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Estate Planning

Estate Planning Considerations

April 24, 2015

Estate Planning is ensuring that your affairs are in order if you pass away or become incapacitated. Past Planner’s Corners* have covered topics such as How to Properly Plan your Estate, Leaving a Legacy, Transforming this World and Are There Estate Taxes? Below are some additional considerations to help you make these important decisions.

  • E.G. “Jay” Link, Indiana based founder of Stewardship Ministries, recommends conducting a 3-step process he calls an Inheritance Fire Drill to determine how prepared beneficiaries (usually children) are to receive an inheritance and how well thought out the timing and the amount of their planned inheritance is.

Step 1: Discerning your view of an inheritance - is inheritance an inherent right or an unearned privilege? In other words, is an inheritance a required obligation we owe our children or is it an optional gift we can feel free to bestow on them if and when we choose?

Step 2: Determine the purpose of an inheritance – do you want your children’s inheritance to fund lifestyle or opportunity?

Step 3: Calculate the timing and amount of an inheritance.

  • In 2008, The Home Instead Senior Care® network launched the 40-70 Rule. By the time you are approaching age 40 and when a loved one is about 70 you should have the “talk” about aging and end-of-life issues.
  • When should I review my Estate Plan? Every 5 years or if there is a major life event such as change in marital status, a new child, death of a family member or move to a different province.
  • Why should I pay $500 - $1,000 to have documents completed by a lawyer when I can buy a Will Kit for under a $100 and do it myself? In life, generally you get what you pay for. Consider the effects of ill-prepared documents on your family such as the stress, time and cost to fix vs. getting it done right.


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