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Estate Tax Planning, Generational Finance, and Retirement Strategies
An 81-year-old widow seeks advice on minimizing estate taxes by adjusting her RRIF withdrawals; other articles discuss generational financial burdens, life expectancy gaps, charitable giving strategies, and challenges in decumulation product modeling.
English
Canada
HealthLifestyleGender IssuesFinanceRetirementCharityTaxesEstate Planning
The Globe And MailStatistics CanadaGeneration SqueezeMorneau ShepellCrowe Soberman Llp
LindaWarren MackenziePaul KershawFrederick VetteseAlexandra Spinner
- What are some underutilized and tax-effective ways for wealthy clients to donate to charity?
- Wealthy clients can utilize tax-efficient charitable giving strategies such as registered accounts, life insurance policies, and donor-advised funds, thereby minimizing their tax burden while supporting worthy causes.
- What challenges do financial advisors face when modeling decumulation products for their clients?
- The market for decumulation products is growing, but advisors face challenges due to a lack of comprehensive decision-making frameworks, hindering optimal client outcomes.
- Should Linda withdraw more than the minimum from her RRIF to minimize estate taxes, even if it means more OAS clawback?
- To minimize estate taxes, Linda, an 81-year-old widow, is considering withdrawing more than the minimum from her RRIF, despite potential OAS clawbacks. This strategy aims to reduce the taxable amount left in her estate upon her death.
- What is the current life expectancy gap between men and women in Canada, and why does it matter for retirement planning?
- A life expectancy gap of over four years persists between men and women in Canada. This difference needs to be considered when planning for retirement and the duration of required income.
- How much more are millennials paying in taxes to support boomers' retirement compared to what boomers paid for previous generations of seniors?
- Millennials are paying significantly higher taxes to support boomers' retirement, a burden projected to increase due to planned OAS increases, the Canada Health Transfer, and rising provincial healthcare spending.