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Blog

Estate Equalization for Family Business Owners

March 9, 2023Maclean Rowe

In the planning of their estates, most parents might prefer to leave their assets in equal shares to their children. Often, the only complication in this scenario could be how to divide up the family home.

For owners of a family business, however, the concept of treating the children equally can often be much more problematic. This can especially be the case where one or more children are active in the business while others are not.

Is the Life Insurance Industry in Canada Stable?

February 1, 2023Maclean Rowe

Given the problems encountered by some large financial institutions in the United States, how concerned should we be about the state of the life insurance industry in Canada?

2023 Financial Calendar

January 2, 2023Maclean Rowe

Welcome to our 2023 financial calendar! This calendar is designed to help you keep track of important financial dates and deadlines, such as tax filing and government benefit distribution. You can bookmark this page for easy reference or add these dates to your personal calendar to ensure you don’t miss any important financial obligations.

Has Purchasing Life Insurance Changed Since 2020?

December 1, 2022Maclean Rowe

During this stressful and challenging time, many are wondering what effect COVID-19 could have on their life insurance. Some may be worried that the insurance companies would make changes to their existing policy due to coronavirus concerns, resulting in an increase in their premiums or a restriction to their coverage. It should be reassuring to all that insurance companies are generally not able to change the contractual provisions of the insurance policies that are in force.

Now May Be a Good Time to Review your Estate Plan

November 1, 2022Maclean Rowe

It has long been an accepted strategy to provide sufficient estate liquidity to pay taxes due at death from the proceeds of a life insurance policy. In Canada we are fortunate to have permanent life insurance policies that insure an individual for their entire life with a premium that is guaranteed not to increase. It is feasible to be able to use these policies in an effective estate plan.

Shielding Your Family From Your Creditors With Life Insurance

October 5, 2022Maclean Rowe

Naming a beneficiary of a life insurance policy provides a significant benefit in planning and protecting one’s estate. With a named beneficiary, the death benefit is paid directly to the beneficiary and is received tax-free. It bypasses the policyowner’s estate and is not subject to probate or any other administrative fees.

Group Life Insurance – Only Part of The Solution

September 1, 2022Maclean Rowe

If your goal is to replace income for your family for more than 2 years, you may want to add an individual policy to your group insurance coverage.

According to the same LIMRA study, on average, households with only group coverage can replace the household’s income for less than 2 years. Households with both group and personal life coverage can replace income for more than 5 years.

Is it Time for Your Insurance Audit?

August 1, 2022Maclean Rowe

Has it been awhile since you last looked at your insurance portfolio?

Are you a little vague in your recollection of all the coverage you have and why you have it?

Are you uncertain as to whether or not your portfolio reflects your current situation?

Just like going to the dentist for regular checkups is a necessary evil, reviewing your financial plan and products on a regular basis is also recommended. Circumstances can change over time and making sure your protection is keeping pace is a worthwhile exercise.

July/August COMMENT Newsletter

July 7, 2022Maclean Rowe

COMMENT is an informative newsletter targeted to the unique niche that CLU advisors occupy in the financial services industry, with a focus on risk management, wealth creation and preservation, estate planning, and wealth transfer.

Estate Planning for Blended Families

July 6, 2022Maclean Rowe

In today’s family, it is not unusual for spouses to enter a marriage with children from previous relationships. Parents work hard at getting these children to functionally blend together to create a happy family environment. Often overlooked is what happens on the death of one of the parents. In most cases, special consideration for estate planning is needed to avoid relationship loss and possibly legal action.

Typically spouses leave everything to each other and when the surviving spouse dies, the remainder is divided amongst the children. The problem? Even with the best of intentions, there is no guarantee that the surviving spouse will not remarry and inadvertently disinherit the deceased’s children.

A Lifetime Gift for Your Grandchildren The Cascading Life Insurance Strategy

June 1, 2022Maclean Rowe

If you are a grandparent wishing to provide an asset for your grandchildren without compromising your own financial security, you may want to consider an estate planning application known as Cascading Life Insurance.

1 in 3 Canadians Will Become Disabled Before the Age of 65

May 2, 2022Maclean Rowe

Having a source to replace your earned income in the event of an illness or accident is vital considering that on average, 1 in 3 Canadians will become disabled for a period of more than 90 days at least once before the age of 65. For those that are disabled for more than 90 days the average length of that disability is 2.9 years.

If you are one of the approximately 10 million Canadians covered under a group Long Term Disability plan (LTD) it’s important to understand what your coverage provides. Don’t wait until after you’re disabled to read the employee handbook because you could have a few surprises!

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Contact Us

Gaire Maclean, CFP, CLU
Certified Financial Planner and Chartered Life Underwriter

Tel: (604) 683-2044 
Fax: 604 689 2801 
Email: gaire@macleanrowefinancial.com

Tannis Rowe, BA, CFP, CLU
Certified Financial Planner and Chartered Life Underwriter

Tel: (604) 683-2044 
Fax: 604 689 2801 
Email: tannis@macleanrowefinancial.com

#1810 – 1075 West Georgia Street
Vancouver, British Columbia
V6E 3C9

info@macleanrowefinancial.com

Latest Posts

  • Estate Equalization for Family Business Owners
  • Is the Life Insurance Industry in Canada Stable?
  • 2023 Financial Calendar
  • Has Purchasing Life Insurance Changed Since 2020?
  • Now May Be a Good Time to Review your Estate Plan

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MacLean Rowe Financial’s boutique approach to financial advice affords clients with the individual attention they deserve to achieve their goals and objectives.
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