By AGF Management Limited Link to the course In today’s world, estate planning includes planning for your client’s digital assets. In this video, Michael Kulbak of Kulbak Trust Solutions helps financial advisors understand the importance of planning for digital assets, as well as reward program points, and what hurdles can arise related to these assets. Kulbak defines digital assets — email, stored photos, online banking access, websites, cryptocurrency, e-books, social media

Amid automatic tax filing, a proactive approach is required Published by Investment Executive August 23, 2023 Automatic tax filing is in the works for vulnerable Canadians, and the service will be offered more broadly. That makes now a good time to critically assess the value proposition of the tax preparation and filing services you and your firm (or another firm) provide to clients. The 2023 federal budget proposed that the Canada Revenue Agency (CRA) pilot a new automatic

Know the role of agent for executor in Mississauga as well as power attorney for property in Mississauga. Important information by Kulbak Tr

A group of skilled experts offering estate and trust accounting in Mississauga is essential when carrying out an estate strategy. An accountant is an expert on taxes and other financial matters. An estate planning attorney is a legal expert who can draft documents. Accountants' attention to detail is useful while creating and carrying out an estate plan. Trust Accounting Documentation is created using the trust accounting process to display the full financial picture. It de

An individual or organization chosen to handle the administration of a decedent's estate is known as a personal representative (often referred to as an Executor). As a fiduciary and a personal representative Mississauga must follow the instructions of the decedent's last Will and testament. They may also have to comply with the probate laws of the state where the estate is being managed in order to settle and distribute the decedent's estate as quickly as feasible. This is fr

Help clients consider an investment policy statement in their wills Published by Investment Executive April 12,2023 A major element of estate planning is determining the assets, and their value, to be left to estate beneficiaries. However, the estate plan may not specify how the assets are to be invested and managed post-death and prior to distribution to beneficiaries. Unless the will specifies an approach and constraints, an executor (a.k.a. estate trustee) will have signif

A power of attorney in Mississauga is used if the principal cannot act due to illness or incapacity. If the principal cannot approve financial or legal transactions, the agent may also serve on the principal's behalf. When a power of attorney's creator dies, upholds it, or has it ruled invalid by a judge, it becomes invalid. A POA also passes when the creator divorces the spouse designated as the agent or when the agent can no longer perform the specified tasks. What is a (PO

Estate planning is a meticulous and detailed role taken up by professionals in the field of estate planning and management. If you don't have a well-defined legal plan, the courts will decide how to deal with your entire estate. Whenever someone passes away, their property and assets must be managed and distributed according to their final wishes. One needs to appoint an executor or estate trustee in Mississauga to manage their estate. If you are a citizen of Mississauga, the

By AGF Management Limited Link to course Gain a better understanding of these two key roles that affect clients. Encouraging your client to name a power of attorney (PoA) for property and a trusted contact person (TCP) promotes effective estate management and mitigates financial exploitation, respectively. In this video, Michael Kulbak of Kulbak Trust Solutions explains the two roles’ requirements and functions, compares the roles, and presents real-life examples that illustr

Safeguard your client's assets with an appointed monitor Published by Investment Executive February 15, 2023 Clients often choose executors based on the criteria of experience, financial acumen and perceived integrity. Additionally, executors may be chosen to maintain family harmony. The testator may think if they do not appoint their child/children or spouse as the executor, those family members will be offended and feel ignored or rejected. Half-heartedly, they select a fam

In this era, having a Professional Executor/Estate Trustee should be considered an effective insurance policy. A Professional Executor/ Estate Trustee is accountable for ensuring the estate is administered in a manner consistent with the testator’s wishes and as per the terms and conditions in the will. This includes the proper identification, compiling and valuation of assets, safeguarding assets, compliance with all regulatory and tax-related matters, ensuring estate accoun

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By AGF Management Limited Link to the course Get ready for tax season with this helpful guide for financial advisors. Tax-efficient planning is important to your client, and this course helps you get organized so you can provide it. In this video, Michael Kulbak of Kulbak Trust Solutions helps you stay on top of tax time as he discusses how to prepare for the season before meeting with clients and what to discuss with them when you meet. The course focuses on clients' changin

A client scenario shows the importance of inquiring about assets you don’t administer Published by Investment Executive October 25, 2022 An estate plan has gone askew, and, consequently, a surviving spouse may be unable to afford payments for her retirement home and be forced to move in with her children. In this real client scenario, the family’s financial advisor had no idea that the surviving spouse was in a desperate situation despite the family owning a business that was

Proactive collaboration critical for resolution and client well-being Published by Investment Executive September 1, 2022 Few clients verify the accuracy of tax information slips issued by their advisors’ firms. Some may review the slips for reasonableness and perform a cursory reconciliation, but most just accept that the slips are accurate. If the slip is inaccurate, various parties, including the advisor and firm (as well as the client, Canada Revenue Agency and tax return

Understanding power of attorney versus trusted contact person Published by Investment Executive July 5, 2022 During a recent webinar I gave on power of attorney for property, confusion among attendees was evident about the roles and responsibilities of an attorney under a power of attorney for property versus a trusted contact person (TCP). This article explains the differences between these two roles, some of the challenges of each role and what powers each has or doesn’t ha

Jump the credibility curve with executors and beneficiaries Published by Investment Executive April 13, 2022 Litigation is a common threat in estate administration, often arising from miscommunication or a lack of communication. Closing the inevitable communication gap between beneficiaries and executors will help you better serve clients and build your book. First, a bit of background. An executor (referred to as an estate trustee in Ontario and liquidator in Quebec, with th

Safeguard your business by knowing your client’s PoA and executor Published by Investment Executive February 4, 2022 Do you have a relationship with, or even know, your client’s power of attorney for property? Do you know who your client named as executor in their will? Have you asked your client for an introduction to their attorney and executor? If you answered no to these questions, the assets you administer on behalf of your client are at risk of being transferred out a