Guaranteeing lifestyle is the goal of financial planning. It starts with identifying your dreams, short term and long term goals. Financial planning includes what you are currently doing, should be doing or perhaps be doing differently to achieve your desired goals.

Accumulating wealth is one aspect of good planning. Having control of and protecting your assets and planning for your family in the event of illness, disability or death while you are healthy and alive is another part of good financial planning. Much frustration, stress and loss of value of assets can be avoided by taking the time to plan now for you and your family or other important people in your life.

Here are some questions to consider:

• Do you understand the concept of 'compounding'?
  Are you educating your children so that they can take advantage of the gains that can
  be accomplished by beginning a savings plan at an early age?
• Is investing in RRSP's appropriate or will they cause tax problems later in life?
• Should you be saving less and spending a little more to enjoy life today?
• What happens if your marriage breaks down?
• Should a marriage contract be considered?
• If your marriage breaks down do you need Creditor Proof protection?
• How will you ensure that family assets are passed to the next generation?
• Should a Living Trust be established?
• Has an income in the event of your death been planned for?
• Is your income protected in the event of disability?
  Do you have a will? When was the last time it was reviewed?
• Do you need a 'Living Will'?
• When was the last time you reviewed your will?
• Do you have an Enduring Power of Attorney?
• If you have a business, do you have a business succession plan in place?
• Have you considered Creditor Proofing in the event of business failure?
• Do you know what the duties of an Executor are?
  Is there a Funeral plan?
• Do you have a current list of pertinent information to assist your Executor?

Having as few assets as possible transferred to your estate can avoid probate fees and income tax. This allows you to pass on a larger legacy to your family or loved ones.

Financial planning is not static; it is a process that needs to be reviewed as events occur or change in your life. If you've taken the first steps in planning, then it is time to review what you have in place. If you haven't started to plan, then now is the time.

Our goal is to assist individuals, families and small businesses in achieving their financial planning objectives. We can create a plan that meets your financial goals and life style. If you already are working on a financial plan I compliment you on taking an active course in planning for your future. We would be happy to meet with you and review your current plan.

More Information

• Ministry of Attorney General, Court Services, Wills and Estates
• Duhaimes Canadian Elderlaw Centre, Trusts, Wills & Estates
• Canada Legal.com
• AARP, End of Life Information
• Heritage Law-What to do When Someone has Died Checklist