Financial tips from a TWU Alum
Sr. Wealth Advisor and TWU Alumnus Paul Lermitte ('82) gives you his tips for estate planning:
Less than 50% of people have a Will and Estate Plan
How to properly leave your spouse and family, charity and community, with the best family intentions and tax planning:
Be Family Ready:
- plan(s) for families (and split families)
- insurance for current needs and charity long term
- have debt-free real estate for spouse and family
- personal items outlined in ‘Letter to Will’
- care for children and second spouse separately
Seek Advice 5-10 Years Ahead or On a Rolling Basis:
- Pension/RRSP transfer on a tax-free rollover to spouses or charities
- Joint account (with rights of survivorship) - cash assets
- Investment portfolios and real estate distributed through trusts and your wills
- TFSA- spouse or children over 18 as named beneficiaries
Power of Attorney (POA):
- Have a POA on each spouse
Talk to your Lawyer and Financial Planner to have your wills and estate plan completed.