Trusted Tips and Resources

Trusted Tips & Resources

Expert Advice From Trusted Regina Financial Advisor John Barabe Regarding Estate Planning

John Barabe and Madison Schenher understand that everyone's financial situation is unique and that managing your wealth can be complex and time-consuming. They have an unwavering commitment to quality and service which has enabled John to build and retain a successful practice in Regina. The team of Regina financial advisors and support staff believe that planning with honesty and integrity are cornerstones to improving their client's quality of life. They apply their knowledge to help clients make the right choices when considering all the product and service options that exist in today's marketplace. In their latest Regina financial advisors expert article, they provide an estate planning overview. 

Estate Planning Overview

Estate Planning is an essential part of wealth management, particularly if your estate involves significant assets or complex issues. Without careful planning, your estate may be tied up in the courts for months or even years. The government could end up collecting more taxes than otherwise. And, most importantly, how your legacy is disbursed may be decided for you.

Developing a complete estate plan will require much more than just a will. Depending on your personal situation, you will need to consider a combination of Tax Planning, Funeral Arrangements, Power of Attorney, Life Insurance, etc.

Every adult should have an estate plan that outlines the following: 

  • Who is responsible for distributing your assets?
  • Who will make financial and medical decisions if you’re incapacitated? 
  • Who gets what and when they get it?
  • Who will take care of your children?
  • Who will manage any trust accounts?

Depending on the complexity of your estate, you may require the services of a lawyer, a financial advisor, an accountant, an insurance agent or a trust officer.

Take control of your estate and follow these 5 steps:

  1. Determine your estate planning goals
  2. Consider which estate planning tools fit your situation best
  3. Choose the people you would like to speak for you
  4. Start raising estate planning issues with your family
  5. Keep your estate plan up to date

A well thought out estate plan is critical to getting your affairs in order and protecting your wealth. Whether you are deciding to create an estate plan for the first time or updating the one you have, take a look at Keybase’s checklist to make sure you got what you need. By planning for tomorrow today, you can retain more of your assets, protect your estate and leave a lasting legacy. A proper estate plan will protect you and your family, now and in the years to come.

Speak to a Financial Advisor today, to discuss your estate planning options!

Disclaimer: The information contained herein has been provided by Keybase Financial Group and is for information purposes only. The comments included in the publication are not intended to be a definitive analysis of tax law: The comments contained herein are general in nature and professional advice regarding an individual’s particular tax position should be attained with respect to any person’s specific circumstances. Keybase Financial Group Inc. is a member of the MFDA and is a member of the MFDA IPC.

The process I follow for estate planning includes:

  • Meet with you and your spouse or partner and clarify and confirm desires and objectives
  • Ensure the people involved with your estate are aware of the intentions.  This can include beneficiaries, executors (or executrixes), trustees and guardians.
  • Then implement.  All the other steps are not valuable without action.

John Barabe and Madison Schenher are Trusted Regina Financial Advisors


 

I am sending this out as material information to keep everyone informed. This is not a solicitation for any investment. Before making any investment decision, please contact us for professional investment advice through our extensive planning process. This is only meant to provide perspective and update you as best as I can from the extensive ongoing research that we do. 

The opinions expressed within this article/communication are those of the Financial Advisor and are not necessarily those of Keybase Financial Group Inc. Any data provided is for illustration purposes only. Clients and prospective clients should always read a product prospectus and fully understand all of the risks associated with the product before purchasing. Any information relating to the discussion of taxation issues is considered to be only general in nature. Clients should seek a qualified tax professional to discuss their specific tax requirements.

Third-party publications are not prepared by Keybase Financial Group Inc. The opinions, estimates and projections contained in the publication are those of the author as of the date indicated and are subject to change without notice. Keybase Financial Group Inc. makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors or omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on the report or its contents. The provision of this publication is not to be construed as an offer to sell or a solicitation for or an offer to buy any securities.

Keybase Financial Group Inc. is a member of the MFDA and is a member of the MFDA IPC.

How Often You Should Review Your Will - Expert Advice From Trusted Regina Financial Advisor John Barabe

John Barabe and Madison Schenher understand that everyone's financial situation is unique and that managing your wealth can be complex and time-consuming. They have an unwavering commitment to quality and service which has enabled John to build and retain a successful practice in Regina. The team of Regina financial advisors and support staff believe that planning with honesty and integrity are cornerstones to improving their client's quality of life. They apply their knowledge to help clients make the right choices when considering all the product and service options that exist in today's marketplace. In their latest Regina financial advisors expert article, they explain how often you should review your will. 

How Often Should You Review Your Will


When was the last time you read your will? Is it still relevant? Are there changes that really should be made?

After completing a will, most people put it in a safety deposit box and don’t bother looking at it again. This is a mistake because wills should be reviewed periodically, especially if there have been significant changes in your life such as…

  • marriage (because your will is revoked when you are married),
  • divorce (because it revokes a gift to the former spouse, and in many cases that is most of the will),
  • the birth of a child (because you’ll want to deal with guardianship, support etc…),
  • the majority of a child (because you won’t have to deal with guardianship, may want to do something about support, specific bequests),
  • a major acquisition or disposition of property,
  • the death of a spouse or other family member mentioned in the will, and
  • executor dies or reaches a state of physical or mental disability.


Never attempt to revise your own will by scratching out or marking up existing clauses.  When making alterations to your will,  taking the time to follow the legal formalities will ensure that your will remains valid, and up-to-date and that your estate is dispersed according to your wishes.


John Barabe and Madison Schenher are Trusted Regina Financial Advisors


 

I am sending this out as material information to keep everyone informed. This is not a solicitation for any investment. Before making any investment decision, please contact us for professional investment advice through our extensive planning process. This is only meant to provide perspective and update you as best as I can from the extensive ongoing research that we do. 

The opinions expressed within this article/communication are those of the Financial Advisor and are not necessarily those of Keybase Financial Group Inc. Any data provided is for illustration purposes only. Clients and prospective clients should always read a product prospectus and fully understand all of the risks associated with the product before purchasing. Any information relating to the discussion of taxation issues is considered to be only general in nature. Clients should seek a qualified tax professional to discuss their specific tax requirements.

Third-party publications are not prepared by Keybase Financial Group Inc. The opinions, estimates and projections contained in the publication are those of the author as of the date indicated and are subject to change without notice. Keybase Financial Group Inc. makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors or omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on the report or its contents. The provision of this publication is not to be construed as an offer to sell or a solicitation for or an offer to buy any securities.

Keybase Financial Group Inc. is a member of the MFDA and is a member of the MFDA IPC.

Trusted Regina Financial Advisor John Barabe Shares The Demographic Profile of a Millionaire

John Barabe and Madison Schenher understand that everyone's financial situation is unique and that managing your wealth can be complex and time-consuming. They have an unwavering commitment to quality and service which has enabled John to build and retain a successful practice in Regina. The team of Regina financial advisors and support staff believe that planning with honesty and integrity are cornerstones to improving their client's quality of life. They apply their knowledge to help clients make the right choices when considering all the product and service options that exist in today's marketplace. In their latest Regina financial advisors expert article, they share the demographic profile of a millionaire. 

Demographic Profile of a Millionaire

Profile of An Average American Millionaire

Who is the prototypical American Millionaire?  What would he tell you about himself!

•    Is on average a fifty-seven-year-old male, married with three children.  About 70 percent of us earn 80 percent or more of our household’s income.

•    About one in five of us is retired.  About two-thirds of us who are employed are self-employed.  Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of millionaires.  Also, three out of four of us who are self-employed consider ourselves to be entrepreneurs.  Most of the others are self-employed professionals, such as doctors or lawyers.

•    Many of the types of businesses we are in could be classified as dull-normal.  We are welding contractors, auctioneers, farmers, owners of mobile home parks, pest controllers, coin and stamp dealers, and paving contractors.

•    Our household’s total annual taxable income is $130,000, while our average income is $247,000 because the 8 percent of millionaires with higher incomes raise the averages.

•    The typical millionaire household has a net worth of $1.6 million.  Of course, some of our cohorts are worth much more.

•    On average, our total annual taxable income is less than 7 percent of our wealth.  In other words, we live on less than 7 percent of our wealth.

•    Most of us are homeowners.  We live in homes currently valued at an average of $320,000.  About half of us have occupied the same home for more than twenty years.  Thus, we have enjoyed significant increases in the value of our homes.

•    Most of us have never felt at a disadvantage because we did not receive an inheritance.  About 80 percent of us are first-generation affluent.

•    We live well below our means.  We wear inexpensive suits and drive American-made cars.  Only a minority of us drive the current-model-year automobile.  Only a minority of us ever lease our motor vehicles.

•    Most of our wives are planners and meticulous budgeters.  In fact, most of us will tell you that our wives are a lot more conservative with money than we are.

•    We have accumulated enough wealth to live without working for more than ten years.  Thus, those of us who have a net worth of more than $1.6 million could live comfortably for more than twelve years.  Actually, we could live longer than that, because we save more than 15 percent of our earned income.

•    We have more than six and one-half times the level of wealth of our non-millionaire neighbours, but, in our neighbourhood, these non-millionaire neighbours outnumber us three to one.  Could it be that they have chosen to trade wealth for acquiring high-status material possessions.

•    As a group, we are fairly well-educated.  Only about one in five are not college graduates.  Many of us hold advanced degrees.

•    Only 17 percent of our spouses ever attended private schools, but 55 percent of our children are currently attending private schools or have attended private schools.

•    As a group, we believe that education is extremely important for ourselves, our children and our grandchildren.  We spend heavily on the education of our offspring.

•    About two-thirds of us work between forty-five and fifty-five hours per week.

•    We are fastidious investors.  On average, we invest nearly 20 percent of our household realized income each year.  Most of us invest at least 15 percent. 

•    We hold nearly 20 percent of our household’s wealth in transaction securities such as stocks and mutual funds, but we rarely sell our equity investments.  We hold even more in our pension plans. 

•    As a group, we feel that our daughters are financially handicapped in comparison to our sons.  Men seem to make more money even within the same occupational categories.  That is why most of us would not hesitate to share some of our wealth with our daughters.  Our sons, in general, have the deck of economic cards stacked in their favour.  They should not need subsidies from their parents.

•    What would be the ideal occupations for our children?  With the number of millionaires growing much faster than the general population, our kids should consider providing the affluent with some valuable service.  We recommend tax advising, law and estate-planning to our children.

•    I am a tightwad.  That’s one of the main reasons I completed a long questionnaire for a crispy $1 bill.  Why else would I spend two or three hours being interviewed for a book for $250 or $300.

These quotes are taken from the book “The Millionaire Next Door” by Thomas Stanley and William Danko.  The information was acquired through a survey of affluent first-generation millionaires.  The views expressed are solely the opinions of the respondents.

John Barabe and Madison Schenher are Trusted Regina Financial Advisors


 

I am sending this out as material information to keep everyone informed. This is not a solicitation for any investment. Before making any investment decision, please contact us for professional investment advice through our extensive planning process. This is only meant to provide perspective and update you as best as I can from the extensive ongoing research that we do. 

The opinions expressed within this article/communication are those of the Financial Advisor and are not necessarily those of Keybase Financial Group Inc. Any data provided is for illustration purposes only. Clients and prospective clients should always read a product prospectus and fully understand all of the risks associated with the product before purchasing. Any information relating to the discussion of taxation issues is considered to be only general in nature. Clients should seek a qualified tax professional to discuss their specific tax requirements.

Third-party publications are not prepared by Keybase Financial Group Inc. The opinions, estimates and projections contained in the publication are those of the author as of the date indicated and are subject to change without notice. Keybase Financial Group Inc. makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors or omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on the report or its contents. The provision of this publication is not to be construed as an offer to sell or a solicitation for or an offer to buy any securities.

Keybase Financial Group Inc. is a member of the MFDA and is a member of the MFDA IPC.

Tips on Growing Your Retirement Savings From Trusted Regina Wealth Management Advisor John Barabe

John Barabe and Madison Schenher understand that everyone's financial situation is unique and that managing your wealth can be complex and time-consuming. They have has an unwavering commitment to quality and service which has enabled John to build and retain a successful practice in Regina. The team of Regina financial advisors and support staff believe that planning with honesty and integrity are cornerstones to improving their clients' quality of life. They apply their knowledge to help clients make the right choices when considering all the product and service options that exist in today's marketplace. In their latest Regina financial advisors expert article, John Barabe talks RRSP's and growing your retirement income! 


Do You Need To Grow Your Retirement Savings? 

Do You Have RRSP's? 

RRSPs, otherwise known as a Registered Retirement Savings Plans, are a tax-deferred plan used for, you guessed it, retirement savings. It is tax-deferred by having all contributions to your RRSPs being tax deductible. This means that the money invested into an RRSPs can reduce your taxable income for that year, and can possibly even result in a tax refund. This makes an RRSP a great tool to use for investing your money for the future, and your retirement. 

In this article we are going to cover the main things you should know before investing in an RRSP including who should invest in an RRSP, how to use an RRSP and the rules around them, and explaining the differences between an RRSP and a TFSA. 


While it’s never too late to start investing, in the specific case of RRSPs that is not technically true. RRSPs have an age limit where you cannot contribute to them after the year you turn 71 years old, and at that point an RRSP can be converted to a RRIF (Registered Retirement Income Fund), or withdrawn and taxed at the tax rate applicable at that time. However, for anyone under 71, an RRSP is a great way to save and invest money for your eventual retirement mainly due to the aforementioned tax benefits, meaning that you get to invest money that only gets taxed when withdrawn, allowing you to defer that tax for retirement when your income, and by extension your tax bracket, will be lower allowing you to pay less tax than you would otherwise, and be growing that untaxed money in investments. 

If you are wanting to invest using an RRSP, there is another important point to note, there is a limit to how much money you can contribute to one in a given year. For the year 2023, your contribution limit is 18% of your 2022 income, up to a maximum of $29,210. It also gets a bit more complicated for some niche cases, because you can also carry forward contribution room from previous years. However, because this contribution room is based on income, you can only accrue contribution room in years where you had an income, and for ages under 18 the maximum contribution room is $2000. If the maximum contribution room is exceeded by more than $2000, there is a 1% per month tax on all of the excess contributions until they are withdrawn. 

Choosing investments for RRSPs can be complicated, and the investments you choose should consider things like your risk tolerance, your time horizon and objectives, and your age and stage of life. If you are interested in investing your money in an RRSP, don’t hesitate to contact us to get started.


John Barabe and Madison Schenher are Trusted Regina Financial Advisors


 

I am sending this out as material information to keep everyone informed. This is not a solicitation for any investment. Before making any investment decision, please contact us for professional investment advice through our extensive planning process. This is only meant to provide perspective and update you as best as I can from the extensive ongoing research that we do. 

The opinions expressed within this article/communication are those of the Financial Advisor and are not necessarily those of Keybase Financial Group Inc. Any data provided is for illustration purposes only. Clients and prospective clients should always read a product prospectus and fully understand all of the risks associated with the product before purchasing. Any information relating to the discussion of taxation issues is considered to be only general in nature. Clients should seek a qualified tax professional to discuss their specific tax requirements.

Third-party publications are not prepared by Keybase Financial Group Inc. The opinions, estimates and projections contained in the publication are those of the author as of the date indicated and are subject to change without notice. Keybase Financial Group Inc. makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors or omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on the report or its contents. The provision of this publication is not to be construed as an offer to sell or a solicitation for or an offer to buy any securities.

Keybase Financial Group Inc. is a member of the MFDA and is a member of the MFDA IPC.

Trusted Regina Financial Advisor, John Barabe Expert Tips On Investing In a Volatile Market

John Barabe and Madison Schenher understand that everyone's financial situation is unique and that managing your wealth can be complex and time-consuming. They have has an unwavering commitment to quality and service which has enabled John to build and retain a successful practice in Regina. The team of Regina financial advisors and support staff believe that planning with honesty and integrity are cornerstones to improving their clients' quality of life. They apply their knowledge to help clients make the right choices when considering all the product and service options that exist in today's marketplace. In their latest Regina financial advisors expert article, John Barabe shares his expertise and tips on investing in a volatile market! 


Investing in a Volatile Market?


First and Foremost, Stay Calm!


Investment decisions made in haste and under stress are rarely good ones. Think about re-balancing your portfolio to make sure your investments remain aligned with your original objectives and risk tolerance.


It’s always worth remembering why you chose to invest in the first place. 

Shares are regarded as a long-term (5 years+) investment. 

Assets such as shares and property have been shown to produce relatively positive returns over the long term, although their prices can be volatile over short periods. 

The fundamental reasons for your original decision to invest may not have changed.


Maybe it’s not all doom and gloom. You may not know for certain that share prices have hit the bottom yet, but you do know that they are X% cheaper than last week/month/year. Put the market fall into context. A ‘market correction’ usually happens after a sustained period of growth – from which you may benefitted. 


Whatever you decide to do, don’t be panicked into stopping saving altogether unless you can’t afford to.

Don’t over react…If you need to take income, think about all the potential sources you could take it from. Bonds, property and cash savings may be options you could explore while giving your shares time for potential recovery.


As you look ahead, make sure you’re as prepared as you can be for future dips in the market. To help ride out volatile situations, diversifying your portfolio so that you have a good spread of investments across the main asset classes (shares, fixed income, cash, and property) could help with this. If one of the assets in your portfolio does badly, only part of your overall wealth will be affected.

The return on shares and share-based funds comes from two sources: the capital return and the income or dividend return. Drawing only the income or dividends from these investments means the capital remains invested, so any future recovery (or movement in the opposite direction) will influence the value.


Creating a rainy day fund is something to think seriously about – especially if you have benefited from a long bull run (upward movement) in the value of shares. Some people choose to hold at least a year’s worth of income in cash – although not everyone will be in a position to do this.


In Conclusion


While staying the course might sound boring to you, it is likely the absolute best thing to do right now. Despite this widespread knowledge, retirees often overreact when the market drops and divest some of their equities. One way to minimize this harmful financial behaviour is to listen to your Trusted Financial Advisor. One of the great benefits of having a Local Regina Financial Advisor is to steady your emotions during the volatile markets.


Keeping Calm During Stock Market Corrections


The closer you are to retirement, the more worried you may have been about the stock market’s recent fluctuations. This volatility illustrates the importance of matching your investments with your risk tolerance and investing time frame, especially as you get closer to retirement. Here are answers to key questions about dealing with market volatility. So, although we don’t want to spread any messages of impending doom, it always makes sense to prepare for the worst and hope for the best.

 

I am sending this out as material information to keep everyone informed. This is not a solicitation for any investment. Before making any investment decision, please contact us for professional investment advice through our extensive planning process. This is only meant to provide perspective and update you as best as I can from the extensive ongoing research that we do. 

The opinions expressed within this article/communication are those of the Financial Advisor and are not necessarily those of Keybase Financial Group Inc. Any data provided is for illustration purposes only. Clients and prospective clients should always read a product prospectus and fully understand all of the risks associated with the product before purchasing. Any information relating to the discussion of taxation issues is considered to be only general in nature. Clients should seek a qualified tax professional to discuss their specific tax requirements.

Third-party publications are not prepared by Keybase Financial Group Inc. The opinions, estimates and projections contained in the publication are those of the author as of the date indicated and are subject to change without notice. Keybase Financial Group Inc. makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors or omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on the report or its contents. The provision of this publication is not to be construed as an offer to sell or a solicitation for or an offer to buy any securities.

Keybase Financial Group Inc. is a member of the MFDA and is a member of the MFDA IPC.

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