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Why A Power of Attorney for Property is CRUCIAL for Retirees Thumbnail

Why A Power of Attorney for Property is CRUCIAL for Retirees

A recent study by Ipsos Reid and the OSC found that over 40% of Canadian retirees who were surveyed indicated that they do not presently have a Power of Attorney for property. This is a staggering number. The Power of Attorney for property may be one of the most important documents that you ever sign. It gives a person or persons the authority to handle your property on your behalf when you become unable to. In this video, I am going to walk through: 1. What a Power of Attorney for property document does 2. Why the document is important 3. Common issues that I see with powers of attorney and why they should be checked regularly 4. Important factors for retirees to consider when drafting a power of attorney for property

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Retirees:  Please Avoid These Risks of Adding Adult Kids to Your Accounts Thumbnail

Retirees: Please Avoid These Risks of Adding Adult Kids to Your Accounts

Whenever retirees hear the word “probate” they immediately feel the urge to avoid it at all costs. This may cause them to take steps that they believe are harmless and will allow them to avoid this process. Commonly, one of these steps is adding their adult children as joint owners on their bank accounts and some investment accounts. The idea being that they can continue to enjoy the assets while they are alive, they can get their kids’ help managing the assets as they age, and when they eventually pass away, those assets can go around the estate. But what many retirees don’t understand is the risks and issues that they are taking on when they make these changes.

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Estate Planning with TFSA's Thumbnail

Estate Planning with TFSA's

In this video I walk through some estate planning considerations for Tax-Free Savings Accounts. I am going to explain how beneficiary designations work for TFSA’s when you pass away and explain a useful approach to passing your TFSA along to your spouse when you pass away that will save you time and frustration.

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Should I Add My Kids as Joint Owners on My Accounts? Thumbnail

Should I Add My Kids as Joint Owners on My Accounts?

Are you approaching retirement, or in retirement, and wondering - when is it a good time for me to add my kids as joint owners on my investment accounts? Perhaps you want to smooth the process of getting those assets to your children later on, or you want to avoid the estate process, or possibly avoid taxes. While these may be noble intentions - adding adult children to investment accounts may carry consequences that you want to avoid.

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