Graham*, like millions of other Canadians, has and uses credit cards. He often carries a balance from month to month and is concerned about making the monthly payments if he becomes disabled or gets seriously ill. Graham doesn't want to stick his family with the balance if he dies before paying it off.
Most Canadians want to pass their life savings on to their heirs. The assets remaining once retirement needs are met will be distributed more effectively if there is a properly prepared will detailing the deceased's wishes. Many people mistakenly believe that this issue is far in the future. Preparation of a valid will and its related estate planning considerations should be the cornerstone of a proper estate plan. Whenever there is a change in circumstances, the will should be reviewed and updated as needed.
What an exciting and wonderful year we have had here at Carruthers … We had our first new arrival in April with Diego's daughter Draper (and Keith's first grandchild), followed up in July with Nivalda's newest addition, Matthew. And our year of the Baby reached the trifecta this past month with the addition of Keith's second grandchild.
Keith's daughter Carlyn welcomed a beautiful and healthy baby boy - Bodee was born on October 18th. What a wonderful year, full of babies and new possibilities.
When asked if they had any regrets, Baby Boomers wished they had started investing and saving at a much earlier age. Hindsight being 20/20, the Boomer generation can pass on some much needed advice and guidance to their kids and grandkids. It is normal for younger people to focus on earning money to accommodate their lifestyle but few have the foresight to pay themselves first. It is easy for younger generations to imagine their whole life ahead of them and have the attitude that of course I'll be financially set when I'm ready to retire'.
The holidays are a time for family to gather together and share in the warmth of the season. If family members live at a distance, the holidays also provide one of the only opportunities of the year when adult children can sit down with their parents and siblings to discuss practical matters.
We had our first joint event with BDO this past month – a Pint and a Plan … and it was a great success. Diego moderated our panel of experts, made up of Joel Rusell of BDO, and our own Jennifer Walker. With the craft brews flowing, an engaged audience of accounting professionals, and small business owners learned about some of the challenges and solutions in each stage of their business.
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