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The biggest mistakes parents make when setting up a trust fund are not getting proper advice before setting up the trust and choosing the wrong trustee.

When a trust works well, it works really well.  

It is like a magic key that travels from this lifetime into the future, unlocking the legacy that you wished to leave. It ensures that your vision continues when you’re no longer here.

But for it to work, it has to be set up correctly. To find out more about how to use trusts the right way, read the full article.

First, can you put a bank account in a trust? Yes, you can put a bank account in a trust.  

When you put the bank account into a trust, you’re transferring ownership from yourself to the trustee.

The bank will usually require the account to be titled in the name of the trust, for example, “ABC Family Trust.”  

The trustee will be responsible for managing the account in accordance with the trust document for the beneficiaries. And the trustee will have control over deposits and withdrawals. 

From a tax perspective, the bank account will now need to follow the trust rules, and income may be taxed in the trust or passed through to the beneficiaries. 

So, while you can put a bank account in a trust, it only makes sense in certain situations.

Keep reading to find out more about when it makes sense to put a bank account in a trust in Canada.

Is there a specific net worth that triggers the need for a trust in Canada? No, there isn’t a fixed net worth that automatically triggers the need for a trust in Canada.

For example, you might use a trust even with a smaller estate for control or protection. You may use a trust for a larger estate if you have tax planning and family needs.

For more on when to get a trust, read the full article.

Over the course of many years, I’ve transformed my money mindset, allowing me to create the life I desire. And I know that you can do this too!

In this post, I’ll cover the practical steps you can take to change the way you think about making and managing your money.

Keep reading to find out the one key superpower that is essential for a great money mindset.

Getting your financial affairs in order is critical, no matter your age. 

But estate planning becomes even more important as soon as you have kids.

If you’re in the process of getting your financial affairs in order, you be wondering what estate planning actually is and if you need it. That’s exactly what I’m going to cover in this post.

Keep reading for a story about my mom’s estate planning dilemma and why the emotional side of estate planning matters as much as the tactical side.

It’s critical to understand your money mindset because it will influence all your decisions around money, whether you’re aware of it or not.

Your money mindset is made up of your cornerstone beliefs about money.

It influences everything you do and don’t do with money, such as spending, saving, building up debt, buying a home, and investing. 

Keep reading to find out the 11 key strategies you can use to improve your money mindset.

Who legally owns the assets held in a trust? Find out the details of who controls a trust after death including who holds legal title to and control over the trust assets. 

Manifesting money isn’t just about wishing for wealth.

It’s a deliberate process that involves setting clear intentions and aligning your mindset with your financial goals. 

In this post, I’ll cover 5 steps to help you set your intentions effectively and attract abundance.

I recently worked with a woman in her 80s who had more than enough money to comfortably support her lifestyle for the rest of her life.

She was considering moving to a place she loved, closer to family and a community that shared her values. The hesitation she had wasn’t financial capacity. Instead, it was tax-related.

In this post, I’m going to share what you need to know about living trusts from both a technical and mindset perspective.

While most people have run into a get-rich-quick strategy at some time or another, many wonder what the main steps to becoming rich actually are.

If you want to become rich (and stay rich), you need to follow key money management rules.

Be accountable for your spending, live below your means, set SMART financial goals, and invest wisely. In addition, remember to work on your money mindset and clear money blocks that may be preventing you from fulfilling your earning potential.

In this post, I’ll cover the keys to becoming rich and staying rich.

Keep in mind that this post is not a substitute for professional guidance, but it will get you looking in the right direction.

—> Read the post to find out if you’re on the right track!