April 19 Federal Budget Analysis:  Will Retirement and Estate Planning Change?

Is post-retirement planning on the minds of your high net worth clients today? Chances are yes, and now more than ever with a pending federal budget that may introduce a guaranteed income for some, and wealth taxes for others.  There are three key reasons to initiate planning conversations early, and Knowledge Bureau’s May 20 CE Summit will provide answers, guidance and materials to help you.

Reason #1: Health Care Planning.  As the dominance of the pandemic has made people stop and think about their real and imminent personal health risks, advisors from the tax, bookkeeping and financial services industries have an important proactive role to play in enabling wealth preservation. 

Reason #2: Tax Planning.  How will Canada get out of its massive debt?  Join Evelyn Jacks for a detailed overview of the tax provisions that will affect your clients’ retirement and legacy portfolios.  JP Laporte will discuss pre-retirement personal pension planning and Doug Nelson shares new insights on retirement planning -  three outstanding presentations you won’t want to miss.  More details about these speakers and their topics is available in the comprehensive agenda.

Reason #3: Risk Management with Insurance and Trusts.  Insurance solutions are often neglected in preserving wealth that generates income for survivors and in particular young and disabled children.  Abe Toews, CFP, CLU, CH.F.C, CHS, RWM and Chair of the Board at Advocis will present a session entitled After Retirement: Estate Planning with Life Insurance at the May 20 CE Summits. Specifically, he will speak to four important issues tax, bookkeeping and financial advisors should be aware of in addressing the new keen interest that their clients may have in pursuing this often-deferred planning exercise.

• Defining Real Family Wealth
• Defining Terminal Wealth.  What will your clients’ terminal tax return look like and what will be left after tax to take care of family and legacy?  The answer will depend on whether your clients will live to age 94 or 64.  Further, it will depend on what effect inflation has on the value of the assets.  Those are the uncontrollable issues.  However, what the will says – for each spouse and the business, where applicable – will determine an important sand controllable outcome:  the anticipated taxes payable on the final return.   
• How to Replenish Wealth, After Taxes:  consider philanthropy? Appropriate insurance solutions?
• Special Situations

• Minor Child.  Did you know that if a minor beneficiary is named as a beneficiary on a life insurance policy the insurer must pay the funds into court or to a public trustee? But, within a life insurance trust funds can be received and managed by the trustee, providing flexibility and control.  Learn more about the situations in which an insurance trust may be useful in estate planning.
• Lifetime benefit trusts may also be important for a surviving spouse or child after death.  RRSPs may be transferred into the trust tax free; thereby deferring the tax paid on income, and preserving the capital.   These trusts may be used with a Hensen trust – which distributes after-tax capital and preserves government benefits. 
• Business Will? Does the business owner have a business will?  What insurance solutions should be considered and why? This is a critical conversation to have with every business owner.  
• More capital than needed?Your clients can plan to skip a generation, by overfunding an insurance policy to give to their grandchild.  Find out more on how to incorporate this important goal-based planning option.

Don’t miss this important professional development event: Enrol today for the May Virtual CE Summit – if you act by the April 15 deadline, a healthy lunch and snacks are included. Interested in an online independent study option? Take the Certificate Course Filing Final Returns at Death

WHY ENROL BY APRIL 15?FOOD IS INCLUDED. . .ALWAYS A GOOD THING!