better understand your choices when considering life insurance as part of your overall financial strategy.
Life insurance, at its core, protects the standard of living of loved ones left behind after someone passes away. While you pay for it (similar to car insurance), the benefit goes to other people.
When it comes to your estate, it is important to consider giving some thought to how you want to distribute your assets, household goods and other gifts to your heirs as you contemplate your other matters in life. This, including tax planning, is what lawyers refer to as Estate Planning, which can be a simple or complex matter depending upon your specific situation and the needs of your heirs. So why bother to worry about having Wills, Powers of Attorney and Living Wills or Medical Directives updated to reflect your hopes, wishes and personal values?
