Canadian and US National Debt Crisis?

June 7, 2016

Canadian debt is over $600 billion – check here http://www.debtclock.ca/ and the US debt is over $19 trillion http://www.usdebtclock.org/   The question we need to ask is, “Should we be concerned?”

Our Federal government is intentionally going into debt another $9M to fund programs they felt important enough to borrow for. The US has blown through a number of so called debt ceilings over the last few years.

 

Do you know where your Will and Powers of Attorney are?

I was visiting my older sister in Toronto – it was both a personal and professional visit as I am her financial advisor as well. As her Financial Advisor I review her portfolio, taxes and estate documents. Every year we do a physical and mental check on her important documents.

Like most people, my sister doesn’t give much thought to her Powers of Attorney and her Will, unless we discuss them. When we do I ask two questions:

1 – Where are the original documents?

You can only have one original of a Will but you can have multiple originals of a Power of Attorney for both Property and Health. In my sisters’ case, we had a lawyer certify a copy of the Will so we confirmed she has the original in her safe and I have a certified true copy in my safe.

We confirmed that I have one original of a Power of Attorney for Property in my safe but the Powers of Attorney for Healthcare was nowhere to be found so we actioned that item.  We also agreed that since we are going through this we might as well get another original of a Powers of Attorney for Property and give it to my younger sister.

As an additional check we confirmed that she had her original title to her home and originals of estate documents for which she was executor.

2 – Has anything changed that would require an update to any of these documents?

Nothing had changed and both my younger sister and I are executors (either/or) and younger by 14 years so we felt this was fine.

Lastly, when I returned to our office I dug out an old Estate Document Summary I had and updated it and committed to complete it so it could be with our important documents.

Estate Document Summary

30 Year Stock Market Returns

In times like these, when the stock market has gone through another decline (as typical as it was) and is currently in recovery, it’s important to remind ourselves that despite the volatility, equities continue to provide higher growth then cash or bonds.

Read more.