|
 The
Money Management Newsletter: Managing
Money
Financial planning is an ongoing process
So, you've completed your will and that's it for that.
One more item off your to-do list. When was that anyway? Last year? The
year before? Not sure?
Consider this. Do you know who the biggest beneficiary
was of Princess Diana's estate? England's Inland Revenue Service to the
tune of $20 million. They grabbed 40 per cent of her estate in the form
of taxes.
You see, Diana's will was written in 1993 and hadn't
been amended after her divorce settlement. It didn't describe how to manage
her personal property and contained no provisions to minimize taxes.
Not many of us will have a "tax problem" of
the magnitude encountered by Diana's family. But no matter what the size
of your wealth, financial planning is an ongoing process. Tax, family
and succession laws are continually changing. So too are your personal
circumstances, along with the market value of your assets. Family members
come and go. Things change.
Since we live in a world that's constantly changing,
you need to be sure your plans are up to date. You can do that by meeting
regularly with your financial adviser to ensure that changes in your life,
and the laws that affect your estate and financial plans, will not result
in unpleasant surprises when you least expect them.
If any of the following events have occurred
since you last met with your financial or legal adviser, now might be
a good time to schedule a review meeting.
| Since
your last meeting, have you ... |
Yes |
No |
| Been
married, divorced, separated or widowed? |
r |
r |
| Had or
adopted a child? |
r |
r |
| Lost a
child or grandchild? |
r |
r |
| Added dependents
(aging parents, children returned home)? |
r |
r |
| Loaned
money to your children? |
r |
r |
| Bought
a home? |
r |
r |
| Acquired
new property such as a cottage? |
r |
r |
| Increased
/ decreased your net worth significantly? |
r |
r |
| Received
an inheritance or significant gift? |
r |
r |
| Made a
substantial gift? |
r |
r |
| Thought
about making a planned gift? |
r |
r |
| Started
a business? |
r |
r |
| Bought
life insurance? |
r |
r |
| Moved to
a new province? |
r |
r |
| Become
uncertain whether your estate's assets will be greater than your estate's
liabilities on your death? |
r |
r |
| Discovered
that your executor is now unwilling or unable to perform his or her
duties? |
r |
r |
| Realized
that you might outlive your executor? |
r |
r |
| Started
an RESP? RRSP? Pension? |
r |
r | * * *
|
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 © , Fiscal Agents Money Management Newsletter
25 Lakeshore Road, Oakville, On L6K 1C6.
(905) 844-7700
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