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.

9 Smart Strategies for Controlling Holiday Spending From Trusted Regina Financial Advisor Chris Worby at Worby Wealth Management

Chris Worby is a Trusted Regina-based financial advisor and Wealth Management services provider. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, Chris Worby provides 9 smart strategies for controlling holiday spending.


9 Smart Strategies for Controlling Holiday Spending


The holiday season is undoubtedly the most wonderful time of the year, but it can also be the most expensive. The costs can quickly add up between gift-giving, decorating, entertaining, and travelling. However, with a little planning and discipline, it’s possible to enjoy a festive Christmas without breaking the bank. In this blog post, we will explore some smart strategies to help you control your holiday spending and make the most of this joyous season without accumulating excessive debt.


1. Set a Realistic Budget
The first step in managing your holiday spending is to set a budget. Look closely at your financial situation and determine how much you can comfortably afford to spend without jeopardizing your financial well-being. Consider all aspects of your holiday expenses, including gifts, decorations, travel, and special events. Having a clear budget in mind will keep you on track and help you avoid impulsive spending.


2. Make a List and Prioritize
Once you have your budget in place, list the people you want to buy gifts for and the items you plan to purchase. It’s essential to prioritize your spending by allocating more money to loved ones and less to acquaintances or co-workers. Be thoughtful and practical when selecting gifts to ensure your money is well-spent.


3. Embrace Homemade Gifts
Making homemade gifts is one of the most heartwarming ways to control holiday spending. Handcrafted items, like homemade candles, knitted scarves, or baked goods, save money and show the thought and effort you’ve put into creating something special for your loved ones.


4. Take Advantage of Sales and Discounts
Keep an eye out for holiday sales and discounts in stores and online. Black Friday, Cyber Monday, and other seasonal promotions can help you stretch your budget. Planning ahead, creating a shopping list, and sticking to it when hunting for deals to avoid impulse purchases is essential.


5. Utilize Cash and Debit Cards
Credit cards can make holiday spending easy but also lead to overspending due to the allure of deferred payments. Instead, opt for cash or debit cards when shopping. This way, you can’t spend more than what’s in your account or within your set budget.


Spent too much on gifts 6. Track Your Spending
Keep a record of your holiday spending by maintaining a spreadsheet or using a budgeting app. This will help you stay accountable and prevent exceeding your budget. Regularly reviewing your expenses can also alert you to any areas where you might need to cut back.


7. Plan Your Meals and Entertainment
Holiday feasts and gatherings can put a significant dent in your budget. Plan your meals and entertainment well in advance, making a shopping list and seeking out affordable recipes. Consider potluck-style gatherings to distribute the cost among your friends and family.


8. Set Limits on Decorations
Decorations can be beautiful but costly. Consider limiting your spending on holiday decor, or make it a tradition to reuse decorations from previous years. DIY decorations can also be a fun and cost-effective way to add festive flair to your home.


9. Consider Charitable Giving
The holiday season is a time for giving, and it doesn’t always have to be in the form of material gifts. Consider allocating a portion of your budget for charitable donations to positively impact those less fortunate.


The holiday season is a time for joy, togetherness, and celebration. While gift-giving is a cherished tradition, it’s essential to do so in a way that aligns with your financial reality. By setting a budget, making a list, and being mindful of your spending, you can enjoy the season without accumulating excessive debt. Remember, the true spirit of giving is about love and connection, not the price tag of your gifts.


Contact Worby Wealth Management Regina so we can review your personal finances and estate planning needs today.


Find Out More

Click here to see the services that Worby Wealth Management can help you with: 


TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!

 

The comments herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice in the context of your particular circumstances.  This Blog was written, designed and produced by  Chris Worby for the benefit of Chris Worby, a Financial Advisor at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc.  The information contained in this article comes from sources we believe are reliable, but we cannot guarantee its accuracy or reliability.  The opinions expressed are based on an analysis and interpretation dating from the publication date and are subject to change without notice.  Furthermore, they do not constitute an offer or solicitation to buy or sell securities.  Mutual Funds approved exempt market products and/or exchange-traded funds are offered through Investia Financial Services Inc.

Trusted Regina Financial Advisor Chris Worby at Worby Wealth Management Provides Financial Advice on Estate Plans

Chris Worby is a Trusted Regina-based financial advisor and Wealth Management services provider. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, Chris Worby shares information on what an estate plan actually consists of.


What is an Estate Plan? Hint: It’s Not Your Will


FAQ: Is A Will An Estate Plan? 

An estate plan is a comprehensive and strategic set of legal and financial arrangements designed to manage an individual’s assets and affairs during their lifetime and ensure their wishes are carried out after their passing. While a will is an essential component of an estate plan, it’s just one part of a more extensive plan that typically includes several other crucial elements.


These elements can include:

Will – A will is a legal document outlining how a person’s assets should be distributed after death. It may also specify guardianship for minor children and appoint an executor to manage the distribution process.

Trusts – Trusts are legal entities that hold and manage assets for the benefit of designated beneficiaries. They can be used to minimize estate taxes, provide ongoing financial support to beneficiaries, and dictate how assets are distributed over time.

Power of Attorney – This document designates a person to make financial and legal decisions on your behalf if you become incapacitated or unable to manage your affairs.

Medical Power of Attorney – This allows someone you trust to make medical decisions if you cannot do so yourself.

Living Will – Also known as an advance healthcare directive, a living will should outline your preferences for medical treatment in case you cannot communicate your wishes, particularly in critical or end-of-life situations.

Beneficiary Designation – For assets like retirement accounts, life insurance policies, and certain bank accounts, you can name beneficiaries who will inherit these assets directly, bypassing the probate process.

Letter of Intent – While not legally binding, a letter of intent can guide your loved ones and the executor of your estate about your personal wishes, sentimental bequests, and other non-financial matters.

Guardianship Designations – If you have minor children, an estate plan can specify who will be their legal guardian in case both parents pass away.

Charitable Giving – An estate plan can include provisions for charitable donations or the establishment of charitable trusts or foundations.

Business Succession Planning – For business owners, an estate plan can outline how the business will be transferred or managed upon the owner’s death or retirement.

Estate Tax Planning –  Depending on your jurisdiction and the size of your estate, an estate plan can include strategies to minimize estate taxes.

Estate planning involves careful consideration of personal and family circumstances, financial goals, and legal implications. Working with professionals is advisable to create a customized estate plan that aligns with your wishes and maximizes the benefits for your beneficiaries.

Contact Worby Wealth Management Regina so we can review your estate planning needs today.


Find Out More

Click here to see the services that Worby Wealth Management can help you with: 


TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!

 

The comments herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice in the context of your particular circumstances.  This Blog was written, designed and produced by  Chris Worby for the benefit of Chris Worby, a Financial Advisor at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc.  The information contained in this article comes from sources we believe are reliable, but we cannot guarantee its accuracy or reliability.  The opinions expressed are based on an analysis and interpretation dating from the publication date and are subject to change without notice.  Furthermore, they do not constitute an offer or solicitation to buy or sell securities.  Mutual Funds approved exempt market products and/or exchange-traded funds are offered through Investia Financial Services Inc.

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