If you’re looking to plan your estate, you had better ensure that your finances are in order. How well do you arrange your daily finances? How often do you indulge? Do you consider yourself financially literate? Checkout this interesting article on financial literacy: Financially savvy, are you?
A 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.
The federal government and all provinces allow a tax credit based on pension income received. The federal tax credit is 15 per cent of the lesser of $2,000 and the eligible pension income of the individual, while provincial percentages and limits vary.
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.
Individuals in receipt of eligible pension income can allocate or split up to 50% of the income with their spouse or common-law partner, and the allocated income is reported as the spouse’s taxable income. This allows the shifting of income from a higher-income spouse to a lower-income spouse, enabling the couple to reduce their combined income tax liability and increase cash flow during retirement.
Why Have a Will?
A Will determines who controls your assets after death and also identifies the people to whom your estate and assets will go to. Preparing a Will is the simplest way to ensure that your funds and property will be distributed according to your wishes. The benefits of creating an online Will are as follows:
Over the past few years, the late King of Pop’s estate has been fraught with contention:
From the scuffle in front of the Jackson home to the appointment of the new Guardian of Michael Jackson’s children to Michael’s mother being kept from her grandchildren there has been a lot of Jackson family drama over the past few years. Click on the links in blue to read all about it.
What are some of the strangest Wills in recorded history?
If you’ve ever thought about estate planning and about the value of the assets you hold dear, you may want to read the following article on a millionaire with no dependents. Not only does this particular millionaire have no dependents, he left behind no Will in the wake of his death.
No doubt there will be thousands of “relatives” from around the globe, clamoring for his fortune.
Where will his assets go? Read on to find out: The Millionaire with no Will.