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Tag Archives Financial Planning

There are a number of questions you need to ask to ensure the financial advisor who wants your business is legitimate.
Columns

What to look for in a financial planner

Some points to consider when you need to separate the wheat from the chaff

By
How do you find a competent financial planner? The question seems simple, but in that job title is a vast puzzle of what the words mean, who does what and what the work is worth. There are 213 professional designations that have something to do with financial planning, according to the Financial Industry Regulatory Authority, […] Read more
This plan looks complex, but it really is just an apportionment of life insurance payouts, tax-free, to enable the farm to continue and to provide a way to reorganize the share capital of the farm.
Columns

A fair and efficient farm financial plan for all

A share structure provides a shift of ownership to one child who farms and a living income for the two who don’t

By
A grain farmer we’ll call Owen, 63, farms 1,000 acres of grain not far from the Manitoba-United States border. He has three children ages 35, 34 and 29. The eldest, Jack, wants to take over the farm. His two siblings, who we’ll call Max and John, have town jobs and have no wish to farm. […] Read more
Generational transfer and the task of being fair to the other children is complex.
Columns, Features

How to keep the farm together, a complex generational transfer

Farm Financial Planner: Parents devise a plan for middle-aged children to keep the farm whole

By
A couple we’ll call Max, 75, and his wife, Betty, 70, farm 1,000 acres in western Manitoba. They have three children who are 40, 48 and 45 years old. The eldest and youngest have city jobs and no wish to farm. The middle son, who we’ll call Brian, will take over the farm. The issue […] Read more
It’s clear that a modest financial base can produce substantial returns late in life with well-managed tax exposure and a view to transfer of assets to the next generation.
Columns

Farm Financial Planner: A Manitoba couple generates more income and pays less tax

How the couple secured retirement and transferred their remaining land to their son

By
In central Manitoba, a couple we’ll call Harry, 80, and Mary, 76, had a mixed grain and beef cattle farm for four decades. They sold the home quarter to their youngest son, taking back a long-term mortgage with favourable terms. They kept 320 acres, which they have rented out to a neighbour. Their plan was […] Read more
The couple’s largest capital asset will be their personally owned farmland.
Columns

Farm Financial Planner: Retirement income and inheritances

How to create a retirement plan and leave a legacy for your children

By
In central Manitoba, a couple we’ll call Jack, 57, and Susie, 54, have found themselves in a crisis. The couple left active farming and now rent their land to a neighbour. Sixteen years ago, Jack got a city job and sold 480 acres of the farm, half its original 960 acres, to pay debts and […] Read more
If a situation is becoming stuck, 
try asking the other person how they 
would like to
move forward.
Farm Life, FarmLife

A new frame to see transition possibility and movement

Here’s some language tools to use to help persuade and influence others

By
If you’re fighting storms or sorting cows, grab five minutes to soak this story in. You cannot neglect tending to the needs of your cows. Let’s talk about embracing the same urgency with your farm transition conversations. My speaker friend Shelle Rose Charvet, author of Words that Change Minds, has tools for better language that […] Read more
Farm Financial Planner: Estate planning for the very long term
Columns

Farm Financial Planner: Estate planning for the very long term

This tree farmer’s crop will take decades to mature, but tax planning is still key

By
David, a name we’re giving to a tree farmer in eastern Ontario, is 83. His wife passed away some years back. He converted a 47-acre former hay and horse farm to trees. Now there are 25,000 trees growing, a crop that, given natural mortality, he is unlikely to see mature. The trees are varied, including […] Read more
Farm Panorama in Autumn
Columns

Farm Financial Planner: Keeping the farm and keeping afloat

Recently widowed Linda wants to keep the farm together with a viable tax plan

By
In north-central Manitoba, Linda is 75, recently widowed and wondering what to do with the family farm. She has 880 acres rented out for $1,500 per month for grain and pasture. Two sons in their 40s have off-farm jobs, but even if they wanted to go home and farm, there isn’t enough land for a […] Read more
Male gives a gift to female
Farm Life, FarmLife

Gifts with a warm hand, not a cold one

How are you transitioning 
money to the next generation?

By
It was great delight to hear Dr. Meir Statman speak to certified financial planners in Halifax at their annual convention in June. He was talking about normal financial behaviours and why culture matters in how we transition our money to the next generation. I clapped when I heard him say, “I believe it is wise […] Read more

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