Legacy Planning: What Do You Want To Happen When You Pass Away?

Raymond James Ltd. recently announced that it has acquired a Canadian trust company (Oak Trust Co based in our very own London, Ontario): https://www.theglobeandmail.com/business/article-raymond-james-acquires-trust-company-plans-estate-planning-division/

I was re-reading an old client note which included the following simple question: “what do you want to happen when you pass away?”.

For some it is difficult to contemplate or face one’s mortality. For others it is simply an academic exercise that is no more difficult than answering what they plan on eating at dinner. Motivation to plan for death differs for most based on their lived experiences and their inherent personality traits. The goal of an advisor dealing in estate planning is to better understand these motivations so that we can initiate a healthy dialogue and align a client’s affairs with their wishes and fears.

Wishes often include financial considerations but they also include so much more. According to Merriam’s Webster Dictionary, legacy is defined as: something transmitted by or received from an ancestor or predecessor or from the past. One can leave an inheritance for their loved ones which is often defined as materialistic or financial gifts. But one can also choose to leave a deeper legacy. Charitable giving has become a much larger part of client conversations in recent years as clients are challenged to define their legacy and how they would like to leave the world a better place.

Too many advisors focus on the simplest of questions, such as: how much would you like to leave to whom? Or, how can we maximize that gift by minimizing estate taxes?

There are certain questions we like to ask our clients such as “What would you like your family and friends to remember you as?” and “Is there a specific impact that you would like to leave for your community?”.

The Raymond James Canada Foundation is an excellent vehicle to help clients leave a legacy. Through its Charitable Giving Fund (CGF), it offers the benefits of a private foundation without the high costs and administrative burdens. It is a cost effective, flexible, and simple solution to help clients seamlessly incorporate philanthropy into their overall legacy plan.

The recent acquisition of a Canadian trust company has again broadened the opportunity to deeply enrich our client offering as it pertains to legacy and estate planning. As we continue to build out our family office value proposition, we are excited to be able to include services like corporate executor or paying bills for elderly clients.

At Tall Oak Private Wealth, we welcome conversations with our clients and will not shy away from the more challenging ones. What do you want to happen when you pass away?

The views expressed in this commentary are those of Tall Oak Capital Advisors as at the date of publication and are subject to change without notice. This commentary is presented only as a general source of information and is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide tax or legal advice. Statistics, factual data and other information are from sources Tall Oak believes to be reliable but their accuracy cannot be guaranteed. This commentary is intended for distribution only in those jurisdictions where Tall Oak Capital Advisors are registered. Securities-related products and services are offered through Raymond James Correspondent Services Ltd., member Canadian Investor Protection Fund. Insurance products and services are offered through Gryphin Advantage Inc., which is not a member-Canadian Investor Protection Fund. This commentary may provide links to other Internet sites for the convenience of users. Tall Oak Capital Advisors is not responsible for the availability or content of these external sites, nor does Tall Oak Capital Advisors endorse, warrant or guarantee the products, services or information described or offered at these other Internet sites. Users cannot assume that the external sites will abide by the same Privacy Policy which Tall Oak Capital Advisors adheres to.