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June 2014 Archives

Estate planning and the family cottage

Many British Columbia residents and others across the nation enjoy vacation time and wonderful memories spent at family cottages. Part of the responsibility of owning a getaway home includes knowing when it's time to sell the property or turn over ownership to an heir. Tax considerations generally mean that a person should transfer the property after they retire because their income will decrease. However, in some cases, family members aren't invested in the property and do not want to take it over when the older generation dies. In such situations, it might be best to sell the property.

Balancing a legacy with the cost of long-term health care

Many senior citizens in British Columbia may live frugally as they try to help their children cope with financial challenges and leave as much of their estate intact to pass on after they do. However, some financial planning experts believe that this may not always be a prudent path to take. Health care costs that will not be covered by the government are expected to rise sharply in the coming decades, and too much concern over what will be bequeathed in their wills could leave retirees vulnerable.

Power of attorney laws in British Columbia

The laws regarding power of attorney changed in British Columbia on Sept. 1, 2011. While any power of attorney documents prior to this date are still valid in most cases, it is advisable to have a lawyer review the documents to ensure that they do not need to be updated. Any powers of attorney signed after Sept. 1, 2011, need to adhere to the current laws.

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