Ideally you have made this decision because you are thinking about succession and the next stage of your life. You have worked hard to build what you have and you want to be able to maximize the value of your accomplishments and monetize it.
As legal (succession planning) expert Corina Weigl says: "Successful succession doesn't just happen. Careful planning takes time and patience"
This event will trigger a number of personal financial challenges as you move forward:
So how do you acheive confidence, peace of mind and financial freedom?:
1) Prudent investment strategy: to provide your family with the lifestyle that you desire for the rest of your life and quite possibly for future generations.
2) Efficient and effective tax planning: to ensure that you are taking advantage of all the opportunities available to reduce taxes where possible.
3) Estate planning: to provide peace of mind that all the possible risks (to your wealth) are addressed and covered. Especially if you want to continue to provide for future generations.
4) Future generations: to enable them to have the opportunities that your hard work has created for them.
5) Charitable giving: if your life experience has produced a cause that you are strongly allied with, you may wish to contribute to this cause and provide for it for the future.
To accomplish the goals you set for yourself and your family, the challenge is to map out a strategy for acheiving of them. This requires expert advice (solutions), good planning (implementation) and making sure that your plan is working (monitoring).
That is my life's work: using my 28 years of experience in coordinating the efforts of all the experts on your behalf through a consultative process. To ensure your success in accomplishing all the objectives that are important to you, no matter how simple or complex.
Optimizing your client experience. I take that very seriously.
I also support a number of charitable causes that have impacted my life...namely Breast Cancer Research (CBCF through our sponsorship of the "Paddle to the Cure" ( www.paddletothecure.com ) and Alzheimer's Research (Baycrest).
I intend to expand on the above 5 topics in upcoming Blogs, so feel free to tune in from time to time if you are interested.
Confidence, peace of mind, financial freedom...what do they mean to you?
Wednesday, July 23, 2008
Thursday, June 26, 2008
Cross-Border Wealth Management
I spent part of last week visiting South Florida connecting with some experts and strategic alliances in cross-border tax and estate planning issues. All were extremely helpful. All have had a great deal of experience dealing with Canadians who spend (at least) part of their year in the US.
High net worth families need to be careful to be wary of the rules of what constitutes residency (substantial presence test) and the implications on your estate and tax matters.
As the Canadian$ remains strong and housing prices in the US remain depressed there are some great opportunities to purchase property at values that we haven't seen for years.
As my clients pursue these opportunities, I am creating relationships with experts who have the ability to help them understand some of the complexities that they might face.
As a Wealth Management Consultant it is my role to help fill the "gaps" in my clients' Wealth Management plans to ensure that all the key advisors are coordinated to ensure efficiency.
In this case, we are developing expertise for those who may want to, or already spend part of the year in South Florida.
Interestingly enough, it may be financially beneficial to become a "resident alien" of the US, depending on your circumstances, there could very well be some tax savings provided under the Canada/US Tax Treaty, depending on how your estate is structured. However, I stress that the rules are complex and every family's situation will be different and it is important to look at the whole picture from a wealth management perspective.
High net worth families need to be careful to be wary of the rules of what constitutes residency (substantial presence test) and the implications on your estate and tax matters.
As the Canadian$ remains strong and housing prices in the US remain depressed there are some great opportunities to purchase property at values that we haven't seen for years.
As my clients pursue these opportunities, I am creating relationships with experts who have the ability to help them understand some of the complexities that they might face.
As a Wealth Management Consultant it is my role to help fill the "gaps" in my clients' Wealth Management plans to ensure that all the key advisors are coordinated to ensure efficiency.
In this case, we are developing expertise for those who may want to, or already spend part of the year in South Florida.
Interestingly enough, it may be financially beneficial to become a "resident alien" of the US, depending on your circumstances, there could very well be some tax savings provided under the Canada/US Tax Treaty, depending on how your estate is structured. However, I stress that the rules are complex and every family's situation will be different and it is important to look at the whole picture from a wealth management perspective.
Thursday, May 29, 2008
Family Wealth Management
What is Wealth Management?
In a nutshell it is about planning: planning the financial future of your family. More than just investing properly for the future, it is about coordinating all the advice from your investment, legal, tax, insurance and real estate experts.
Traditionally, each individual advisor has offered their advice separately. In most cases leaving gaps in the implementation and eventual outcomes of the planning process. Gaps that might be expensive in the long run.
Proper wealth management coordinates the efforts of all the advisors so that the process is streamlined and "gap-free".
So, perhaps you've sold your business...you have now a significant amount of money that needs to be managed. You worked hard to build your wealth, you likely want to protect it so that you can enjoy the comfortable lifestyle to which you have become accustomed.Equally as likely you would like to keep some or all of your wealth to pass on to future generations and perhaps give to a charity that is important to you.
You will need investment advice to properly diversify your assets to protect them from risk. You will want to ensure that you are maximizing tax efficiency. You will want to know that your Estate is structured according to your wishes.
Most importantly, you want to make sure that the process is coordinated. Hire an experienced wealth manager, spend a little money to ensure confidence, peace of mind and financial freedom.
In a nutshell it is about planning: planning the financial future of your family. More than just investing properly for the future, it is about coordinating all the advice from your investment, legal, tax, insurance and real estate experts.
Traditionally, each individual advisor has offered their advice separately. In most cases leaving gaps in the implementation and eventual outcomes of the planning process. Gaps that might be expensive in the long run.
Proper wealth management coordinates the efforts of all the advisors so that the process is streamlined and "gap-free".
So, perhaps you've sold your business...you have now a significant amount of money that needs to be managed. You worked hard to build your wealth, you likely want to protect it so that you can enjoy the comfortable lifestyle to which you have become accustomed.Equally as likely you would like to keep some or all of your wealth to pass on to future generations and perhaps give to a charity that is important to you.
You will need investment advice to properly diversify your assets to protect them from risk. You will want to ensure that you are maximizing tax efficiency. You will want to know that your Estate is structured according to your wishes.
Most importantly, you want to make sure that the process is coordinated. Hire an experienced wealth manager, spend a little money to ensure confidence, peace of mind and financial freedom.
Subscribe to:
Posts (Atom)
