In part two of a three-part series, “Fresh perspectives on estate planning,” Peter Drake, former vice president, retirement and economic research, Fidelity Investments, Canada, discusses how to manage financial planning and family dynamics between the death of the first and second spouses.
In part one of a three-part series, “Fresh perspectives on estate planning”, Peter Drake, former vice president, retirement and economic research, Fidelity Investments, Canada, gives tips on how to help clients balance funding their own retirement with their desire to help the next generation with skyrocketing real estate and education costs.
When a client dies, he or she leaves a trail of online accounts, complete with login names and passwords. Managing these digital assets is an important part of estate planning in the 21st century
The report aims to address concerns that the existing probate system is too costly for small estates
Children can lose out when a parent remarries and fails to protect their offsprings' interests with a will, as a recent decision from the Alberta Court of Appeal shows
Estate executors now will be required to file a new form estimating the value of an estate - with supporting documention. Failure to file or making false statements may lead to fines, penalties and even imprisonment
Warn clients about the importance of proper estate planning
Trust and estate planners were concerned about the implications of the wording added to a subsection of the Income Tax Act
Program tailored to address changing financial and non-financial needs as clients age
This type of trust can be especially useful for clients with blended families