Estate Planning Checklist

Retirement Income Planning, Calgary

Estate Planning Checklist

Taking Inventory

Define your goals and objectives

  • How important is it for you to leave an inheritance
  • To whom will you leave an inheritance
  • How much will you leave each person

Evaluate your objectives

  1. How will you achieve your goals
  2. What are the tax consequences

 

How can you meet your objectives

  1. Will - review and update
  2. The use of trusts
  3. Minor beneficiaries & appointment of Trustee
  4. Power of Attorney
  5. Enduring Power of Attorney

What Advisors do you need to help with your estate

  1. Is your current advisor capable of doing the estate plan
  2. Accountant
  3. Lawyer
  4. Funeral Director
  5. Insurance agents

Periodic review of your estate plan

  1. Has any beneficiary pre-deceased you?
  2. Updating beneficiaries
  3. Has there been a change to the family dynamic
  4. Incapacitation
  5. Mariage breakup, blended family
  6. Change of asset status

 

Estate and Financial Planning Strategies:

Joint Last to Die Life Insurance Policy

Insured Annuity

Prescribed Annuity

Dependent’s Relief & Spousal Rights

Spousal Roll Over Provisions

Property Ownership

     -Joint with Rights of Survivorship

     -Tenants in Common

Cash Surrender Life Insurance Policy

Estate Liquidity Solutions

Inter Vivos Trust

Alter Ego Trust

Spousal Trust

Testamentary Trust

Irrevocable Trust

Charitable Giving Trust

Family Trust

Funding a Trust with Insurance

Charitable Giving in Year of Death

Treatment of Allowable Capital Tax Loss in Year of Death

No Attribution Beyond the Grave

Principal Residence Deduction and Selection

Named Beneficiaries

Spousal RRSP contribution in the year of death

Electing out of a spousal rollover

The 36 Month Rule

Codicil

Will Substitutes

Tax Planning Solutions:

-income splitting with CPP

-RRSP withdrawal strategy to reduce taxes

-RRIF conversion timing

-Age 65 tax credit

-$2000 per year from your RRSP tax-free

-Pension splitting

-CPP and OAS timing

-selling major asset

-retirement packages or termination packages

 

4 Potential Tax Returns of a Deceased Tax Payer:

    1. Rights and Things

    2. Partnership/Sole Proprietor Tax Return

    3. Testamentary Trust Income

    4. Terminal Tax Return

 

Portfolio/Investments and Guaranteed Retirement Income we offer:

  • All types of Annuities
  • Discretionary Managed Portfolios
  • GIC’s
  • Guaranteed Monthly Withdrawal Benefits
  • Guaranteed income for life products
  • Systematic withdrawal plans
  • Alternative investment strategies in private equity
  • Investments for growth and yield or hybrid models
  • Long-term care strategies
  • Options for Commuting a defined benefit or defined contribution group pensions

For Incorporated Business Owners Only:

Estate Freeze

Section 85 Roll Over

Section 86 Reorganization

Holding Company

Estate Equalization

Buy/Sell agreement and funding options

Individual pension plans

Advantages of Corporately owned insurance

Conclusion:

It's important in retirement to have a trusted advisor that you can work with for many years to come. 55% of pre-retirees will change advisors when they transition to retirement because they realize they need specialized planning with a focus on income protection.

If you are in or close to retirement and would like to meet with us to put together a retirement income plan, book time in our calendar for a meeting time. We'll also discuss:

  1. How long will my money last?

  2. How much can I spend each year and still have confidence that I won't run out of money?

  3. When should I take CPP and OAS? 

  4. Which of my assets should I spend first to create tax-efficient income?

  5. How much should I be saving now so that I can generate the income I'll want in retirement?

We can help you create a sustainable, predictable cash flow from your portfolio in the most tax-efficient manner to ensure you never have to worry about running out of money.

Want to retire in the next few years? Click here to Book  a Meeting

 

Willis and Nancy Langford

Retirement Income & Investment Planners

 

Call us at 587-755-0159

 

All the best in your planning and we hope that we have been able to help you in some small way on your journey to a happy and worry-free retirement.

Nancy and I take pride in our independent approach to planning and can say that no outside firm has any vested interest in our business, nor do we have to promote proprietary products that best serve some corporate objectives. All of our investments platforms offer the same or similar investor protections as all other financial institutions in Canada.

 


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My wife and I realized a long time ago the value of a financial planner over just a bank representative. We just felt like a number to the banks as every year it seemed we saw a different adviser with a different view. But finding a trusted, knowledgeable and personable financial planner took a lot of time and effort. It just seemed, so many large corporate Financial Planners were more concerned about what they could make off of us rather than what they could make for us.
What we wanted, was not just reasonable returns now, but good personal advice in our preparation for retirement and what happens when retirement actually arrives. We wanted someone who would be walking with us, guiding us on our way to retirement.
From the first time, we found the web site for Langford Financial Inc, we could see the knowledge of Willis and Nancy and a real effort to educate and pass on their knowledge through seminars, workshops and their personal service. Once I reached out through their web site for more information, Willis was quick to respond, offering and giving whatever information I was looking for and never was there pressure to commit to anything.
The feeling of comfort and ease when talking with Willis was inviting enough for us to want to meet with Willis and Nancy, just to see firsthand if there was a connection and what working with them would look like.
And when we did meet for the first time, that feeling of comfort and ease was very evident. It was a unique experience for us to be able to sit down and get to know a financial planner (or a team of both Willis and Nancy) and not have any sales pressure on us. Just getting to know Willis and Nancy was important for us. We needed to be comfortable with them and see their competence in the business, and it was obvious that Willis and Nancy wanted to know us better so they could know how best to help us.
Once we decided to move our accounts over to Langford Financial, we found their process was comforting and refreshing as Willis and Nancy first worked at evaluating our complete situation. They dug down to get a complete picture of where we were at, where we wanted to be and how to get there. This took some reflection on our part but once we saw how they put it all together in our “Financial House In Order” binder, we were confident we made the right decision to go with Langford Financial.
Since the time we started working with Willis and Nancy I have attended many of their seminars and can say the information they have been teaching has been amazing. Always relevant, and consistent with their desire to help those coming up to retirement, and covering so many different situations as everyone has a different life situation. I know more than one of the tax-saving strategies they taught at their seminars will work for my wife and I, so we are very happy about that.
We would definitely recommend Langford Financial, not just for all your retirement planning needs, but they have great ideas on savings for your grandchildren too!
Paul and Elaine Radder

Paul & Elaine Radder
Long-term Clients

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