Your chance to ask an accountant a question

Sometimes the questions I'm asked by the readers of this blog are more suited to an accountant than a lawyer. Now you have a chance to ask an experienced Canadian accountant your questions! Mark Goodfield, author of the Blunt Bean Counter blog, will be holding an online session tomorrow with the Globe and Mail, and you can send in your questions. Click here to learn more.

Donate securities to charity (and be a bit of a tax Scrooge)

You may have heard that there are tax advantages to giving to charity, particularly if you want to give shares and securities, but do you really understand how it works? Do you know whether it might work for you? I'm attaching a link to an excellent article in the Globe and Mail by Tim Cestnick that really explains it well. Click here to read it. Although the article talks about charitable giving while you're alive, the same tax principles apply to giving to charities through your will.

Five Mistakes That Estate Executors Make

I'm in the Globe and Mail again today. This article talks about five common mistakes that executors make, with comments from me and two other estate specialists. It's a really good article, so click here to check it out.

Executors beware - it's not an easy job

Those of you currently acting as executors are finding out the hard way just how tough it is to look after an estate and to keep everyone happy. Being an executor is, quite simply, much harder than anyone realizes until they have to do it.

I'm attaching a link - click here - to a recent Globe and Mail article that talks about how hard it is to do a good job as an executor, and why it's so hard. I am one of three people who were interviewed for the article, so any comments you'd like to leave about the article are, as always, appreciated.

Estate planning for all ages and stages of life

Not long ago the Globe and Mail published a series of articles I wrote for them. The four articles in the series covered the issues and hot buttons for estate planning for people of different ages and stages of life. The articles were originally published one per week. Some people have told me they didn't see all of the articles, so I'm putting up links to them - in order - below:

Really? A will in your 20s and 30s?

Update your will in your 40s and 50s

Hey seniors, time to review your will

Controlling finances in your 80s and 90s

Enjoy!

Beware the tax traps when passing assets to family

This link goes to an article in the Globe and Mail in which Tim Cestnick talks about parents transferring assets to children, and particularly the issue of selling the children the assets at less than fair market value. I know a lot of parents want to do this, because they suggest it in our planning meetings. They think they are doing their kids a favour by selling something to them at what the kids can afford, rather than what the asset is really worth. They usually change their minds once they find out about the tax consequences to them and to the kids.

Tax information isn't always readable, but this article is. Click here to read it. And I echo Mr. Cestnick's closing tip about getting professional advice. When you're dealing with potential tax bills of tens of thousands, or even hundreds of thousands of dollars, for heaven's sake spring a couple hundred dollars to talk it over with an accountant or tax lawyer.

The costly greying of Canada

This article from the Globe and Mail talks about one man's choice to continue to pay for his purchases and care without taking advantage of available seniors' discounts. His reasoning for doing so is interesting and possibly not what you would have expected. Click here to read the article.

Donating securities: the gift that gives back

This article from the Globe and Mail describes the significant tax advantages to be gained by donating stocks and shares to a charity, instead of cashing in the stocks and donating the cash. Click here to read it.

Although the article doesn't go into estate planning, giving securities rather than cash works with wills as well. You can use your will to instruct your executor to make charitable donations of securities rather than cash, assuming the appropriate securites are still in the estate at the time. It's worth talking about with your estate planner.

Controlling finances in your 80s and 90s

For those of you who have been following my series of weekly estate-planning articles in the Globe and Mail (and I really do hope there are a few of you), today's instalment is the fourth and final article. Click here to read it. Each of the articles gave an overview of estate planning priorities and tips for an age range that covered about 20 years or so. Today's article is about those in their 80s and 90s, and talks quite a bit about using Enduring Powers of Attorney. If you have any feedback on the articles - anything you liked or anything you thought was missing - I'd love to hear it.

Hey seniors, time to review your will

As you know, over the last couple of weeks, the Globe and Mail has been carrying a series of articles that I wrote about estate planning at various stages of life. I've already provided links for beginning your planning in your 20s and 30s, and keeping up with changes in your 40s and 50s. Today's Globe and Mail has the third instalment, which talks about reviewing in your 60s and 70s to adjust to retirement, widowhood and possible incapacity. The final instalment will be in next week's edition. Click here to read today' article.  As always, let me know if you have any comments or questions. The attached photo is from the article.

Boomers feeling the financial pinch

I suppose it isn't news any more that a lot of retirement nest eggs were turned into omelettes over the last few years thanks to a volatile world economy. This article from the Globe and Mail gives some details about that, and gives what it calls the key to survival. Click here to read the article.

I made the list!

Today I made it onto Rob Carrick's list of "best reading about money, the markets and more". Click here to see the whole list.

Update your will in your 40s and 50s

I have another article in today's Globe and Mail. It's a natural follow-up to last week's article, which talked about starting your estate planning in your 20s and 30s. Today's article discusses keeping up with the changes in your life - personal, financial, and business - and making sure that your estate plan reflects those changes. The title in the Globe refers to "30s and 40s" but the article is about "40s and 50s". Click here to read it. Hope you enjoy it!

Ten financial steps to take before you die

This article from the Globe and Mail describes ten things that each of us should do or get into place to protect our families and our assets. It's an excellent summary and full of very practical advice. Click here to read it.

Really? A Will in your 20s and 30s?

This link goes to my latest article, appearing in today's Globe and Mail. In it I discuss in some detail why people in their 20s and 30s might want to start on their estate planning. I cover Wills, business planning, looking after children, insurance, beneficiary designations etc. Check it out.

Few business owners ready for succession

I'm attaching an excellent article from Kate Robertson in the Globe and Mail that discusses business succession planning. She talks about why some business owners wait too long to start planning, and defines how long is too long. She also discusses a couple of options open to business owners. Click here to read it.

The article focuses in part on how risky it is to try to hand a business down to the next generation. This is, of course, part and parcel of waiting too long to get started. This is a point that I made in my book Succession Planning Kit for Canadian Business. If you're a business owner and you're not sure how, where and when to start your succession planning, reading articles and books to get ideas is a starting point. Sooner or later though, you're going to have to put the ideas into action.

Why women need to save more than men for retirement

I'm attaching an interesting article from the Globe and Mail that talks about why women typically need to save more than men for retirement. It's a function of earning less during our lifetimes and living longer. Click here to read the article.

The suit who thinks your baby is ugly

Besides having one of the best titles I've seen in quite a while, this article from the Globe and Mail has advice for business owners who are planning to sell their business (their "baby") and who are involved in discussions with the business development types from large companies. Understanding what they're after can take the sting out of the meetings. Click here to read the article.

Women more worried about retirement than men

A new study has shown that women are more likely than men to be worried about affording retirement. I didn't participate in the study (nobody asked me) but I can vouch for the fact that I personally worry about affording retirement, especially on the days my daughter's university tuition fees are due. To read the story in the Globe and Mail and learn more about the study, click here.

Want lower taxes? Start planning now

The Globe and Mail ran a story yesterday about how planning can help reduce your taxes. I notice that they also have a live "tax chat" on November 1, which might be a good place for some readers to ask a tax expert some questions. Click here to learn more about the online tax chat.