Hi my name is #TomWitek with #YourChoiceRealtyCorp, #OttawaRealEstateSalesperson you can find
more information about me at https://www.justsellinghomes.ca
Today my guest is - Daren Givoque ,financial security advisor from O'Farrell Financial
Services and how can people find you or contact you they can reach me on our
website https://www.ofarrellfinancial.com/about-us/our-team/item/16-daren-givoque
OFS I ca or they can call me at my office at six
one three two five eight one nine nine seven and Deren and what do you do
practice your business so I'm a comprehensive financial planner I work
with mature mature clients 55 the 50-plus demographics that are looking to
talk talk about or find out more information about retirement cash flow
planning understanding what their needs are in retirement okay so he's
correlated with was something that the lawyer would do in terms of estate
planning right yep yeah so part of my demographic
actually is after I work with clients my primary is working with clients for
retirement but I also have a large portion of my client base that are
dealing with estate planning you know those are the clients who maybe aren't
going to be using everything that they've created in their life and they
want a very tax efficient way to transition it to the next generation so
let's just assume a hypothetical situation somebody calls you up it's
it's it's an older couple that's in their 60s that are about to retire
they do have three properties okay and they have five children okay okay what
would be your advice once you were to gather all this information and
determine you know obviously at some point they want to give give some of
this to the children and they want to live comfortably after retirement right
what would be the steps to determine how much money they need to live comfortably
and how much we can leave to the children because they love them right
right right that's like that's a great question it's that's a big question
no but I mean I think you have to kind of like bring it down to simplified
terms at the beginning so when I first meet clients the first thing I do is I
get to know them I get to know what's important to them I get to understand
what their story is like you said about the kids what the
relationship is with them and then we talk a little bit about assets so every
asset is taxed differently every accent grows differently right and and and all
assets have benefits and liabilities right they may have our speeds yeah so
the first step is usually just capturing that and I usually do what's called a
personal financial review so I document all the assets that they have put them
all together and then we have a conversation about what their need is in
retirement so like what are they looking for lifestyle wise in retirement and are
they going to you know every when there must be an isle yeah it's a different
story them they're gonna stay in the same play bingo and play bingo and hang
out in the local area right so everyone's dream of retirement is
different so understanding what what their cash flow needs to be to support
that is the first step and then and then looking at the assets and then how those
are going to transition into supporting them through retirement and then
long-term having that conversation about taxation and how do I reduce their taxes
as much as possible so that's the first conversation right and once we look at
budget and cash flow where they're spending their money and where they
anticipate spending the money in retirement then I can see very
accurately with the modeling software that I use I always take my my my
financial plans my clients out to 90 years old okay and
then I work my and then when I work my way back that usually tells me what's
gonna be left over you're telling them okay I'm 60 30 years to go in five years
I'm gonna retire right so basically I need 25 years right to live comfortably
and then basically I don't really care what happens with the money I'll give it
to the children that's right and then understanding and understanding
what's there how it's gonna grow and what the tax ramifications are if they
just leave it and kick it down the road so my number one job is number one is
helping them understand how they can afford retirement but then the second
conversation is really about over the next 25 years how do we do reduce as
much taxes as possible on the estate and whatever's left over
how do we minimize it to almost zero on the estate costs almost exactly we
should sell the first property within the first five years yes the next one
maybe in 15 yeah and so yeah that's a great idea
like I mean and staggering your if you had hard investments like that you'd
want a stager selling them because you don't want all that income flowing in to
your you know into your the same that I had the same demostración exactly yeah
yeah so you'd want to stagger that and then and then you know what if they're
going to leave something like that if they're if their plan is to leave some
of those hard assets then having that conversation about how do you you know
do put the children on title you know at some point in time do trigger some of
those taxes at the beginning like the the capital gains tax on yourself you
know or do you use something like life insurance to equalize the estate in a
tax-free way the benefit of putting the kids from the title for example from
from taxation point of view from yeah what would it be the benefit
of that well okay that's a great question so I'm not a lawyer and estate
planning lawyers but I know putting clients on in joint tenants in common
will help alleviate some taxes at certain points through throughout the
the estate plan at the end of the day the government's gonna get their pound
of flesh right right right by adding by adding kids or you know mid
adult children because that becomes their primary residence right yeah that
case or is it treated as investment well it still looked at as an investment
property because you can only have one in one night one primary living house
right but the from the kids perspective nothing like let's say they're renting a
place Oh writing them onto the title that kind of becomes again this is
probably for the lawyer more than any more a lawyer a question yeah because I
mean you don't want it I mean at the end of the day if you try if you you want to
make sure you're always on side legally with the government whatnot but under
but obviously there are some ways that you can avoid help avoid probate right
right so if the if the assets like like a like a rental property like that
it doesn't have to flow through probate because you put them on on title then
that might avoid some tax a partially shoe anyway yeah that's purely for the
lawyer to determine yeah the legality of it I think the big conversation is just
understanding what the plan is like what is it that that the clients are trying
to accomplish and and what it what is their primary goal because sometimes
I'll say to people one of the questions I get is shit like a client will say
should I put my children on my primary residence right to avoid some probate
and and make it there they're probably not mine and I'll say okay that's fine
because you are avoiding probate probate by doing that but what you're doing you
they kick you out well that's thank you scenario you lose
control of the property number one and number two you're creating another tax
which is capital gains for the child right so you're you're avoiding one tax
to create another so that's where you kind of get into the meat and potatoes
and what it is they want to try to accomplish and then building a plan over
a certain period of time to make sure that you you know that if they're
outside if that's something you also meet meet at the same time with
the kids and the parents great question with a great question you know I
encourage that all the time you know if possible for for mature clients to bring
their family in because you know sometimes what they want may not be with
the children right right you know so if you're if you're making plans in your
estate and you haven't consulted with your children or the beneficiaries well
you know you might be creating a problem that you don't necessarily need to yeah
and they might not even want that property right lived out of province
right and have no notion of having into the property right so that just really
becomes their investment property in which famous disposal right yeah I we
see that a lot with firms we deal a lot with farming clients that you know
whereby this was like like if there's three or four children one might want to
stay on the farm and work the farm and the other two might have careers and you
know in other fields that don't want to work the farm so I know how do you
equalize that a state so that it's fair for everyone but that comes back to that
conversation you just have which is bringing everyone together so that
everyone knows what the other is thinking and everybody's on board and
threads don't argue after that because there could be issues like this right so
you have absolutely so you're you're there like as a as a mediator
yep kind of trying to come up with best case scenario what everybody involved
that's right if the parents wanna deal with the kids that's right yeah and they
don't have to disclose anything either sometimes they'll bring the kids in and
they don't have to talk about specific assets and dollar value they can just
say you know what is it that you'd like to see out of this process and that's
usually how I start what would the parents like out of the process the
children want to see how for another process and how do we make sure that we
are documenting everything and creating the right plan for everybody
excellent information thank you very much
for coming how can people reach you yeah again if people want to reach it to me
they can reach me at oral financial calm they can also reach me at my email
address Darren at OFS i dot CI or they can call my office
and I'd be glad happy to speak with them which is six one three two five eight
My name is #TomWitek I'm a #OttawaRealEstateSalesperson
you can find more information about me at https://www.justsellinghomes.ca/
if you if you do like our conversations we have them we try to do them weekly
please subscribe to the channel and we're gonna post new content I
appreciate it thank you very much you're welcome thank you so much
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