Financial Lifelines

Charitable Bequests

Our clients have taught us that living a rich and fulfilling life includes making a lasting contribution to the institutions they value most. This could be a university, a church, a community, a service club or any one of a number of other affiliations. There are many ways to bring this goal into focus and we specialize in helping our clients find the best way for them. Each year, we help our clients to create many hundreds of thousands of dollars which will benefit causes that are near and dear to their hearts. What is it that you truly value?

Bypassing Probate Fees

We all want our executors to have an easy time settling our estate when the time comes. At Waypoint Financial, we understand what it takes to settle an estate. We work with our clients to first clear up the roadblocks that make estates complicated. One often unnecessary tax in Ontario is probate fees. Probate fees can erode thousands of dollars from an otherwise simple estate. There are ways that we can bypass probate fees by naming beneficiaries and making sure the assets pass outside your estate. We can explain how probate fees work and what you can do to avoid them. Ask us.

Long-Term Care

Almost every week there’s a headline outlining the shortages that governments face in providing for our citizens in the area of health care. The rate of increase in health spending threatens to eat up the entire provincial budget. We understand that governments can’t shoulder the load today and the baby boom generation has yet to hit the medical system! Our clients tell us the most important thing for them is to stay in their home as long as possible. To do that, it’s important to have a plan that will provide the care that’s needed within the home. We can explain long-term care insurance and why it may make sense for you.

Insured RRIF

Many people don’t realize that on the last death, assets in registered plans like RRSPs and RRIFs are added to the deceased’s income. This creates a substantial tax burden that could hit 46% in Ontario. It doesn’t have to be this way. Sometimes it makes sense to use extra income in your RRIF to prepay those taxes at a fraction of the cost. Let us show you the strategies so you can decide for yourself if it makes good sense for you.

Estate Planning

An Estate Plan is simply a way of organizing your affairs to make sure your assets pass to those you wish to receive them while taking maximum advantage of the income tax system. By planning ahead, it is possible to minimize taxation, protect beneficiaries from foreseeable problems and minimize asset shrinkage while accomplishing the long range goals of the persons who created the wealth. Here are five considerations – there could be many others:

  1. Examination of the will and provision to deal with the first clause in the will (paying just debts) by ensuring there are sufficient funds to pay taxes, creditors, etc.
  2. Making sure there is an independent source of income for the surviving spouse and family.
  3. Treating the distribution of the assets to the children fairly.
  4. Allowing the business to continue as a financially healthy enterprise.
  5. Creating an independent source of retirement income so that the business owner can step aside during his lifetime and transfer control of the enterprise to his successor, if that is the best option.