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What Does Certified Divorce Financial Analyst Do? | Divorce Mediation | Financial Planning | Estate - YouTube
Channel: Selling #Ottawa Real Estate
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Hi my name is #TomWitek with #YourChoiceRealtyCorp, #OttawaRealEstateSalesperson you can find
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more information about me at https://www.justsellinghomes.ca
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Today my guest is - Daren Givoque ,financial security advisor from O'Farrell Financial
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Services and how can people find you or
contact you they can reach me on our
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website https://www.ofarrellfinancial.com/about-us/our-team/item/16-daren-givoque
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OFS I ca
or they can call me at my office at six
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one three two five eight one nine nine
seven and Deren and what do you do
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practice your business so I'm a
comprehensive financial planner I work
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with mature mature clients 55 the
50-plus demographics that are looking to
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talk talk about or find out more
information about retirement cash flow
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planning understanding what their needs
are in retirement okay so he's
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correlated with was something that the
lawyer would do in terms of estate
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planning
right yep yeah so part of my demographic
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actually is after I work with clients my
primary is working with clients for
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retirement but I also have a large
portion of my client base that are
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dealing with estate planning you know
those are the clients who maybe aren't
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going to be using everything that
they've created in their life and they
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want a very tax efficient way to
transition it to the next generation so
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let's just assume a hypothetical
situation somebody calls you up it's
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it's it's an older couple that's in
their 60s that are about to retire
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they do have three properties okay and
they have five children okay okay what
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would be your advice once you were to
gather all this information and
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determine you know obviously at some
point they want to give give some of
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this to the children and they want to
live comfortably after retirement right
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what would be the steps to determine how
much money they need to live comfortably
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and how much we can leave to the
children because they love them right
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right right that's like that's a great
question it's that's a big question
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no but I mean I think you have to kind
of like bring it down to simplified
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terms at the beginning so when I first
meet clients the first thing I do is I
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get to know them I get to know what's
important to them I get to understand
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what their story is
like you said about the kids what the
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relationship is with them and then we
talk a little bit about assets so every
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asset is taxed differently every accent
grows differently right and and and all
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assets have benefits and liabilities
right they may have our speeds yeah so
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the first step is usually just capturing
that and I usually do what's called a
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personal financial review so I document
all the assets that they have put them
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all together and then we have a
conversation about what their need is in
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retirement so like what are they looking
for lifestyle wise in retirement and are
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they going to you know every when there
must be an isle yeah it's a different
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story them they're gonna stay in the
same play bingo and play bingo and hang
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out in the local area right so
everyone's dream of retirement is
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different so understanding what what
their cash flow needs to be to support
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that is the first step and then and then
looking at the assets and then how those
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are going to transition into supporting
them through retirement and then
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long-term having that conversation about
taxation and how do I reduce their taxes
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as much as possible so that's the first
conversation right and once we look at
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budget and cash flow where they're
spending their money and where they
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anticipate spending the money in
retirement then I can see very
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accurately with the modeling software
that I use I always take my my my
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financial plans
my clients out to 90 years old okay and
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then I work my and then when I work my
way back that usually tells me what's
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gonna be left over you're telling them
okay I'm 60 30 years to go in five years
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I'm gonna retire right so basically I
need 25 years right to live comfortably
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and then basically I don't really care
what happens with the money I'll give it
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to the children that's right
and then understanding and understanding
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what's there how it's gonna grow and
what the tax ramifications are if they
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just leave it and kick it down the road
so my number one job is number one is
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helping them understand how they can
afford retirement but then the second
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conversation is really about over the
next 25 years how do we do reduce as
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much taxes as possible on the estate and
whatever's left over
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how do we minimize it to almost zero on
the estate costs almost exactly we
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should sell the first property within
the first five years yes the next one
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maybe in 15 yeah and so yeah that's a
great idea
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like I mean and staggering your if you
had hard investments like that you'd
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want a stager selling them because you
don't want all that income flowing in to
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your you know into your the same that I
had the same demostraci贸n exactly yeah
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yeah so you'd want to stagger that and
then and then you know what if they're
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going to leave something like that if
they're if their plan is to leave some
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of those hard assets then having that
conversation about how do you you know
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do put the children on title you know at
some point in time do trigger some of
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those taxes at the beginning like the
the capital gains tax on yourself you
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know or do you use something like life
insurance to equalize the estate in a
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tax-free way the benefit of putting the
kids from the title for example from
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from taxation point of view
from yeah what would it be the benefit
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of that well okay that's a great
question so I'm not a lawyer and estate
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planning lawyers but I know putting
clients on in joint tenants in common
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will help alleviate some taxes at
certain points through throughout the
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the estate plan at the end of the day
the government's gonna get their pound
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of flesh right right right
by adding by adding kids or you know mid
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adult children because that becomes
their primary residence right yeah that
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case or is it treated as investment well
it still looked at as an investment
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property because you can only have one
in one night one primary living house
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right but the from the kids perspective
nothing like let's say they're renting a
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place Oh writing them onto the title
that kind of becomes again this is
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probably for the lawyer more than any
more a lawyer a question yeah because I
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mean you don't want it I mean at the end
of the day if you try if you you want to
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make sure you're always on side legally
with the government whatnot but under
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but obviously there are some ways that
you can avoid help avoid probate right
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right so if the if the assets like like
a like a rental property like that
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it doesn't have to flow through probate
because you put them on on title then
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that might avoid some tax a partially
shoe anyway yeah that's purely for the
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lawyer to determine yeah the legality of
it I think the big conversation is just
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understanding what the plan is like what
is it that that the clients are trying
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to accomplish and and what it what is
their primary goal because sometimes
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I'll say to people one of the questions
I get is shit like a client will say
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should I put my children on my primary
residence right to avoid some probate
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and and make it there they're probably
not mine and I'll say okay that's fine
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because you are avoiding probate probate
by doing that but what you're doing you
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they kick you out
well that's thank you scenario you lose
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control of the property number one and
number two you're creating another tax
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which is capital gains for the child
right so you're you're avoiding one tax
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to create another so that's where you
kind of get into the meat and potatoes
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and what it is they want to try to
accomplish and then building a plan over
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a certain period of time to make sure
that you you know that if they're
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outside if that's something
you also meet meet at the same time with
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the kids and the parents great question
with a great question you know I
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encourage that all the time you know if
possible for for mature clients to bring
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their family in because you know
sometimes what they want may not be with
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the children right right you know so if
you're if you're making plans in your
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estate and you haven't consulted with
your children or the beneficiaries well
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you know you might be creating a problem
that you don't necessarily need to yeah
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and they might not even want that
property right lived out of province
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right and have no notion of having into
the property right so that just really
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becomes their investment property in
which famous disposal right yeah I we
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see that a lot with firms we deal a lot
with farming clients that you know
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whereby this was like like if there's
three or four children one might want to
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stay on the farm and work the farm and
the other two might have careers and you
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know in other fields that don't want to
work the farm so I know how do you
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equalize that a state so that it's fair
for everyone but that comes back to that
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conversation you just have which is
bringing everyone together so that
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everyone knows what the other is
thinking and everybody's on board and
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threads don't argue after that because
there could be issues like this right so
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you have absolutely so you're you're
there like as a as a mediator
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yep kind of trying to come up with best
case scenario what everybody involved
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that's right if the parents wanna deal
with the kids that's right yeah and they
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don't have to disclose anything either
sometimes they'll bring the kids in and
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they don't have to talk about specific
assets and dollar value they can just
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say you know what is it that you'd like
to see out of this process and that's
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usually how I start what would the
parents like out of the process the
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children want to see how for another
process and how do we make sure that we
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are documenting everything and creating
the right plan for everybody
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excellent information thank you very
much
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for coming how can people reach you yeah
again if people want to reach it to me
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they can reach me at oral financial calm
they can also reach me at my email
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address Darren at OFS i dot CI or they
can call my office
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and I'd be glad happy to speak with them
which is six one three two five eight
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My name is #TomWitek I'm a #OttawaRealEstateSalesperson
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you can find more information about me at https://www.justsellinghomes.ca/
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if you if you do like our conversations
we have them we try to do them weekly
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please subscribe to the channel and
we're gonna post new content I
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appreciate it thank you very much you're
welcome thank you so much
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