Canadian savings plans

 If you’ve ever dreamed of winning a fortune through the lottery or inheriting millions through some rich deceased relative, then you’ll probably find this story interesting:

Marlena and Victoria Laboz are the daughters of the now deceased New York real estate magnate Maurice Laboz. They are both set to inherit $24 million dollars (out of a $37 million dollar fortune) in the wake of their father’s death in 2015, but only if they follow the strict rules and conditions set out in his Last Will and Testament. This isn’t just another story of some young kids who squandered their fortune, but an interesting case study of how those who are deceased can still affect the lives of their loved ones from beyond the grave.

Both Marlena (age 21) and her sister, Victoria (age 17), have a laundry list of rules to follow if they want to see a penny of their late father’s money before the age of 35. They are set to receive $10 million by the age of 35 but that money could roll in earlier, IF they follow these rules:

1) Both daughters receive $500,000 upon marriage prior to the age of 35 IF their husbands agree to sign a prenuptial agreement.

2) Each daughter receives another $750,000 if she a) graduates from an accredited university, and b) writes a 100-word essay on what she plans to do with that cash (the trustees appointed by her father are supposed to voice their approval before releasing those funds).

3) If gainfully employed by the year 2020, the two siblings are each set to receive three times their annual income (as listed on their tax returns).

4) They earn the same amount if they stay at home, to be caregivers to their mother.

5) If one (or both) sibling chooses not to work (because neither of them will have to) AND they have children, they will continue to receive 3% of the value of their trust.

The remainder of Laboz’s estate and assets will be given to charitable organizations.

Unsurprisingly, Marlena and Victoria are unhappy with this situation, and as of August 2015, they brought the matter to court to contest the Will. Joining the sisters is their mother, who was cut out of Laboz’s Will prior to his death (Laboz was in the midst of divorcing his wife when he died). It’s unclear how much money she is seeking from her late ex-husband’s estate.

On the one hand, a Testator has the right to lay down the rules of how he or she wants his money allocated, but on the other hand, should the pair have to jump through a series of hoops in order to effectively claim their father’s legacy?

packs-163497_640 (1)

If you had $8 million dollars, what would you do with it? 

Give it to charity? Pay off your debts? 

Or maybe do something fun like travel the world?

The Jackson kids, Paris, Prince and Blanket, don’t have to wonder. Michael Jackson made certain that his children would be well taken care of in his Last Will and Testament!

They live your dream everyday! Click below to find out what they spend all that cash on:

The $8 Million dollar inheritance

Holding Power over your parent's finances?


Power of Attorney is an integral part of estate planning; it is a legal document which allows someone else the ability to act on your behalf to control your finances and assets. If you ever become incapacitated or unable to look after your finances, a Power of Attorney ensures that you won’t have to worry. 

So, what would happen if you were suddenly given control over say, your elderly parents’ finances? What would you do? Would you know what your roles and duties as your parents’ Attorney would be? 

Check out this informative article form MONEYSENSE for answers on overseeing your parents’ finances: Looking after Mom and Dad.

old-people-1553348_640

The Canada Pension Plan (CPP) provides a number of benefits, the most significant of which is the retirement pension that forms an integral part of most Canadians’ financial plans for retirement. The Quebec Pension Plan (QPP) provides parallel benefits for Quebec residents. Every contributor to these government-sponsored pension plans will eventually need to make important decisions about when to begin receiving these valuable benefits.

Continue reading