FINANCIAL MATTERS

For example, if you wanted to leave your business to your oldest child (who now runs it for you), how would your other children feel about their smaller inheritance?

What if you had a couple of large assets such as your home and a vacation property but three or more kids? This could make a fair distribution of your overall estate practically impossible. Apart from the fact that these situations result in an estate plan that is unfairly distributed, they could also lead to litigation issues after you’re gone. Even if you clearly stated your wishes in your will, your surviving children could contest it if they feel it’s unfair.

You could avoid this situation by taking out a permanent life insurance policy and naming as beneficiaries those children who are not due to receive one of your major assets. There’s also the added benefit that life insurance doesn’t become part of your estate or even your will. This means that it can’t be contested and the proceeds are tax free, so it won’t adversely affect how you distribute the rest of your estate.

Build a bigger nest egg

When you have enough money to fund your retirement but want to grow more wealth to pass on to the next generation, permanent life insurance can be used as a useful investment tool. Participating life insurance includes an investment component that allows you to grow your money on a tax-free basis, as long as the funds remain within the policy. If you were to grow your money in a regular investment product, your estate would pay tax on its earnings, but money earned within an insurance policy is paid out tax free upon death. It’s an effective way of reducing your final tax bill by shifting a portion of your assets into a tax-free insurance policy

Get advice on life insurance that’s right for you

An IG Advisor will consider how life insurance would fit in with your entire financial plan. They’ll weigh up your estate planning needs and work out whether life insurance will help you to distribute your assets in a fairer way, provide you with tax savings or leave a larger legacy. If you do not have an IG Advisor, reach out to Jacob today!

Written and published by IG Wealth Management as a general source of information only. Not intended as a solicitation to buy or sell specific investments, or to provide tax, legal or investment advice. Seek advice on your specific circumstances from an IG Wealth Management Consultant. Insurance products and services distributed through I.G. Insurance Services Inc. (in Québec, a Financial Services Firm). Insurance license sponsored by The Canada Life Assurance Company (outside of Québec).

Aries: March 21 - April 19 (Fire) –

Keep your eyes wide open for great things coming for you Your work and home life need a fresh start You need to keep your head held high and observe all people and things surrounding you for the multiple opportunities around you.

Taurus: April 20 - May 20 (Earth) –You have a great ability to multitask, but only if you can focus. Lately your focus has been on other people’s problems. You must choose only yourself this week You have multiple problems beginning to surface and no one is jumping in to help you Remember this when a loved one comes to you this week with a big problem to solve Choose you

Gemini: May 21 - June 20 (Air) – You should avoid dumb people this week You will not have the capacity to deal with them and you will snap at the wrong people This will start a lot of drama and stress you do not need in your life. You may want to take the time and ask yourself why stupidity has become a trigger for you?

Cancer: June 21 – July 22 22 (Water)

You are only human; you are far from perfect This week past mistakes you have made will be brought back up Your ego will also take a hit, but you will survive This weekend you need to make plans to do things you enjoy, anything that brings you some much needed fun and relaxation.

Leo: July 23 - August 22 (Fire) –

You have lost your path and now you are just standing still. You have asked all the right questions and now you are waiting on the answers before you choose what needs to be cut out of your life Whether this is in career or in love or in health, make no mistake something, has to go for you to move forward

Virgo: August 23 - September 22 (Earth) – Something happens to you this week that shakes up your perspective on life You have been focused on money and building things up around you. Now love and family become more important, and you are starting to see the world as a lot simpler. Now what are you going to do with this newfound information? Use it; your life needs this change in direction

Libra: September 23 - October 22 (Air) - You will be looking for the light at the end of the tunnel. Honestly, it can only be found if you swallow your pride and ask for help You do not want to just leave these issues to chance they will turn into big problems Everyone around you sees you as a strong person and will greatly respect you reaching out to them.

Scorpio: October 23 - November 21 (Water) – Your instincts are usually right so why are you ignoring them this week? You know someone has been hiding or lying to you so why have you not confronted them? If you choose not to, we both know it will start to drive you crazy until you snap. Speak up

Sagittarius: November 22 - December 21 (Fire) – You have a blast from your past show up this week This brings up some unresolved feelings and only you can choose if this is a good or bad thing We have to go back sometimes in order to move forward You will have a good conversation at work that can lead to more money for you.

Capricorn: December 22 - January 19 (Earth) – The more chaotic things become for you at work this week the calmer and more in control you become. People are taking note of this, and you will get some recognition. Your love life will start to heat up by the weekend, let's hope it's with passion and not anger

Aquarius: January 20 – February 18 (Air) – You are always up for a little drama in your life It makes things more interesting But this week drama is all you can seem to attract Break things up a bit and take your control back Make some plans with friends and family and get out of your house Then bring back the positive energy back home with you.

Pisces: February 19 - March 20 (Water) – If someone criticizes you and makes you feel bad, cut them off for a while You have never claimed to be perfect, and neither are they. Not everyone you surround yourself with has your best interest in mind. You deserve better friends This week find your cheer leaders and those who love you despite all your faults

If you need support and insight in life, contact Tina for an energy reading directly online at