Estate Planning for Blended Families
Avoid Disinheriting Your Children
In today’s family it is not unusual for spouses to enter the marriage with children from previous relationships. Parents work hard at getting these children to functionally blend together to create a happy family environment. Often overlooked is what happens on the death of one of the parents. In most cases special consideration for estate planning is needed to avoid relationship loss and possibly legal action.
Typically spouses leave everything to each other and when the surviving spouse dies, the remainder is divided amongst the children. The problem? Even with the best of intentions, there is no guarantee that the surviving spouse will not remarry and inadvertently disinherit the deceased’s children.
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What dual citizenship can mean for your taxes
It comes with perks such as job mobility and voting rights, but dual Canadian-American citizenship is double the work when tax time rolls around.
There are approximately one million U.S. citizens living in Canada, according to Statistics Canada. They face extra financial planning considerations — especially during tax season in both countries. The United States imposes taxes on its citizens based on worldwide income, not just income earned in the U.S. With a few exceptions, a Canadian tax bill is generally higher than a U.S. one — which typically means no additional tax is owed south of the border, thanks to a tax treaty between Canada and the U.S. Read more
Segregated Funds: Investing With A Safety Net
Investing today is not for the faint of heart. Fortunately for Canadians, segregated fund products offered by many life insurance companies provide a safety net for nervous investors.
Segregated Fund products present some interesting opportunities for people looking to get more security in their investment portfolios without sacrificing their potential for growth.
December Report from DM
Oil Loses Energy
No Sooner had we published last month’s missive on the miseries of gold, than oil suffered its sharpest drop since the financial crisis.
Click here to read the rest of the December report from Dixon Mitchell Investment Counsel – DM-Monthly-Report-Dec-14
