38
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Volume1 Issue3
S
upporting
Y
our
P
ractice
Customizing Your Estate Plan
INSIGHTSFORDENTISTS
RonHaik
MBA,CFP,FMA,
FCSI,CIWM,TEP
Vice-president of
InvestmentAdvisory
Services atCDSPI
AdvisoryServices
Inc. andmember
of theSociety of
Trust andEstate
Practitioners
(STEP).
Forfinancialplanning
advicefrom licensed,non-
commissioned investment
and insuranceadvisors
whoworkexclusivelyfor
dentalprofessionalsand
theirfamilies,contactCDSPI
AdvisoryServicesInc.at
1-800-561-9401
.
Somepeople spendmore time
planning their holidays than their
estates. As adentist, it is vital toensure
that your estateplan iswell structured.
Doing socanhelpprotect yourwealth
for theenjoyment of your lovedones,
ensureyourwishes arecarriedout
after you’regone, reduce stress for
your familyandprovideyouwith
peaceofmind.
Fortunately, the licensedprofessional
insuranceadvisors andcertified
financial planners atCDSPI Advisory
Services Inc. canwork inconjunction
withyour other professional advisors
(e.g., your lawyer) tocreatea
customizedestateplan for you.When
discussingyour estateplanningneeds
withCDSPI, hereare someexamples
of issueswecanexplore.
StartPlanningNow
Planning for your estate shouldn’t start
at or near your retirement. Now is the
perfect time tohaveawill carefully
draftedbyanattorney. Havingawill
means youcontrol howyour assets
will bedistributed, asopposed to
leaving thedecision to thecourts.
Furthermore, it’s advisable to regularly
reviewyourwill (i.e., every5years
orwhenyouexperienceamajor life
event, suchas achange inmarital
statusor thebirthor adoptionof
achild) andmakeanynecessary
adjustments.
It’s alsowise toensure that youhave
the right typeof life insurance inplace
well inadvanceof your retirement.
Here’swhy.
Early in their careers,manydentists
choosea term life insuranceproduct
(suchas the
offeredby theCanadianDentists’
InsuranceProgram) because it offers
relatively inexpensivepremiums at
younger ages. But becausepremiums
for term life insurance increaseas
youageand since termcoverage
eventuallyends (e.g., at age80), this
typeof life insurancemaynot bebest
suited for your estateplanningneeds.
As your networthgrows andyour
family’sneeds change, youmay
consider reducingyour termcoverage
andaddingapermanent life insurance
policy (suchas the
planofferedby the
CanadianDentists’ InsuranceProgram).
TheTerm100Life Insuranceplan
provides lifelongcoverage, as longas
youcontinuepayingyour premiums.
Thismakes theplan suitable for estate
planningpurposes, suchaspreserving
your assets. The life insurancebenefit
canhelppay taxes applied toassets
at your death, soyour heirswon’t be
burdenedby thesecosts. It canalso
help tocreatea legacy if therearen’t
assets tohanddown.
Wecanassist you indetermining if
youhave theappropriate typeand
amount of life insurance for your
needs.
CreateaTrust
Trusts canbeaneffectiveestate
planning tool formanydentists.
Whenyou transfer assets toa trust,
the income is taxed in thehandsof
the trust or itsbeneficiary. Assetsheld
