Careful planning and realistic goal setting will keep your financial plans on track by reducing the risk of making critical mistakes and increasing opportunities for achieving your objectives.

The key to achieving financial independence is to start planning today and follow a few important steps:

• Determine your goals and objectives
• Assess your current financial situation
• Identify problems and opportunities
• Consider recommended alternatives
• Implement chosen solutions
• Review your financial plan periodically

Our team of Estate Planning Advisors works closely with Canaccord’s Investment Advisors to help clients make the right choices by providing thoughtful solutions to help you achieve your financial independence.

Canaccord Estate Planning Services Ltd. is also an independent insurance provider with access to a complete range of insurance products that can be custom-tailored to suit each client’s needs.

Estate planning is one of the most difficult areas of financial planning for people to focus on. It is a process that involves providing for family members, business partners, charities and others, and dealing with the final chapter in your life. In order to ensure that property is transferred to beneficiaries in accordance with your wishes, you must plan ahead.

Even though our lives are becoming increasingly complex, effective estate planning doesn’t need to be complicated. Done right, it enables you to:

• Minimize income taxes and probate fees
• Provide adequate inheritance distributions
• Arrange donations to a favourite charity
• Ensure sufficient liquidity to pay bills
• Develop strategies for income splitting
• Protect your assets from creditors
• Secure the survival of a family business

Estate planning involves more than the preparation of a will. It’s an ongoing process that ensures your wealth is maximized during your lifetime.

As your family situation becomes more complex and your wealth increases, estate planning prevents costly tax bills and unpleasant legal surprises. In addition to the financial benefits, a well-prepared plan gives you peace of mind knowing that your family will be looked after in the best way possible.

IS YOUR ESTATE PLAN EFFECTIVE?

Estate planning takes a step-by-step approach that requires careful consideration of numerous financial and family matters. Answers to the following questions will assist you in establishing the personal objectives required to implement an effective plan.

1. Do you have a will?
2. If you have a will, is it up-to-date, reflecting your current wishes and financial position?
3. Have you prepared a list of assets and liabilities to determine your net worth and potential tax exposure?
4. Is there enough financial liquidity in your estate to cover tax liabilities and fees?
5. Have you made provisions in the event of joint spousal death?
6. Have you appointed a guardian for young children?
7. Will your family’s lifestyle be maintained after the death of one or both spouses?
8. Have family or personal property items been listed for tax-effective distribution to specific individuals?
9. Have charities been considered in the distribution of your assets in the most tax-effective way?
10. Have you made arrangements for the management of your affairs in the event you become incapacitated due to illness or injury?
11. Has a family trust been considered to take advantage of income-splitting opportunities and to ensure that family members are provided for?
12. Have beneficiaries been named for insurance policies, RRSPs or RRIFs?
13. If you own a business, have provisions been made to ensure that it remains in the family or that it will continue to operate in the event of death?
14. Have you consulted a legal, tax or investment advisor recently about estate planning matters?

If you answered no or not sure to any of these questions, now might be a good time to schedule an estate planning review meeting by calling Dave Kaiser directly at 604-643-7459.