July 2021 Tax and Money Tips - Estate Planning

Hi everyone,

Summer is here! :)

It’s Estate Planning month for the Prudent Money Coach’s calendar. :) My Money Coaching program started with:
- A four-week cash management program back in January 2021 where participants learned how to track spending and measure net worth to understand how much money they had and where their money went.
- Then we had a check-in session in May. Now that everyone has a better handle on understanding their income and expenses, they have set aside money for an emergency fund and perhaps some extra leftover money.
- This was followed by an insurance webinar in June to understand how participants can protect themselves and the ones they love (while they are still alive) using the extra money they have set aside.

Now we will cover estate planning, which is about how we can protect our loved ones after we die. On
Tuesday, July 20, 2021, 
7-8pm PT,
I will host a webinar with Albert Chiu, a Will and Estate Planning lawyer with Nuraney Law. He will talk about "What's the Plan? What You Need to Know about Estate Planning."

With COVID still going on, there have been unexpected deaths and many are caught off-guard. In Canada, many are able to get vaccines and our case number in BC is decreasing. However, some countries are still in lockdown due to the high number of COVID cases. I have encountered many people whose family and friends are in countries where there are a high number of COVID cases. Recently, two friends (who are siblings) lost their parents within a week and they could only watch the parents' cremation/funeral via Zoom. Another person's father was diagnosed with COVID and the family struggled to get a hospital bed for the elderly parent.

All these got some people concerned and they are thinking about their own future - what would happen when they die? Would their beneficiaries be able to receive their inheritance without problems?

If you have the same concerns or if you are curious, come to the free webinar. You can read more about the event on my website Prudent Money Coach and register directly there via EventBrite link.

Here are my July Money tips (estate planning) for you.
1. Examples of assets that are taxable on your death (or death of the last spouse) are RRSP, non-registered investments and properties (other than principal residence).
2. Examples of non-taxable assets on your death are TFSA and life insurance.
3. Giving to your church or charities can reduce or eliminate your tax payable on death.


The next topic for my money coaching series is learning how to grow your surplus after you have learned how to protect your loved ones through insurance and estate planning. Save the date: 
Thursday, August 12th, 
7-8pm PT
with David Koppe, an Investment Advisor with Edward Jones.

See you in August!


Disclaimer: 
Information presented above is intended only for general information. Please consult your own legal professional, financial advisor and tax professional for advice related to your personal situation.


Photo by Scott Graham on Unsplash