Individuals
Families
Business Owners

Individuals

Managing your finances is an important component to any financial security plan. Along with the protection offered through insurance and the goal setting provided by investment choices, money management strategies help you manage your savings on a daily basis.

From mortgage payments to tax savings, we can help you manage your money as effectively as possible, given your personal situation.

Succession Planning

Preparing for succession after death is a difficult issue to discuss, but it is also an important part of any comprehensive financial plan.

We can help you and your loved ones approach succession planning in a constructive manner that ensures they avoid problems and are well cared for in the event of your death. The process involves two main considerations: life insurance and preparing a will.

Life insurance can ease the financial burden and provide security for your loved ones in the event of your death. A lump-sum payment can be used for mortgage costs or to supplement lost income, helping your successors during a difficult period. Financial security and stability can make it easier to cope with the loss of a loved one.

A written will provides a means to guide your loved ones through the succession process. By naming your executors and providing instructions on the distribution of your estate, your surviving loved ones avoid having to guess your wishes. Rather than provincial law determining how your assets are to be divided—a situation that can result in lengthy court proceedings—a clear, carefully considered written will provides clear instructions to your successors. Save your loved ones the stress of dealing with financial issues by planning for your succession while you are alive.

Contact us today to discuss succession planning in more detail.

Saving

Depending on your stage of life, chances are you’ll have a distinct approach to saving. New graduates or young couples have different needs than retirees or mid-career families. But no matter your personal situation, we can help you develop financial habits that will lay a strong foundation for your savings.

Younger individuals and couples have a number of benefits in terms of financial management. Low insurance costs and a long investment horizon, combined with few responsibilities, can make for an excellent financial base. We can help you build on these advantages, while at the same time considering a debt load that might include student loans, car payments or perhaps a mortgage.

Couples planning for a first child enter into a new level of commitment—both personally and financially. Learn how to save for a child through specialized insurance and investment products, such as a Registered Education Savings Plan.

Mid-career professionals typically have higher incomes than younger investors—but they also carry more responsibilities. From mortgage payments to a child’s education, consider a financial plan that balances your needs and obligations.

Retirees have worked hard at their careers, and now is the time for relaxation and celebration. Chances are children have moved from home, the mortgage is mostly paid off and a few investments are coming to fruition. However, income levels may have dropped after retirement. Find out how to manage your finances in a way that allows you to fully enjoy the fruits of your hard work.

In short, no matter your life stage, contact us today to learn how to balance savings and investing with your other commitments.

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Families

As the cost of a college education continues to rise, outpacing the rate of inflation, it is becoming beyond the reach of most people unless they have planned early on. For people starting a college savings plan today, questions arise as to the best way to save. For such an important and long term goal, it pays to do some research when selecting a plan.

There are many factors to consider when selecting a college savings plan. As with any savings goal, individual factors such as time horizon, risk tolerance, investment preferences and tax situation need to be considered and weighed in order to select the most suitable savings plan. In addition, special consideration needs to be given to who will actually own the college funds as the decision is likely to impact the availability of financial aid in the future.

Traditional Savings Methods

College savers can opt for the more traditional methods of accumulating college funds such as savings accounts (CDs, money market funds), tax-free municipal bonds, U.S. Treasury securities, or mutual funds. If the time horizon is long, savers may be able to afford the higher risk of investing in vehicles that offer potentially higher returns. As the time horizon shortens, they could gradually move their funds into more conservative savings of investments.

Tax Advantaged Methods

As an incentive for families to start early with their own college savings plans, the federal tax laws provide for tax advantaged methods to pay for college expenses. The methods involve different tax rules so they can be somewhat complicated. The best approach is to seek the guidance of a qualified tax or financial professional to help determine which method is most suitable.

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Business Owners

Growing a business is a difficult undertaking today as business owners must confront a myriad of tax laws and regulations while trying to effectively create products or services, manage their employees, develop and cultivate clients, and do so profitably.

Often times business owners are too absorbed in their business to tend to their own financial needs, and they may also overlook key planning considerations that could help their business grow and prosper. Also, the livelihood of a business owner can be imperilled when unexpected events occur that adversely affect the bottom line of the business.

Retirement

For many business owners, their business is their primary retirement asset. After many years of building a successful business they expect to convert it to an income for retirement by selling it. If they are relying upon the business as their sole means of retirement they run the risk that it may not attain the value needed to produce the needed income.

Businesses can fail. Businesses can lose value in certain economic cycles. The timing is not always right to sell a business. Many times the true value of the business lies in the talents and good will of the business owner who won’t be around to run the business after he retires.

Business owners today must prepare for retirement with the same level of diversification recommended for any retirement plan. Business owners have access to a number of qualified and nonqualified retirement plan options that can provide a cornerstone for their retirement income needs.

Business Succession

When a business partner dies, the business loses a valuable asset and could suffer in the short term. The long term issue for surviving business owners is whether the business can survive when the partner’s family members show up for their interest in the business.

For the families of business partners, the business interest is often their biggest asset and they become the rightful owner of that interest at the death of the partner. They will want to receive their share of the business, either in direct compensation or through their participation as an active partner in the business.

If the surviving partner does not have the capital to compensate the family for their share, their options are limited and not very attractive. A business succession plan can provide for the orderly transfer of the business interest from the deceased’s family to the business.

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