Satinder Dhinsa, CFP®

Certified Financial Planner®
Investment Representative
Freedom 55 Financial

Leaving a legacy for your family or charity

Here’s a topic nobody wants to talk about. However, it’s one you shouldn’t avoid.

I’m referring to leaving a legacy for your family or charity. Have you had this chat with your parents yet?

This discussion is coming up more and more among people over 40. Planning to leave a legacy is something you should organize for yourself as well as your parents.

If you have trouble talking to your parents about this, or they’re not comfortable talking to you about it, suggest they meet with a financial planner or lawyer.

Some people wait until it’s too late to take care of things – or they just never get around to it. This can leave a huge mess for the family to overcome.

I’ll list a few things that need to be organized. Call or email me once you’re ready.

Once you’re ready, you’ll ensure a smooth transition for yourself and your family. I can help you get started.

  1. Have your parents organized their financial affairs?
  2. Do they have a will and power of attorney?
  3. Are you the executor for your parents? Do you know what that means?
  4. Do you know about their bank accounts, debts, mortgage balance and sources of income?
  5. Do you have easy access to all this information? Write it down.
  6. Are you aware of their medical history?
  7. Are you concerned about the various types of expenses for settling your parents’ estate?

Please see the attachment about mutual funds, securities, GICs and segregated funds.

I’ll help you pick a portfolio/funds that are tax-efficient. With GICs, 100% of your return is taxable.

So, which legacy option do you prefer?

A description of the key features of the segregated fund policy is contained in the policy’s information folder.
Any amount that is allocated to a segregated fund is invested at the risk of the policyowner and may increase or decrease in value.
This information is general in nature and is intended for informational purposes only. For specific situations, you should consult the appropriate legal, accounting or tax advisor.