🇨🇦 Succession

Published On: September 15th, 2023

There’s the family dynamics, the potential weirdness, taxes, and all the legacy stuff to consider whether you’re the one bequeathing or inheriting assets. Maybe it’s a little, maybe it’s a lot – regardless of the size, families should make an estate plan. A generational wealth transfer is under way and reports “ballpark” the shift at about one trillion in Canada. The questions:

  • How do you talk to and prepare your kids for an inheritance?
  • Is it better to gift money now?
  • How do you make wise decisions when inheriting money?

This week is a starting place for talkin’ about family estate planning. A huge thank you to reader Nancy for requesting this awesome topic, and to Julia Chung, CFP, and CEO of Spring Planning for sharing her expertise.

Let’s do this!

Today’s newsletter is 332 words, 1:40 minutes.

11 Money things worth reading this week

1. Tips and insights from experts, mistakes to avoid. Estate planning in Canada (YouTube)

2. Let’s talk about it. Four cornerstones to family meetings

3. All together now: GenZ, Millennials, GenX, Boomers. How to pass wealth to the next generation (YouTube)

4. Your legal rights and responsibilities. Probate explained (YouTube)

5. Surprised? “Majority of the wealthy come from middle-class or working-class backgrounds”. How Families Adapt to Wealth Across Generations (Amazon)

6. Under new management. Preparing the Next Generation: A Family Business Roadmap

7. You’re still here. Giving while you’re living

8. Early inheritance? On Twitter: Two tips from Aaron Hector, R.F.P., CFP, TEP and points on family dynamics from Mark McGrath, CFP.

9. Keeping your OAS. How to invest an inheritance in a low income tax bracket

10. Clean sweep. Don’t leave a mess (Amazon)

11. When you don’t trust. Much more than tax minimization – Talking Trusts

I’m always thrilled to find answers to your questions. Feel free to reply to this email if you’ve got a topic you’d like me to cover. As always,

Love love love,

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