Do you have Non-Registered investment accounts at a Bank or Credit Union?
“Non-Registered” simply means the money isn’t in a “Registered” account that CRA tracks … such as an RRSP/RRIF/TFSA.
Do you plan to eventually leave that money to your kids, or their kids (your grandchildren)? Many people do, but they have no idea what their Bank/Credit Union Non-Registered money must go through to get to those beneficiaries.It’s not direct.
Instead, here’s who gets a crack at it first:
- Your Creditors if you owe money
- Predators who think they deserve it – think evil ex-son-in-law
- The Tax Man gets their piece
- Your Lawyer gets their fees
- Your Executor gets their fees
- Probate Tax – appropriately called EAT in Ontario – Estate Administration Tax
All this amounts to unnecessary delays, worries, and cost. There has to be a better way!
There is. With a Non-Registered investment account from an insurance company you can actually name beneficiaries. Really??
Yes, really! And that includes Joint Non-Registered accounts too.
Your kids, grandkids, ( or anyone else you choose, including charities) as legal beneficiaries get the money directly, in short order ( a few weeks vs whenever your estate settles which could take many months or even possibly years) and without attack from creditors/predators or legal/executor/probate fees etc. You can even control when & how your beneficiaries receive it.
So the choice is yours …
We’re doing a lot of work lately with clients helping them use this wealth transfer strategy. Unions don’t ( can’t) offer and definitely won’t tell you about. But now you know.
Would this idea be beneficial to you, or someone you know (like a parent perhaps)? Reach out to our office at your earliest
convenience.
As a Financial Planning professional, Del works primarily with successful business owners, professionals and retirees. His
unique planning process.will Orgamze, Simplify, and Or,timize your financial life. If.your current “plan’ is actually just a
collect10n of mvestments but no actual plan reach out to Del for a better perspective.
