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Trusted Tips & Resources

Trusted Regina Financial Advisor Shares a Tip on Estate Planning Strategies

John Barabe has an unwavering commitment to quality and service which has enabled him to build and retain a successful practice in Regina. He and his team believe that planning with honesty and integrity are cornerstones to improving clients' quality of life. He applies his knowledge to help clients make the right choices when considering all the product and service options that exist in today's marketplace.

Here he shares a tip on Estate Planning Strategies.

Estate Planning Strategies



Many families are not aware of the estate planning options necessary to ensure their intentions are carried out on death.  Estate planning is complicated enough without adding family dynamics into the mix making preparation important.


With the current trend of living together without getting married many couples think that the same marital status that applies to taxation also applies to estate.  It does not.  

Upon death, without a valid will, a common law partner is not recognized as a spouse and would be excluded from a share in the estate.

Consideration and selection of an appropriate nominee guardian for minor children is an integral part of the estate planning process.  Why risk courts and government agencies intervening to make decisions.  You need certainty that the care of your child’s life is in the right hands.  Emotional toll is only compounded with the potential of inheritances that may be tied up and or depleted in the process.


Although a will only makes up a portion of an estate plan, there are many unintended mistakes that are commonly made.  For example, many people enter into identical wills with their spouse or partner.  

What few are aware of is by law the survivor may not change or revoke his or her will after the death of their partner.  Changes could be contested causing family problems and unintended beneficiaries.  

What if the surviving spouse develops additional needs?  What if one of the children divorce and both are beneficiaries?  What if a surviving spouse wishes to make special arrangements for a caregiver or charity that helped either party in a time of need?  The variations are endless.  This common problem is solved by adding a simple provision to your wills. 


Sometimes seemingly small word changes can have unintended but substantial legal ramifications that result in dramatic changes to the distribution of assets from what was planned.  Small changes can undo best intentions and unfortunately family conflict can result.


The process John follows for estate planning includes:


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

Make sure your beneficiaries are taken care of, according to your wishes. 

John Barabe and his team carefully consider your needs, goals and dreams in order to implement a well-constructed financial strategy, so that you can have peace of mind about your hard-earned money and financial future. They can simplify your life by addressing your complete financial well-being, which encompasses everything from:

John Barabe is a Trusted Financial Advisor


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.

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 of the indicated and are subject to change without notice. Keybase Financial Group Inc. makes no representation or warranty, express or implied, in respect therein and accepts no liability whatsoever for any loss arising from any use of or reliance on the reports or its contents. The provisions of the publication are not to be constructed as an offer to sell or a solicitation for or an offer to buy any securities.

Trusted Regina welcomes H & A Financial Advisors - Portfolio Strategies as a Trusted Regina Financial Expert!

The Trusted Regina directory team are proud to announce H & A Financial Advisors - Portfolio Strategies as a Trusted Regina Financial Expert!

 

H&A Financial Advisors serve individuals, families and business in the Regina area. Their primary goal is to help each client meet their unique financial goals.

When looking into Financial advisor we know how much your money means to you.  When we came across Kelly and his team we had some amazing reviews about the personal touch they bring. Many people commented not only about Kelly but his amazing support staff and how they go above and beyond for their clients.

"Kelly is very professional, I had changed advisors many times and finally found somebody I can TRUST” – Wade B

“We are very happy with H&A Financial Advisors and highly recommend them to anyone.  They are great people and we appreciate that they truly look out for our best interests” – Alison H

“When my father was in the hospital, Kelly came and reassured him and the entire family that everything was taken care of.  He went out of his way to go over every detail of my father’s information.  He also visited my mother afterward to help her thru everything.  He really made a difficult time easier and now my entire family uses him.”- Cindy V 


Kelly Aikens - the Branch Manager  began his financial planning career in 1989 with Canada Life as a Career Agent. He left Canada Life and went into practice with Ken Holliday to form H & A Financial Advisors in 1996.


Kelly earned his designation as Chartered Life Underwriter (CLU) in 1994 and his Chartered Financial Consultant (CH.F.C) and Certified Financial Planner (CFP) designations in 1997. He has been a member of Advocis and the National Association of Financial Planners since the start of his career. Kelly also served 2 terms as chairman for the complaint and investigation committee of the Life Insurance Council of Saskatchewan.

As professional financial advisors, they continually strive to see every client realize all of their financial dreams. Whether your goal is to save for a new home or your retirement, protecting loved ones from financial loses or managing your portfolio wisely, they have the experience and resources to meet your needs.

It's your money... and your peace of mind. They understand that.

H & A Financial Advisors are Trusted Regina Financial Services Experts!

A Trusted Regina Financial Advisor talks about Household Finances - What is the 25% rule?

Worby Wealth Management a Trusted Regina Financial Advisor talks about Household Finances.

The truth is that financial management is boring. I mean, it sounds interesting when you watch movies and they’re yelling, “Buy, Buy! Sell, sell!” But this behavior does not make you rich – in fact, it can have the opposite effect.

Smart people understand one thing – tactics do not win the battle, logistics do. And one of my best pieces of advice is the 25% rule.

It essentially breaks down like this: If you want to attain financial security contribute 25% of your net monthly income towards your net worth. It is very important that financial security has very little to do with being ‘rich’ but everything to do with having the resources available to have options throughout your life.


Net worth is composed of two things: Assets and Liabilities. I think of Liabilities as the hole requiring filling and of Assets as the mountain you build with your resources.

A few notes about each. Paying down credit cards does not fit into the asset/liability description above. Credit cards are consumption. If you have already made errors and are carrying balances, then you need a plan to pay them down and it can be worked into a liability repayment plan. However, further credit card debt becomes consumption rather than a liability.

Big expenses – trips, renovations, etc. should be paid for with funds that have been saved in advance; they should not be financed. The reasons are many. First, once you start down the ‘financing fun’ road, it can be hard to maintain discipline. Second, a trip paid for and fully funded is less stressful. Third, something you pay for as you go you tends to be better planned out and fits your budget – and studies show that planning your spending is almost as fun as the actual spending.


Building assets is then the ‘exciting’ part, right? “Buy, buy, sell, sell” and all that. Actually, it is very hard to get rich quickly and fairly easy to get rich slowly. Using pension plans and RRSP, TFSAs and RESPs to accomplish your family’s plans can be done well over time but the ‘get rich quick’ schemes rarely work out.

Find a strategy you are comfortable with and run it as a discipline. If you are going to buy and hold, never deviate. If you are going to move with certain market cycles like a momentum system, or act like a value manager, do this and never change it. Make sure you do your homework up front to get a working system and then never change. Mistakes in investing comes from emotion.

But none of that happens without a strategy – and the spending strategy that works best is using 25% of your net, monthly income to build your net worth. Not only do you have funds available to build assets and pay down liabilities but you also create a buffer in case something bad happens. You aren’t living at capacity with your finances, you have options.

And that is financial security.

Call Chris Worby at (306) 757-4747 ext 226 or on his Cell: (306) 737-2909. Check out his listing on the Regina Directory in the REGINA FINANCIAL SERVICES category . Chris is a Trusted REGINA FINANCIAL EXPERT




Chris Worby is a Trusted Regina-based financial advisor and Wealth Management services provider servicing local Regina households and businesses since 2001.

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