All About Estates

Broken Resolutions, New Opportunities

Let’s be honest, you’ve already broken your New Year’s Resolution. But even though it’s January 24th, we haven’t missed the boat. January is a time for new opportunities, so why not target Chinese New Year on February 5th? Look at us! Embracing other cultures and being our best selves!

Here are some ideas for your Lunar Calendar Resolutions…..

  1. More R-E-S-P-E-C-T  for Estate and Trust Professionals

When Aretha Franklin famously sang “I’m about to give you all of my money”, she definitely wasn’t talking about the IRS. The Queen of Soul passed away in August without a will and it made headlines. Now, the IRS is claiming she owes more than $6.3 million in back taxes and $1.5 million in penalties.

P-L-A-N-N-I-N-G…..find out what it means to me. And now the song is stuck in your head.

  1. Embrace Technology

In December, the Ontario government passed Bill 57, which included provisions allowing pension administrators to accept beneficiary designations electronically. In response to this change, industry groups have asked Ontario’s Minister of Finance to consider extending the ability to make electronic beneficiary designations to all plans covered by Part III of the Succession Law Reform Act 

This will be an interesting one to follow in 2019. Are wills far behind?

  1. Stay Informed

There’s going to be a Federal Election this year and the Liberals will be tabling their budget soon. Promises will be made by all parties with estates, trusts and retirement being prime areas that will be used to persuade voters. 2019 is the Year of the Pig – feel free to email me your political punchlines.

If you’re looking for an easy way to stay informed, that brings me to my final suggested Resolution

  1. Read More

In general. But more specifically, the All About Estates Blog. As part of our Thursday posts, Scotiatrust has some great contributors lined up this year!

 

All the Best in 2019,

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About Peter Meitanis

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