WELCOME to the MONEY SECRETS BLOG

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.

Money blocks usually develop when you are young and impressionable. They are things you learn and subconsciously take for granted. You believe them to be an absolute truth. 

I’ve been obsessed with the concept of limiting beliefs since I was a kid.

I would observe how different people would react to the same situation. I was curious why some people seemed programmed to respond a certain way while others were not.

I didn’t know the concept of “limiting beliefs,” but I could recognize patterns in people’s reactions based on their life experiences.

It wasn’t until I started meditating that I understood my own limiting beliefs and started to…

If you have minor children and are without an estate plan, the court decides who becomes the legal guardian of your children.

Is There an Inheritance Tax in British Columbia? No, there is no official inheritance tax in British Columbia or anywhere in Canada. That means if you receive an inheritance, you generally don’t pay tax on what you receive.

Quick Probate-Fee Calculator for Estates in British Columbia To use this probate-fee calculator, type in the value of the estate without a dollar sign. BC Probate Fee Calculator Estimate probate fees in British Columbia based on the gross estate value. Estate value: $ Calculate Probate Fee For a $5,000,000 BC estate, the probate fee is […]

Certain assets have built-in tax advantages or direct beneficiary designations, and adding a trust can alter or cancel those benefits. 

For example, registered accounts like RRSPs and TFSAs, life insurance policies with named beneficiaries, vehicles, and pensions are not the ideal fit for a trust. In addition, if you put your home in a trust, it may limit the principal residence exemption if the trust doesn’t meet certain rules.  

To find out more about trusts in Canada, keep reading.

Do you want to know how to increase your manifesting power without spending hours writing affirmations or visualizing?

Great! You’re in the right place. 

You can incorporate these manifesting tips into your daily life without spending hours on your practice. In fact, if you can dedicate 10 to 20 minutes per day to your meditation and manifesting practice, you’ll be able to create dramatic results. 

Keep reading to find out the specific techniques that I’ve used to make manifesting more effective.

When is the right stage of wealth to put assets in a trust?

Big milestones in life can often act as trigger points for creating a trust.

For example, a business sale, early retirement, receiving an inheritance, or realizing your estate will be far larger than you can ever spend are moments when people begin to think differently.

The focus shifts from accumulation to stewardship.

Ask yourself these questions as you begin the process: 

1 – What do I want my wealth to do? 

2 – Who should it support?  And, under what conditions?

3 – What risks am I trying to reduce?

Keep reading to find out when you should put assets in a trust.

There isn’t one “best” trust in Canada.

The right option depends on your wealth level, what you want to achieve, your family structure, and how exposed you are to taxes.

Different trusts also suit different goals.

For example, some trusts are better for probate avoidance, while others are better for managing powers of attorney or blended families.

To learn more about trusts in Canada, keep reading!

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.

A family trust in British Columbia is a legal arrangement where the settlor puts money or property into a trust and appoints others (trustees) to manage it for the benefit of family members (beneficiaries).