Here’s a 6 step Estate Planning Process that will ensure you are able to provide your high net-worth clients with advanced planning, in-depth knowledge and experience, the ultimate in service and support, and customized insurance solutions. Continue reading “The 6 Step Estate Planning Process” →

Working on high net-worth life insurance cases creates added complexity while demanding increasingly advanced planning. So how can you access advanced estate and tax planning expertise coupled with a deep understanding of life insurance and its custom application – all to help you reduce the overall complexity of large case sales?

Watch this video to find out. Continue reading “Improve High Net-Worth Client Sales Outcome” →

In our previous The Beneficiary Challenge article, we discussed the 2020 Ontario Superior Court case regarding Calmusky v Calmusky. One of the key issues in this case involved the designation of Gary Calmusky as the beneficiary under his deceased father’s Registered Retirement Income Fund (RRIF). This caused quite a stir when Randy, the other adult son, argued that these funds should not have been administered to Gary directly. Randy then took the case to court, maintaining that the RRIF was held in trust for the estate of the father. He also argued that a bank account, previously held jointly by Gary and the father, was also held in trust for the estate.

At that time, the Court decided that a joint bank account should be held in trust for the estate when it resulted from a gratuitous transfer of an asset to an adult child, unless the child can prove that it was the deceased’s intention to gift the asset to them directly. This was consistent with established case law.  However, the court then went on to apply this very same principle to the RRIF beneficiary designation, regardless of legislation already in place honouring such designations! In doing so, the court created doubt as to whether routine designations, whether they be in registered plans or insurance, would now be subject to increased legal scrutiny and litigation.

The Calmusky case was heavily criticized in legal and financial circles. Subsequently, in the 2021 case of Mak Estate v. Mak, a different judge of the same court came to the opposite conclusion from the judge in the Calmusky case. In the Mak case, in considering a RRIF designation of an adult child, the court stated that there was “good reason to doubt the conclusion that the doctrine of resulting trust applies to a beneficiary designation”. The judge’s comments suggest that there is no requirement to determine the intent of an individual who designates a beneficiary supported by legislation, such as that governing registered plans and insurance. Continue reading “A Murky Path: Continuing Concern Over Beneficiary Designation Legislation” →

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Beneficiary Designations and the Importance of Transparency

As you plan your business development strategies for the coming year and beyond, it may be a good time to consider truly untapped opportunities in the marketplace. For example, understanding how women relate to money and being sensitive to the unique challenges women face can set you apart from your peers.

Watch this video to learn more about this key market segment and how you can make a difference. Continue reading “Planning Opportunities in the Women’s Market” →

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Planning for Your Financial Future

As an Advisor, you continually strive to help your clients plan for their estate planning needs and the needs of their family. Your clients have placed the ultimate confidence in you, entrusting you with the incredible responsibility of representing them after they pass, in order to ensure that their estate wishes are fulfilled. The death of a family member is always traumatic and you have an important role in helping your clients’ beneficiaries through this process with care and understanding.

In her 2018 article Coach Clients on Death Claims, author Suzanne Yar Kahn highlights insights from several Canadian insurance advisors about the life insurance claims process. One advisor recommends meeting with your clients and their named beneficiaries today to ensure that there is no confusion when it comes to your client’s wishes and that everyone, including family and beneficiaries, are aware of what to expect when that time comes (1). These meetings are a great way to build client/advisor trust and offer your client the peace of mind that they are looking for at that time. Additionally, these meetings allow you to meet and get to know the named beneficiaries – so you can better support them in the future. Continue reading “The Death Claims Process – Meeting with Your Client” →

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The Settlement Process – What Your Beneficiary Can Expect