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Estate Planning



As we near our retirement years, we hope that the mundane grind of life comes to a halt. However, the need for financial planning doesn’t escape us. Monthly bills and expenses continue. Buying an Annuity Plan, post retirement, can be a smart way to ensure that your regular income stream continues and helps you stay on top of your expenses.

Why It’s Important to Make a Will
“Nothing is certain but death and taxes,” the old saying goes (attributed to American founding father, Benjamin Franklin). While you can’t control either of these two inevitable events, you can make a will to ensure that your financial affairs are managed according to your wishes once you’re no longer able to do so due to incapacity or death.

Why you should have a power of attorney?
A power of attorney becomes useful when you are out of country for an extended period and need someone to do your banking, pay your taxes and manage your other affairs while you’re away. The usage becomes more meaningful when you become mentally or physically disabled and need someone to carry out tasks that you are mentally or physically unable to do.

What happens if you die without a will?
Without a valid will, you are considered to have died intestate (ie, without a legal Will in place). When that happens in Canada, the province you lived in decides how your assets are distributed, which may or may not be consistent with your wishes. Dying inestate may even leave various complication in your family.

How soon should you do your estate planning?
Life is quite unpredictable and hence, the earlier you plan, the better it is. Having a plan in place is the best thing you can do it for yourself and your loved ones.

How do I plan for the taxes on my estate when I pass away?
Some choose to protect their estate by purchasing a permanent life insurance policy to help offset the cost of income taxes on their estate after they pass away. Others might transfer their assets tax-free to their spouse/partner

How does Life Insurance fit in estate planning?
One key use Life Insurance in a estate planning is to equalize payout to beneficiaries. For instance, you may want to leave your investments to your partner but also want your children to receive a legacy payment. Life insurance can provide additional funds to ensure fair distribution of assets, equalizing your estate and helping you meet your desired goals and wishes.

What are benefits of estate planning?
Prevents financial and legal grief to your loved ones Ensures that all assets are passed on to your loved ones Minimizes estate taxes and probate fees helps the beneficiary reduce tax outgo on account of inheritance Avoids complications, disagreement, bitterness and drift in the family Determine who will handle all your financial affairs, in case you were to become incapacitated tomorrow.

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