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Read testimonials from Canadians who have used AWP.

GIVING MORE MEANING TO YOUR MONEY

Mike and Mary were a couple in their 40’s who through hard work had accumulated some financial security that allowed them to live a pleasant lifestyle. 

Writing a Will had not been a high priority for Mike and Mary as they did not have children and so had never considered the issue of inheritance and knowing that if one of them died the other would inherit the assets was comfort enough for them. But when one of their favourite charities suggested they meet with a representative from ADVISORS with Purpose to consider how their ongoing accumulation of assets could take on more meaning now and after their deaths they responded.

Through the process of estate planning, Mike and Mary learned that had they died without a Will in place, someone would have had to make decisions dealing with the increased costs and that a substantial amount of their estate would have gone to the government in taxes. With the counsel they received from the estate specialist Mike and Mary made some important decisions that not only effectively wrote the government out of their Will but would generate substantial charitable gifts for the work of some of their favourite charities ensuring the long term sustainability. This brought new meaning to their money.

– Mike and Mary

A PRICELESS INHERITANCE

Elaine and Harry did not think estate planning was for them – after all, other than some life insurance, a bit of RRSP savings and the family cottage, they had little financial assets. And really, their four kids would certainly not get rich from what would be left to them. 

But when Elaine and Harry met with an ADVISORS with Purpose estate specialist to ensure that their Will was current, they were genuinely surprised to learn that they would leave an estate valued at close to $675,000 – after a potential tax bill of around $74,000. 

After considering several options Elaine and Harry chose to add a fifth child as a beneficiary to their Will – a “Child Called Charity”. This option allowed them to eliminate the tax bill and leave a little over $150,000 to each child. But the real blessing came when they saw that they could leave a gift of over $135,000 to charity. Never in their life had they been able to make that kind of donation.

And when Elaine and Harry told the children how, through their Will they would continue to make an impact to their favourite charity, the legacy they left their children was indeed priceless.

– Elaine and Harry

KEEPING THE FAMILY VACATION PROPERTY

Jerry and Diane always assumed that once they passed away, the family vacation property would pass to the children and their families to be enjoyed for generations to come. When they bought the property 40 years ago they dreamed it would become the centre of family life and fun – and indeed it has. But a friend told them recently that there was a strong possibility that the appreciated value of the vacation property would trigger a capital gain issue that would result in a hefty tax bill levied on their estate.

So when their favourite charity offered to connect them with a ministry called ADVISORS with Purpose who would help them review their Will and estate they jumped at the chance. The estate specialist showed them how, through their Will, they could make a charitable donation through the liquidation of other assets that would bring the tax bill on the vacation property to ‘zero’.

Not only did this move allow them to fulfill their wish to pass on the cottage free and clear, but it redirected a sizeable portion of their estate that would have gone to the government in taxes to several charities that were near and dear to their hearts.

– Jerry and Diane

WHAT WILL HAPPEN TO THOSE RRSP’S

David and June had paid attention to preparing for retirement over many decades and with advice, had carefully tended to their registered investments, rejoicing in the growth and sometimes distressing over declines. Now well into retirement, they realized that it was possible that much of that money would remain behind after the death of the surviving spouse. A friend said that this money could not be left to the children and that half of whatever was left would go the government anyway and there was not a thing they could do about it.

While meeting with an estate specialist from ADVISORS with Purpose David and June learned that indeed registered assets can only be passed to a surviving spouse and in the absence of one, the assets will be added into income, generating a very large tax liability against the estate.

However, they further learned that the Canadian government has recently made changes that will allow a charity to be named the beneficiary of registered accounts, meaning they could leave their entire RRSP / RRIF to charity at death and through the resulting donation receipt, effectively wipe out the entire tax liability.David and June decided that they would rather any remaining registered assets benefit a charity than the government and so instructed their RRSP provider to include charity as a secondary beneficiary.

– David and June