The Ins and Outs of Estate Planning: Making the Right Arrangements with the Blunt Bean Counter (EP.77)

On today’s episode, we are joined by Mark Goodfield of The Blunt Bean Counter blog to talk about estate planning and wills. Mark is a partner at BDO Canada, a national accounting firm and has created a wealth of content on investing, tax and the relationship between the two.

He provides full-service wealth management, but does not advise on nor manage investments. Estate planning is a difficult task because you are confronted with your mortality, but it is hugely important because without a clear-cut plan, those left behind will have to deal with many complications in the midst of grieving. Mark has seen these complications with some of his own clients and the negative effects it has had on them. Along with conventional estate planning, such as drawing up a will, Mark also strongly advises transparency about your finances both with your partner and your children. This will not only ensure that there are no surprises, but also allow them to gain a level of financial literacy to deal with money, if they currently do not have that responsibility. He believes that people are not open enough when talking about money, which has implications long after they are gone. While estate planning is largely to do with finances and assets, Mark does not believe that money automatically correlates with success. This is why it is equally important to consider the legacy you leave behind in other ways, such as strong relationships and giving time to good causes. For this and much more, join us today!

Key Points From This Episode:

• What it entails being the executor of an estate. [0:02:47.0]
• The implications of dying intestate. [0:04:32.0]
• Why it is important to disclose assets liable to probate tax. [0:07:27.0]
• Ensure that both spouses are relatively financially literate. [0:08:40.0]
• Why you should involve your adult children in financial conversations. [0:11:07.0]
• The two ways of consolidating your investment holdings [0:12:23.0]
• The tax, legal and personal implications of giving up ownership. [0:17:03.0]
• The distinction between known and presumed inheritance. [0:20:11.0]
• How to deal with potential uneven distribution in an estate. [0:23:23.0]
• When it makes sense to hire a corporate executor [0:25:49.0]
• The five ways that success is not always linked to money [0:27:06.0]
• How Mark has defined his own personal success [0:29:55.0]
• And much more!

https://rationalreminder.ca/podcast/77