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Financial Library

Where's the money?

When Dora died on August 1, 2008, most of her assets passed by Will to her adult children and were therefore subject to probate. $250,000 was in GICs and a fairly rapid transfer of this money to her heirs was expected. But that was not the case. They had to wait until March 2010 for it. That's right, almost two years.

Not only did the GICs attract legal and probate fees in excess of $10,000, but while they were waiting for their share, her kids had to pay income tax on interest earned on the money held in trust. This proved to be a hardship for some of them who were of limited means or single parents.

How to Achieve Personal Financial Sanity

As the sovereign debt crisis makes its way around the world, creating havoc in its wake, we can be thankful that Canada has weathered the storm in fairly good shape. The media has given us a play-by-play on the action and many people are concerned with the outcome. While we can’t solve the sovereign debt crisis individually, we can focus on our own financial situation. Here are 5 keys for achieving sanity in your personal finances:

The Financial & Emotional Ravage of Alzheimer’s

The Baby Boomers have become known as the “sandwich” generation as they are wedged between the dependency needs of aging parents and the needs of their children. Those hit the hardest have been the families ravaged by the onset of dementia or Alzheimer’s disease. Baby Boomers now find themselves reaching the age when the disease is more likely to strike. Very few are prepared for the emotional and financial toll this degenerative disease can take.

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