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Todd Hummel

Investment Advisor

Tel: 250-655-2210
Toll Free: 1855-743-6457
Fax: 250-655-2212

Todd Hummel

Address
730 View Street, 10th Floor
Victoria, BC
V8W 3Y7
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Estate Planning and Insurance

Probate Fees & Taxes
This article discusses probate and ideas on how to reduce probate costs. Probate costs vary significantly among the provinces and territories and planning to reduce probate costs has become a very important part of an estate plan.

Your Plan for the Family Vacation Property
Designing your plan for future ownership of the family cottage can be challenging. This article outlines some things to consider.


Tax Planning for an Inheritance
Take your estate planning that 'extra mile' and provide an opportunity for your spouse, children or grandchildren to save taxes in the future.

Trusts for Protection & Tax Savings
Trusts provide protection for your wealth and beneficiaries, and can also be used to reduce taxes. They can be created now, or upon your death in your Will as part of an effective estate plan.

Wealth Transfer entails sharing your wealth with, or transferring your wealth to, others. It is the most mature stage of wealth management and can be as simple as making cash gifts to your grandchildren or as complex as setting up elaborate trusts as part of your estate plan.
 
INSURANCE

Do you want the Canada Revenue Agency to be the beneficiary of up to half of your estate? If you are like most people, you may want to learn about the Registered Asset Preservation Plan.

Choosing the type of life insurance you and your family need is an ongoing exercise. When children are young and dependent on your income, cash flow is restricted and lifestyle needs are high. The type of life insurance most people purchase at this stage of life is "term”. The premiums are low when you are young, therefore, it’s easier to purchase larger amounts to provide contingency funds in the event of premature death.

Depending on the type of policy, premiums typically increase every 5, 10 or 20 years. As you become older, premiums can be expensive and coverage usually expires at around age 75. The situation many people face after the kids have grown up and the mortgage is paid is that their need for life insurance coverage has become permanent. Those permanent needs are typically related to funding estate settlement costs, estate equalization among heirs, estate creation for a surviving spouse, and funding charitable bequests.

However, if you’ve had a significant change in your health you may not qualify for coverage at an older age. Fortunately, many term life insurance policies have been created with an eye to the future, beyond the expiry period. They typically include a provision allowing the owner to convert a temporary insurance policy into a permanent plan, without providing medical evidence.

Converting your term insurance plan to permanent insurance coverage can provide a financial cushion to protect your accumulated wealth. The first step is to review your insurance needs – especially if you anticipate a premium increase in the near future. Permanent Insurance can also offer the ability to Convert Taxable Dividends into Tax Free Divdends for corporations.

Whatever our clients issues are, our in-house Estate & Insurance Advisors are available to meet face to face with our clients.

The Insured Annuity
is an insurance concept that has the potential to provide greater income with the tax-advantaged treatment of your non-registered funds, especially when compared to conventional guaranteed interest instruments.

Insurance can also be used to help Keep the Cottage in the Family.