One important aspect of estate planning is consideration of whether it makes sense for couples to hold investments jointly or separately.
There are numerous types of investments that can bolster one's retirement portfolio, but for many people, their largest investment is in their home. For some homeowners, it may make sense to cash in on the principle residence and add the proceeds to the retirement nest egg.
The question of how to cover estate taxes is a common dilemma in estate planning. With that in mind, one thing you may want to avoid is saddling one of your beneficiaries with the tax bill while essentially allowing another beneficiary to avoid estate taxes altogether. This situation could produce heart-rending conflict among your beneficiaries.
As a parent or grandparent, you may be wondering about the surest and most efficient way to pay for your kids' or grandkids' postsecondary education. Given the significant cost, these matters require planning.
Tax considerations regarding retirement assets are a critical aspect of estate planning if you want to minimize your beneficiaries' tax burden. Here let's discuss some basic strategies for ensuring that beneficiaries are able to access and make the most of any retirement savings to be distributed.
Do you have a retirement plan but are not quite sure of whether it will be enough when you reach retirement age? If so, then you are not alone.
A comprehensive estate plan can include multiple vehicles for retirement savings. For example, a trust, a tax free savings account and a registered retirement savings plan can all be coordinated in the same estate plan in order to maximize your finances during retirement.
In less than a month, Canada will hold its 42nd general election, and a hot political topic this year is the Tax Free Savings Account. The annual contribution limit for the TFSA was raised by the current Conservative government to $10,000, and the Liberals and New Democrats have made it clear that they want to bring the amount down to the previous limit of $5,500.
Retirement planning is an essential part of comprehensive estate planning, but these days many Canadians are having a difficult time saving for retirement because of a common factor: they still support their adult children.
Studies and census data have shown that the divorce rate among baby boomers has risen significantly over the last couple of decades. Commonly called "grey divorce," the end of a marriage for baby boomers can lead to complications in terms of estate planning.