Services

Single Again

Nobody plans to lose a loved one through death or even divorce, but if you do, your financial situation can change dramatically. We are here to help you put yourself back together, mentally and financially. Starting by creating a new plan, re-establishing a new budget, looking over your retirement plans, reviewing your estate plan, and implementing strategies for asset protection. Click "Our Services" to see how we will help you to get your life back on track. This is something you don't have to go through alone, and we are here to help with every step of the way.

Estate

A major event such as a divorce or the death of a spouse can be a very traumatic experience to go through. It can be a daunting process to put your life back together, but that is what your friends, family and your advisors are there to support you with. One critical element to consider during this rebuilding time is the re-evaluation of your estate plan. Priorities and needs may have changed drastically and need to be addressed. Your Will, powers of attorney and insurance contracts all may need to be amended to reflect these new priorities.

Here are some things to consider:

  1. Wills – Have you put in writing what your wishes are should something happen to you? Is it of importance to you and your family who your various assets go to? These wishes may have changed significantly since becoming single again and your Will needs to reflect them.
    Please give us a call for your free Will Checklist and Organizer
  2. – If something were to happen to you such that you become incapacitated, who will make medical and financial decisions for you? - Your children, your parents?
  3. – Do you have "minor" children? Are you worried about misuse of inherited money? Would you like some of your money to go to a charity? Trusts can be very useful, but sometimes complex tools.
  4. – If you have debt, dependent children, or a private business then appropriate insurance is essential. Will your loved ones be left with substantial financial strain or will your children lose out of future educational opportunities if something happens to you? More information

Please contact our office for more information or to set up an appointment.
Call us at 905-735-5555 or Email us at

Retirement Planning

After a traumatic or life altering event, planning for retirement may be the furthest thing from your mind but it is an important factor to consider. Retirement planning is a pivotal element in a successful financial life plan and because your circumstances have now changed, re-visiting, or possibly even starting your plan is important.

Here are some things to consider:

  • Do you know what retirement savings and pension options you now have? (These may either have increased or decreased depending on the circumstances)
  • Do you know what kind of lifestyle or income needs you will need in retirement?
  • Do you have a retirement plan?
  • Are you contributing to your retirement savings or pension?
  • What investment tools are you using? (TFSA, RRSP etc.)

Income Replacement

We rarely want to think about bad things happening to us. However, the reality is that they can happen. You need to consider what protection you have in place for you and your family and whether or not it is adequate should something befall you! The move from being in a relationship to being single can have consequences that affect the type and level of protection you need.

Here are some things to consider:

  1. Life Insurance: Do you have any debt? How would this debt be paid for if you died? Is your family protected?
  2. Disability Insurance: If you become disabled, how will your monthly expenses be paid? This is one of the most important forms of insurance
  3. Health insurance: Is your job providing adequate health and dental coverage for you? Most companies are cutting back. But fear not, there are ever-more privately funded options becoming available.
  4. Critical Illness Insurance: Should you be stricken with a severe or even terminal illness such as organ failure, how will you pay for the best and most immediate care? How will your monthly expenses and lifestyle changes be covered?
  5. Long-Term Care Insurance: The costs of caring for a person once they become older and increasingly incapable of performing daily tasks is exorbitant. Do you have a plan in place to ensure care for yourself when and if you reach this stage in life?

Mortgage Financing

At this time in your life you may or may not have already purchased a house and have some sort of mortgage in place. You may have just had to sell a house and are now looking for one on your own. Regardless of your circumstance, there is a lot of information out there, much of it confusing, some of it misleading and it is easy to become overwhelmed. The key is to get some expert advice before making a decision about one of the most important assets you will own in your lifetime. Depending on where you are at in your home ownership process the options can differ. We always advise clients to seek out the help of a professional mortgage expert before making any mortgage decisions.

Here are some things to consider:

  • Is this your first mortgage?
  • Do you have any other debt or lines of credit?
  • What is the purpose of the mortgage?

Education

I think it would be safe to say that our children are the world to us. Ensuring they have a bright and successful future is paramount, yet increasingly expensive. It is critical to begin planning early so that neither you nor your children will be burdened with exorbitant financial strain during one of the most important educational stages of their life.

Here are some things to consider:

  • Do you plan on sending your children to college, university or some other post-secondary educational program? Do you want to assist them with the ever increasing costs of tuition?
  • Have you begun a savings plan? What kind of investment tools are you using?
  • Are you aware of the educational assistance programs offered by the province?

Ailing Parents

As you get older, you must not fail to remember that your parents will age as well. And as we age, things change and roles begin to reverse. For those we love dearly, it is a good idea to plan ahead for the inevitability of ageing- the increasing possibility that your parents will require help looking after themselves.

Here are some things to consider:

  • Who will look after your parents when they begin to be unable to look after themselves?
  • Do you have a plan in place to for financing and relocating them if necessary?
  • Who will make the decisions should they become incapacitated (Please see estate planning, in particular Wills and Powers of attorney).
  • Tax Planning

    At this stage in your life, taxes are your enemy. If you haven’t already been introduced to the immensely erosive power of taxes, you will inevitably get to that point as your income and assets change. Taxes can cost you a lot of money, or if managed correctly, can save you a lot of money. We always recommend seeking the help of a professional tax advisor when making any decisions with tax consequences.

    Here are some things to consider:

    • Has your spouse recently passed away and have you consulted an advisor? If not, we highly urge you to do so!
    • Who prepares and files your taxes?
    • Are you co-habiting with someone? Do both of you earn an income?
    • Do you own a company?
    • What tax savings tools or investments are you using and have you consulted a professional before using them?
    • Most importantly, do you currently have a tax advisor (accountant)?

    Major Purchases

    At this point in your life you may have been anticipating purchasing a major asset with a partner and are now faced with this task on your own. Do not let this realization daunt you though. There is a lot of advice and plenty of tools out there to help you accomplish your goals. The key is to make sure you are not putting yourself in a vulnerable and financially stressful position.

    • Is the purchase still viable and in line with your goals?
    • What kind of purchase are you planning on making (house, renovations, vehicle, cottage, etc)?
    • What kind of planning, if any, have you done to accommodate this purchase?
    • Do you currently have any outstanding debt (Mortgage, line of credit, loans, etc)?
    • Do you have, or have you consulted with a financial or debt advisor?

    Please contact our office for more information or to set up an appointment.
    Call us at 905-735-5555 or Email us at

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