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October 9, 2024
In this conversation, Reshma Shaik-Mortgage Agent, and Alynn Godfroy delve into the intricacies of estate planning, emphasizing its importance for everyone over the age of 18. They discuss the necessity of having a will and power of attorney, the implications of probate fees, and strategies to avoid them. The conversation also covers tax implications related to estate planning, the role of financial advisors, and common mistakes people make. Alynn shares insights on how to organize estate information effectively and the emotional challenges families face when dealing with a loved one’s passing. The discussion highlights the need for regular updates to estate plans and the importance of having open conversations about these topics. takeaways Everyone 18 years or older should have a will. A power of attorney is crucial for health decisions. Probate fees can be avoided with proper planning. Life insurance payouts are generally tax-free in Canada. Naming the right beneficiaries is essential to avoid complications. Organizing estate information can ease family burdens. Regular updates to estate plans are necessary. Consulting professionals can help navigate complex situations. Avoiding estate planning can lead to family disputes. Having a financial advisor can simplify the estate planning process. Chapters 00:00Introduction and Importance of Estate Planning 02:32Understanding Probate Fees and How to Avoid Them 06:47The Role of Power of Attorney and Selecting Beneficiaries 08:58Tax Benefits of Life Insurance in Estate Planning 16:54Common Mistakes to Avoid in Estate Planning 20:49The Importance of Organization and Regular Updates in Estate Planning 23:23The Role of Professionals in Estate Planning 26:13The Consequences of Neglecting Estate Planning 29:12Creating a Clear Plan and Open Communication for Your Estate 29:12Conclusion and Benefits of Estate Planning https://www.godfroyfinancialgroup.com/
September 24, 2024
In this episode, mortgage agent Reshma Shaik discusses the dark side of private lending, focusing on Ponzi schemes and financial scams that have affected many investors. Elizabeth explains why these scams occur, touching on common mistakes such as over-leveraging, inadequate due diligence, and lack of financial oversight. They emphasize the importance of understanding loan-to-value ratios, knowing your position on a property, and seeking professional advice before investing. Elizabeth shares personal experiences and offers advice on safeguarding investments, including the risks associated with promissory notes, the importance of securing legal support and conducting thorough due diligence. They conclude by discussing how individuals can recover from financial losses by focusing on health, cash flow, and future opportunities, encouraging listeners to explore small business ventures for additional income streams. 00:00 The Dark Side of Private Lending 03:50 Understanding Ponzi Schemes in Real Estate 06:24 The Risks of Over-Leveraging 08:54 The Importance of Due Diligence 11:37 Learning from Mistakes 14:45 Navigating Financial Recovery 16:59 The Role of Promissory Notes 19:41 Finding Solutions After Loss 22:41 Starting a Business for Cash Flow 25:13 Building a Support Network 28:00 The Importance of Asking Questions 30:18 The Need for Financial Literacy 32:57 The Future of Real Estate Investing
September 10, 2024
In this episode, Reshma sits down with Alynn Godfroy, an experienced financial advisor who specializes in retirement planning. Alynn shares her expertise on when to start thinking about retirement, the importance of saving early, and how to navigate through the complexities of retirement savings plans. Alynn and Reshma dive deep into topics such as the classic rule of 35-35-20 for budgeting, the impact of pensions on retirement savings, and the importance of understanding group retirement plans. They also discuss the advantages of having multiple streams of income, including rental properties, and how to balance paying off a mortgage versus saving for the future. Differences between RRSPs and registered pension plans and how to prepare for unforeseen circumstances in retirement. Alynn also touches on government plans available for retirees and the common mistakes people make when planning for retirement. Introduction to Retirement Planning The Importance of Early Savings Understanding Pension Plans Group Retirement Plans Explained RRSP vs. Registered Pension Plans Asset Classes for Diversification The First Home Savings Account Retirement Income Needs Real Estate and Retirement Income Alynn Godfroy https://www.godfroyfinancialgroup.com/ Phone: 519-258-1995
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