Good Day everyone,

Many of our friends have or are thinking of buying US property. We have found a very good article that explains some of the complications to your estate if something happens to you. We are recommending a small permanent insurance policy to cover the tax liability to your estate eliminating one of the issues that may occur.

Please call us to discuss some more options available to you.

All the best,

Harvey

Holding U.S. property requires right paperwork | BY RAY TURCHANSKY, EDMONTON JOURNAL

Hi everyone, I was just catching up on some reading and updates when I came accross this information on the last Federal Budget. I found it written very well by a respected individual and thought you might find it informative. I hope you enjoy the read. Harvey

Click here to download a pdf of Jamie’s report on the 2011 Federal Budget.

Hello,

I came across an interesting article (see link below) recently that discussed having “the talk” with aging parents. “The talk” refers to discussions with aging parents regarding health and financial matters facing them. For the older generation, this may be a difficult discussion for them to have, but with our population aging and the first “boomers” turning 65 this year, it may a discussion best had sooner, rather than later.

The author suggests 5 pointers that may help make these types of discussion a little less difficult. I won’t go into the details of each point since they are in the article, however a summary of the points discussed are:

1. Start early – use a 40/70 rule – when kids are approximately age 40 and parents age 70.
2. Be respectful – ask more probing questions to seek parents wishes & desires.
3. Ask for their feedback – update or amend your own will and ask your parents for their advice. Parents are natural advice givers and it may get the discussion going regarding their circumstances.
4. Keep having conversations – the more open ended and probing questions asked, the better the opportunity to find solutions.
5. Take the time – learn as much as possible, listen to what they want to have happen when they no longer can express their wishes.

Some of you may have already faced similar situations in regards to the health and financial well being of aging parents and as a result have already been in such discussions, while others may not. Some of you may have also had this same discussion with your own children regarding your future circumstances. Whatever the case, you can help guide and coach them on how to manage such a discussion.

Read the full article on Morningstar here.

Please take time to review the article and take the appropriate action as you see it fit your situation.

I do hope all is well and look forward to our next meeting.

Harvey

Photo credit: <<Hey, wait dad!>> by Tambako the Jaguar on Flickr