Category: estate plans

Monuments and Heirlooms


Many people have assets that are treasured by the family. These can include a farm handed down through many generations, a business carefully created, a cottage, painting, a piece of jewelry, an antique or art. Some of these assets are liabilities. In simple terms,… Continue Reading “Monuments and Heirlooms”

A Perfect Tax


I suppose that only some have heard of Morton’s Fork. Be aware, a version of it may appear soon. Archbishop of Canterbury and later Cardinal, John Morton was Chancellor of the Exchequer under King Henry VII. He developed a unique way to determine who… Continue Reading “A Perfect Tax”

Three Point Estate Plans


Just as in basketball, a three pointer is worth more. If you are preparing an estate plan, you can choose to see it in three distinct ways. (viewing points) Most people see only one way clearly and see the other two only briefly, if… Continue Reading “Three Point Estate Plans”

Einstein Was Wrong


Einstein reputedly said “Compound interest is the most powerful force in the universe.” I suppose it is possible that he said that, but I doubt it. Compound interest was not a point of discussion when Dr. Einstein was young and was barely considered by… Continue Reading “Einstein Was Wrong”

The Rules of Practical Estate Planning


People get confused about estate planning because they don’t realize that it is always governed by simple rules. Here are the first ten. Rule 1. There is small advantage to being the richest person in the cemetery Rule 2. Your life and your spouse’s… Continue Reading “The Rules of Practical Estate Planning”

Business Owners and Life Insurance


Let us suppose you have a business worth $3,000,000 and other assets worth $1,000,000.  Everything is looking good.  I approach you about life insurance.  You suggest that the business is your estate.  The wife and children will have $4,000,000 in the event of your… Continue Reading “Business Owners and Life Insurance”

Mortality Experience


In Canada, the mortality experience is identical to that in every other country in the world. One death per lifetime. In other words, death is certain. A death benefit under a life insurance policy is then not probabilistic, it too is certain. That clear,… Continue Reading “Mortality Experience”

What Every Client Needs To Know About Estate Planning In Sixty-Four Words


Everything you own now and every dollar you acquire in the future will end up in one of three stacks.  You will spend it while you are alive.  You will lose it.  You will give it or leave it to someone else.  Spend it,… Continue Reading “What Every Client Needs To Know About Estate Planning In Sixty-Four Words”

Price Cost and Value


Price and cost are not the same thing and anyone who equates them buys trouble in addition to whatever else they get. Cost is what you give.  Value is what you get.  Price is just a part of cost.  Value is what you want;… Continue Reading “Price Cost and Value”

Stewardship As An Element of Estate Planning


Last week I talked about sterile money and how money has value only in use. Dynamic rather than static money. In terms of advancing the wellbeing of a family, taken as a whole, some assets that the parents own are sterile. Good estate planning… Continue Reading “Stewardship As An Element of Estate Planning”

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