It’s a familiar story, I begin working with a new client. Inevitably they have never discussed or considered the amount of taxes that will be paid by their estates. This, with all the information available to us in 2020. Since most Canadians have no idea what that tax number is likely to be, they likewise have made no arrangements to deal with it.
Even those that have a nagging feeling that there is something they should be doing often do only the most basic estate planning in the form of a Will.
Why do Canadians avoid the conversation?
Well, there’s the talking about death part of that discussion. Then add that a lot of us are not comfortable talking about money.
Then, like I said, the problem isn’t clear to us: We just don’t know our numbers. Next Canadians often believe that it’s inevitable: Death and Taxes as they say. And if people believe there is a solution, they often believe that it’s just for the ultra wealthy or simply too complicated.
And it can be complicated. Consider that we each own different assets and they all attract their own tax treatment. We each have different family situations to consider. We have unique values and causes we care about. There are no standard cookie cutter answers here.
I’d like to suggest that the more specialized the advisor, the simpler the advisor can present the solution to you. What if you worked with an advisor who showed you what your kids are going to get if you do nothing and what your legacy will be if you take action? What if you could make a significant gift to charity and your kids get more too? Would it help if we could cut right to the results? Would it help if it looked like this?
How prepared is your estate? What if you could make a far bigger impact than you ever imagined by leaving more to your family, more to charity and as little as possible to the tax man? Send me a quick email and I’ll send you an estate checklist to help you determine your next steps.
When we are mindful about the way we leave our money behind, we cast a vote for our values and we practise ☺Mindful Money Management. Join the mindful and create a better world. Imagine what it would be like if we all became mindful. Mindful Money Management makes that happen when you spend, invest and donate to create a better world.
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How are you voting for your values? I’d love to learn about the impact you plan to make. Please feel free to contact me at [email protected] with your comments and ask to be included on the guestlist for my next Mindful Money Management Zoom Workshop. See you there!