For affluent families wishing to leave a legacy, life insurance can provide unmatched certainty to preserve and build wealth over generations. Unrealized capital gains triggered upon death can result not only in taxes but the untimely sale of family assets. While liquid, stocks and bonds do fluctuate in value and are subject to volatility and market risk; a diversified investment portfolio that includes some life insurance can better protect against these risk factors. Unlike many other classes of investments, life insurance benefits are guaranteed. Similar to a bond, premium deposits provide the required investment capital in exchange for a minimum guaranteed benefit paid on maturity.
An effective family wealth plan incorporates new opportunities and strategies that assist you by preserving and increasing your wealth. However, taking the first step is often the most difficult. This is particularly true for people considering their estate planning issues and are unsure what to do about them. Our team of experts can help you navigate the difficult conversations and decisions around will planning, estate conflicts, choosing an executor and many of life’s uncomfortable questions to ensure your family is taken care of.
Investing time and effort as you prepare your personal tax returns can result in substantial tax savings. Our team can assist you in identifying potential opportunities to reduce taxes and protect your family’s wealth. Managing your wealth effectively requires continuous attention to ensure that as your family’s goals change, and as financial markets and government regulations evolve, you are capitalizing on strategies to help maintain, protect and transfer your wealth. Our team with the help of Richardson GMP’s Tax & Estate Planning professionals focuses on opportunities to preserve wealth and save or defer tax.
Are you considering ways to leave a legacy beyond your family, and do you see philanthropy – i.e. more strategic charitable giving – as a meaningful way to do so? Or are you younger and in a position to share your financial good fortune or inherited wealth in a way that helps you find greater purpose in life?
Regardless of your particular circumstances, the starting point for your philanthropy is a discussion with us about your values and the legacy you want to leave or impact you wish to make.
As Investment Advisors, we believe the discussion about your philanthropic plans is highly personal and should cover a broad range of topics at a deeper level: beyond the practical, this can include identifying the issues, priorities and beliefs that are important to you. It may also involve determining what constitutes positive impact or success and how this can be achieved through your philanthropic endeavors.
If you are age 55 or older, and thinking about retiring, or already retired, reviewing your options with your Advisor may assist in maximizing your benefits and minimizing your tax bill at retirement. Pension plans are the cornerstone of retirement, and millions of Canadians each year benefit by participating. Regular contributions during working years result in the enjoyment of predictable pension income at retirement. Whether it’s Canada Pension Plan (CPP), Old Age Security (OAS) or an employer sponsored plan, a variety of different pension options exist.