Financial tips from a TWU Alum - Paul Lermitte

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.