Private foundations are a popular avenue for many high net worth individuals who want to actualize their philanthropic ambitions. In Canada, we have over 6,000 registered private foundations and many more donor advised fund (“DAF”) accounts. But, while setting up a private foundation is an exciting milestone for many charitable donors, an embodiment of their commitment to charitable giving...
We've all come across the adage, “With great wealth comes great responsibility”. It’s not just a throwaway phrase but carries profound wisdom, especially for those who have been fortunate enough to accumulate substantial assets. Successful wealth stewardship is challenging. So, this post will offer both wealthy parents and their next-gen heirs with some tips to help them achieve success. Before we...
Congratulations! You've successfully sold your business. As you close one chapter of your entrepreneurial journey, a new horizon emerges: the world of wealth management and investment. Transitioning from an active business role to managing an investment portfolio is a distinct shift, both in terms of responsibilities and mindset. In this blog post, we'll describe this transition, outlining the differences, challenges,...
Imagine waking up to a serene lakeside view, the whispers of the wind through lush greenery, and the promise of a tranquil retreat away from the hustle and bustle of daily life. However, the allure can sometimes be deceptive. This post will describe two ways to consider a cottage ownership: financial and emotional. On one hand, prospective cottagers will need...
For many wealth Canadians, traveling is fun. But, as we age, the risk of medical emergencies occurring while traveling grows larger. Travel medical insurance companies know this too. So, the cost of obtaining medical insurance also grows larger as we age and our health deteriorates. As a wealthy Canadian investor, you may be wondering whether you should obtain travel medical...
The financial consequences for wealthy families without financial contingency plans are high, as uncertainties are a certainty. Since, the peace of mind that comes with having a substantial investment portfolio can be easily disrupted by unexpected events. Changing circumstances, legal entanglements, unforeseen personal tragedies, or even shifts in tax regulations can pose significant threats to your financial stability. This is...
When it comes to philanthropic giving, individuals and organizations have a variety of avenues to support causes they care about. One increasingly popular option is the use of Donor Advised Funds (“DAFs”). DAFs offer a flexible and efficient way for donors to contribute to charitable causes. However, there are ongoing discussions surrounding the benefits and drawbacks of DAFs. In...
Living a wealthy life is not just about accumulating money and material possessions. Living a wealthy life is about focusing on experiences, relationships, and personal growth. This post will explore how to live a wealthy life by providing some practical tips and strategies; both financially and emotionally. Before we begin, let’s put your financial knowledge to the test. Try out...
In recent years, the concept of "stealth wealth" has been gaining popularity among those seeking financial freedom while avoiding ostentatious displays of wealth. Stealth wealth is the practice of living a comfortable, even luxurious life without drawing attention to oneself or one's assets. In this article, we will explore the origins of this phenomenon, the benefits it offers, and the...
Online fraud is a growing concern for people of all ages, but it can be especially devastating for wealthy seniors. While online encryption is an important tool in the fight against fraud, much more commonly, fraud is caused by phishing. In this post, we'll discuss ways that seniors can protect themselves from online fraud.
