Episode Summary
An overdue hydro bill. A suspicious call from "the bank." Helping aging parents with their finances usually starts with small signs like these, and before long many adult children are managing the money of the parents who once managed theirs.
In this episode of The Wealth Exchange, Chris Warner, Wealth Advisor, Practice Management Lead | Client Relationship Manager, is joined by Matt Baker and Cezar Raagas, Tax Partners at Baker Tilly Canada, to discuss how families can approach these sensitive conversations, prepare for changing responsibilities and make important financial decisions together.
You'll hear:
- How to start conversations with aging parents about their finances and future plans
- How powers of attorney can help families plan ahead
- How outdated wills and last-minute changes can lead to unexpected tax consequences and family disputes
- Why holding private company shares at death can create significant tax liabilities
- How spousal RRSPs and pension income splitting can help families manage their tax burden
Starting these conversations early can help families avoid rushed decisions and costly complications. Hear from Chris, Matt and Cezar on how to start the conversation, involve the right professionals, and put a plan in place that respects your parents’ wishes while preparing your family for the responsibilities ahead.
Want to explore this topic further? Read the companion article.
Episode Featured on:
The Wealth Exchange
The Wealth Exchange podcast provides insight, innovation, and access to the experts on a wide range of topics affecting affluent families across Canada. Join our team of hosts as they sit down with leaders and changemakers from around the globe to discuss investing, leadership, philanthropy, entrepreneurship, and more.
Disclaimer
This material contains the current opinions of the author, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product. Nicola Wealth Management Ltd. (Nicola Wealth) is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required securities commissions. This investment is intended for tax residents of Canada who are accredited investors. Residency restrictions apply. Please read the relevant documentation for additional details and important disclosure information, including terms of redemption and limited liquidity. All investments contain risk and may gain or lose value. Please speak to your Nicola Wealth advisor for advice based on your unique circumstances.
