July 13, 2025 • 33 mins
Estate planning isn't just for the wealthy—it's essential financial protection for everyone who wants to ensure their loved ones aren't left in crisis after unexpected illness, disability, or death. We explore how to approach difficult questions about the future and create a comprehensive financial safety net that protects what matters most.
• Building your financial house from the foundation up, starting with legal documents like wills and powers of attorney
• Understanding the limitations of government healthcare coverage—OHIP doesn't cover rehabilitation or most long-term care expenses
• Creating clear documentation for the "what ifs" of disability, critical illness, or cognitive decline
• Ensuring proper income replacement through disability and critical illness insurance to protect yourself during recovery periods
• Designating appropriate beneficiaries and updating them after major life changes
• Establishing trusts for minor children to protect their inheritance and future wellbeing
• Breaking cultural taboos around financial discussions to prevent family confusion and hardship
• Organizing all important documents in an accessible location that your executor can easily find
• Conducting regular reviews of your estate plan to reflect changes in your life circumstances
• Creating detailed instructions that speak for you when you cannot speak for yourself
Visit Amazon to purchase "My Farewell and Final Wishes" planning book to help organize your estate information in one place.
https://www.amazon.ca/Farewell-Final-Wishes-Organizer-Important/dp/1778203507/ref=sr_1_1
For more information, feel free to contact us at https://nwminc.ca/
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Visit Amazon to purchase "My Farewell and Final Wishes" planning book to help organize your estate information in one place.
https://www.amazon.ca/Farewell-Final-Wishes-Organizer-Important/dp/1778203507/ref=sr_1_1
For more information, feel free to contact us at https://nwminc.ca/
Or follow us on our social platforms:
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
What would you like happen if you became disabled?
Again, I want you to think aboutthat, because these are
questions that will help youplan for the future.
And what would you like happenif you were diagnosed with
Alzheimer's a critical illnesslike heart attack, stroke or
(00:21):
cancer?
Debt management One of thethings that you need to do is
you need to make a list of allyour debts and what would you
want to happen?
How do you want to have thispaid off?
Do you have a life insurancethat will pay some of that off?
Because if you pass, your debtwill now be passed to your
(00:43):
family.
My community, which is the westIndian community.
We have such a bad habit ofkeeping everything private and
under the carpet.
You know it's a need-to-knowbasis, but we have to start
trusting.
We have to trust in the peoplearound us, you know, because you
could end up being in asandwich generation, where
(01:04):
you're raising children andyou're raising grandparents or
you're raising your adult motherin the same household, and if
the mother is not telling peoplewhere the stuff is, then it
causes problems.
Welcome to the Money Is For youpodcast, brought to you in
collaboration with NotableWealth Management Inc.
(01:25):
I am Jacqueline Correa, yourwealth builder and your host on
this journey.
So today we're going to talk alittle bit about as I said we're
going to.
It's about keeping your house,financial house, in order, and
this is a huge, huge big talkright now in our community,
(01:50):
especially in our Black WestIndian community.
A lot of the elders my age andover we are concerned about
would we be able to finance.
You know, our lifestyle as weage and one of the things that
(02:11):
have been happening is, you know, especially after the pandemic,
a lot more people have beendiagnosed with a critical
illness, whether it's cancer, astroke, a heart attack and,
mainly, dementia and Alzheimer's.
So it's really it's a bigconcern.
It's a huge concern.
(02:31):
So we're going to dive into itbecause I know it's a concern,
but there is ways that we can doit and if we start to plan for
this now, or even if we plan forit from a young age, from the
millenniums, even at the Gen Z,we can fix this problem with a
(02:53):
combination of some of thefunding from the government.
There's not a lot.
I think people have this myththat the government will take
care of them and OHIP is anall-inclusive package.
It is not what OHIP does.
It actually pays for thesurgery, but it doesn't pay for
(03:17):
rehab, for you to get better,the rehab part of it.
That's the part that has to befunded.
And especially if you become adementia patient or you have
Alzheimer's like, it becomeseven harder to stay home, like
would you be able to have enoughfinances to go into a nursing
(03:39):
home.
So we're going to touch some ofthose topics.
So one of the things that when Isit down with my clients, I ask
some very disturbing questions,and I'm going to ask you these
questions today and, you know,grab a pen and a paper because
this is very, very important.
You know, we like to, we liketo achieve, we like to plan and
(04:03):
achieve for the best, but wealso must plan for the worst.
Right, it means that you know,even though we're living for
today and we're trying to live agreat life, we also have to
plan in case something do happen, the what if?
And so you know it's adisturbing question, but I make
you think about it.
And so then I ask the nextquestion is what would you like
(04:26):
happen if you became disabled?
Again, I want you to thinkabout that, because these are
questions that will help youplan for the future.
And what would you like happenif you were diagnosed with
Alzheimer's, a critical illnesslike heart attack, stroke or
(04:46):
cancer?
Right and so?
And what would you like happenif you die?
And you know, a lot of peoplethink GoFundMe is a solution.
Gofundme is not a solution.
Gofundme is like the same thingwhen you're thinking, oh, hip
will take care, it's allinclusive and it will take care
(05:07):
of everything.
No, it doesn't.
So when you sit with me, one ofthe things I start with and
this will be popping up is whatI actually do is we start from
the bottom of the house.
Like, as I say today, our planis about, you know, the fund is
about getting your house inorder, and the first thing that
(05:29):
we look at is the foundation.
Just like any home, when you'rebuilding it for the first time,
the builder pours concrete andhe builds the basement, and then
, from the basement, he buildslevels up.
He builds the basement and then, from the basement, he builds
levels up.
He never starts from the topand then finishes with the
(05:50):
basement.
He starts from the bottom,where he starts with a
foundation.
So in our financial house, ourfoundations are your legal wills
and power of attorney.
That's the foundation.
That is the bottom part of yourhouse structure, right?
So that if anything elsehappens after that, that is
(06:13):
taken care of, especially if youhave young children, and we'll
go into a little bit more detailabout that.
So the first thing is do youhave a will?
Do you have a power of attorney?
And a power of attorney is?
It's a living care, it's forwhen you're alive.
A will is after you die.
And what a will does?
(06:33):
It actually allows your assetsto be distributed to the people
of your choice.
Then you're allowing thegovernment to choose who should
get the assets.
Same, with the power ofattorney, you're giving rights
to the people that you trustthat will make the right
(06:54):
decisions for you other than thedoctor or the government.
And, trust me, I've been insituations where the government
take away the power of attorneyand the will from the family and
take over the individual andmade all the decisions and also
take away the money.
So these things also happen.
So it is very important.
(07:16):
When you are fully functionaland you have all your faculty,
these are things that you put inplace, including if you have
children.
You put things in place.
What would you want happen.
If something were to happen toyou, who would take care of your
children, including if you haveanimals, like I do?
(07:38):
So I have to state there thatwhere would he go?
And if you know again, if yourchildren have allergies and so
on and so forth, and we'll gointo that a little bit more.
And then, once that is completed, the next thing we look at is
income replacement, criticalillness and life insurance.
(08:00):
So there's a combination of, ifyou, as I said, a will and then
also the life insurance.
So there's a combination of, asI said, a will and then also
the life insurance.
Is that if you die?
And the other one is, you know,living benefits.
Statistics have shown that ifyou were diagnosed with a
critical illness, it takes abouttwo years for recovery and a
(08:21):
lot of people believe that ifthey're working for an employer,
the employee benefit will coverthat.
Now, most of the times, peopleare only covered $2,500 a month
for disability.
The question you have to askyourself is that enough?
Is that enough to cover yourexpenses?
(08:42):
Because if you're making $,000to 100,000, 2,500 will not cover
it, but we can top that upright.
So those are things that youhave to look If you're
self-employed, those are thefirst things that you should be
Like.
If you're an entrepreneur oryou're a business owner, those
are the first thing you shouldcover, because you are the
(09:06):
provider and you have to replaceyour income.
You are the most valuable assetand without you, your business
cannot function or your billscannot be paid, so you have to
protect it.
So what you're basically doingis giving the insurance company
3% of your income for them toprotect the risk.
(09:28):
That's exactly what you'redoing, right?
So the income replacement,which is disability income, is
the first thing that you shoulddo, or check to make sure you
have.
And then the next thing iscritical illness.
So what happens with criticalillness is that, if something
were to happen to you, it paysout a one-time lump sum and then
(09:51):
again, based on statistics, ittakes one to two years to fully
recover, for you to go back towork.
So what this is allowing you todo is for you to heal yourself
properly, continue to pay thebills and you're not stressed
out about not having enough tocover the bills.
And then, in case of debt, thelife insurance will replace your
(10:16):
income, whether it's to pay offdebts or to make sure that your
kids continue to have thelifestyle that you want them to
have.
So those are what we call thebasement foundation, when we are
taking care of the house, right, and then after that, you know,
(10:37):
go on.
If you wanted to buy a house oryou wanted to, you know, plan
for legacy, it's above that.
But you don't do that.
First you actually start fromthe basement and go up.
So if there was a crack, ifthere's something happened to
you or something happened to thehouse, it would only have a
crack, but you would not loseeverything, right.
(10:59):
So, coming back to the will andthe power of attorney is you
have to create.
When you say, you know, get awill, some people say you know,
why should I have to pay forthat?
It's important to pay for itbecause if you sit with a lawyer
, you can write all the detailsand you have to be detailed
about what you want your assetsto do and not to do, your assets
(11:30):
to do and not to do.
You know who you want you know,is it be the same person that
will take care of you or takecare of your care, that will
take care of your finance partof it?
It should be the same person,because if somebody is taking
care of you and they can't haveaccess to your money, then
there's a problem.
So you have to be able to trustthat person to do all those
things for you.
So it's not just an easy quickfix and, as I said, especially
(11:53):
if you have children, you shouldbe doing those kind of things.
You should make sure that youtrust these people.
You know, I know a young ladythat she trusted her mom with
the life insurance because shewas dying and she thought that
you know, mom, grandma was goodwith the children, but then once
(12:13):
she passed, grandma spent outthe entire life insurance.
The kids never got it becausegrandma was just good with
taking care of the kids, butgrandma was never good with
money.
So she just thought this wasnever good with money.
So she just thought this was alot of money and if she kept
dipping into it, she figuredthey'll never know.
But grandma spent that moneywithin a six month period and it
(12:34):
was gone.
So you have to trust that thepeople that you're putting in
trust for all this stuff will beable to handle it and do what
you want them to do.
And if this is written in yourwill, then you're making them
accountable to doing whatthey're supposed to do.
And we talk about trust when,again, when you have young
(13:00):
children, you should have yourstuff and you should have a
trust for your children.
You know who are you going toleave your kids, even if you're
incapacitated.
If you're incapacitated, itmeans that you can't speak.
If there was any monies to, ifyou're supposed to get any
monies, nobody can claim anymonies for you.
(13:21):
So if you can't write, youcan't speak or you literally
incapacitated.
If you don't have a will andpower of attorney, nobody can
get any monies for you, not eventhe money from the government.
So if you had a criticalillness or disability and you
don't have these documents inplace, nobody can go to your
(13:42):
bank and get any money.
Nobody can go to the insurancecompany and get any benefits
claims for you.
They can't speak for you.
So this is the reason why youneed a power of attorney and a
will, because the power ofattorney is for living and the
will is after debt, right afterthat.
Right Again, we talked aboutthe healthcare director creating
(14:11):
a living will outlining whatwould you want happen, you know,
like, for instance, if you knowyou went into the hospital, do
you want to be resuscitated?
All those things you have to put.
You have to make a detail.
Now, sometimes when you go andyou create a will, the lawyer
may not do all of that, but it'sstill your job to sit down and
(14:31):
you write that stuff out.
And this is also why I createdthis book my Farewell and Final
Wishes because you could alsoput some details in there.
But the information when itcomes to your health issues and
what you want to happen shouldbe part of the written will.
It could be an addendum addedto your original will and power
of attorney at the time and letthe lawyer add it to there as an
(14:55):
extra.
Again, beneficiaries you have todesignate beneficiaries on
these documents.
Beneficiaries you have todesignate beneficiaries on these
documents Because if you don'tput them beneficiary, everything
will go to the estate.
Number one it will be taxed at55%.
(15:16):
So if you have, you know it'staxed very different than if,
let's say, you had a lifeinsurance and it will be
transferred to your beneficiary100% tax free.
But if you do not have abeneficiary on there, everything
goes to the estate and thenit's taxed at 55% I think it is
(15:39):
and then disperse yourbeneficiary.
So it's very important that youhave beneficiary designation on
all your products, even if youhave investments or you know you
have any life insurance or any,even if it's a group insurance,
and if, if you want to put yourchildren that are under 18 as
(16:01):
beneficiary, you must have atrust, because the monies will
not be transferred to thechildren if they're 18, if
they're under 18.
So, therefore, it will staywith the courts until they're 18
and then will be lump sum tothem.
And that could be a problem,again, when you know when all
this money is given to an 18year old, they don't know to
(16:23):
manage money.
So, again, it is best for you tomake sure you do what you need
to do, do your due, diligent,upfront, so that when the time
comes, everything could rollaccordingly.
That you know that you know ifyou were in a coma for three
months, that everything will besmoothly taken care of and that
(16:43):
you would not come out of a comaand realize that now you've
lost your home or your kids isin.
You know, foster care.
You just put things in order.
These are, these are why thesedocuments are important.
You know?
Um, it just seemed that peopledon't want to pay for these
documents, but they they have ahome and that home is worth
(17:05):
sometimes 1.52 million, but theydon't see it important.
Or they have two or three orfour beautiful children and they
don't see the importance tomaking sure that they have it
laid out to say what I wanthappen if something were to
happen to me.
You know, do the kids just goto you know grandma, or what?
(17:27):
What do you want?
And also make sure it'sdetailed enough as to what you
want grandma to do with yourmoney and with the children,
because you just don't want thekids to be sitting in a basement
playing Xbox, because if youwant them to maintain certain
sports or certain education andstuff, you've got to write all
of that out.
(17:48):
You have to be very clear aboutwhat it is that you want.
It's like sitting down andwriting your goals.
That's what it is the sameplans that you would have had
for yourself and your family ifyou were fully functional and
were here, family, if you werefully functional and were here.
(18:09):
That's the same thing you haveto do when you're preparing
these documents.
It's not just one time, you know, put it together and forget
about it, and by this time, whenyou look at it, you already had
maybe two kids.
You had sold one house.
You bought another house, allthese things.
Every time there's a majorchange in your life bought
another house, all these things.
Every time there's a majorchange in your life, you have to
(18:31):
go back and amend those thingsand change it.
Or even the person that youmight have put as the
beneficiary that was fine threeyears ago.
That person may not be the sameperson that you want to be your
beneficiary today, becausemaybe circumstances would have
changed, the dynamic might havechanged.
Maybe you had a new partner.
You never know.
Like how would you imagineyou're in a coma or you're in.
You're in a situation thatyou're incapacitated and your
(18:55):
ex-husband is still yourbeneficiary on documents that
should have been removed afterthe separation.
So these are important thing.
It's like we go for annualcheckups.
Your financial house should bean annual checkup.
You go through everything everyyear to make sure there's no
changes.
Same thing your life insurance.
(19:17):
You know you change a job, allthat stuff.
You have to continue to updatethe stuff so that everything is
in line stuff.
You have to continue to updatethe stuff so that everything is
in line If something were tohappen to you?
Tax consideration right Again.
Debt management One of thethings that you need to do is
you need to make a list of allyour debts and what would you
(19:40):
want to happen?
How do you want to have thispaid off?
Do you have a life insurancethat will pay some of that off?
Because if you pass, your debtwill now be passed to your
family member, so the debt justdoesn't go away if you die,
whoever you're leaving in chargefor your finances or your
(20:01):
children assets that you'releaving for them, they don't get
that asset until the debts arepaid.
So these are also things thatyou have to think about.
How are your debts going to betaken care of?
Do you have insurance to offsetthese things?
Right.
So these are all things thatyou have to think about when you
(20:22):
are sitting down and planningfor your financial house, when
you're putting your financialhouse in order right Again,
inventory asset you need to sitdown and make a list of all the
assets that you have all thebank accounts, all investments
whether it's benefit benefits orpensions with your group
(20:42):
company, or you have theminvested with different people
out there, whether it's the bank, investors and any personal
property, if you have a cottageand whatnot.
This book will help with thatsituation.
You know you put all thepasswords, the account numbers.
This book would help Again.
You can get this book on Amazon, you know you can grab a copy
(21:04):
and again it's a real help inplanning to put this house in
order.
Again, as a debt management,you list all your debts and when
you finish listing the debt nowone of the good things about
with the debt when you do doyour will, your lawyer will
state in there that all debtshave to be paid out before any
(21:27):
monies are transferred to anybeneficiaries.
So that is in that part of thewill Tax consideration, consult
your tax profession tounderstand the potential estate
taxes and strategy to minimizethem.
So that's one area that you know.
I mean life insurance is agreat offset and um offset and
(21:47):
entry because you will pay taxesupon debt.
Now if it's a couple, a husbandand wife, um the first debt
there's no taxes, thateverything will roll to the next
partner.
But on the last person that umdying, that's when taxes occur.
So you have to think about that, right?
(22:10):
You know, if Joe passed all hisassets, all his debt,
everything will roll to his wife, so the house and everything.
But when the wife passes,that's when taxes will occur.
So you have to think about that.
So it's not only that we'regoing to get taxed when we're
alive, we get taxed when we'redead, especially if we have
(22:31):
assets and it doesn't matter, itcould be a car, you know you
may figure, well, I don't have alot, I'm a rental.
But you still have to make alist of what you have, because
you might have a phone, you mayhave computers, you may have
jewelry from grandparents, youmay have great work, artwork.
So you know, you may think thatyou don't have because you
(22:52):
don't have that big tangibleasset, but you may have small
asset, you could have jewelry,like I.
You know, for me I havegenerational assets when it
comes to jewelry.
Like you know, my parentsthey're over 100 years old that
I got from my parents, right?
Those are valuable stuff thatmust be listed because they
(23:13):
worth something.
So these are things that youhave to make a list of
Organizing important documents,keeping the estate planning
documents, financial record andinsurance policy in a safe,
accessible location, inform theexecutor and family members
where to find these documents,and so at the end of it.
(23:33):
I'll show you what I did andit's all in one place, along
with the book, to show how youcan keep everything in order and
so that, if something were tohappen to you, your family is
not going like trying to figureout if the stuff is at a bank or
where is everything.
Everything will be, you know,keeping track of everything in
(23:53):
the book and then in the binderwhere all the most important
things are, and make sure, as Isaid, review this stuff on a
regular basis.
It is important that every year, just like you do your annual
checkup, this stuff is beingdone.
You have to pull it out, youhad a new baby, you need to
(24:14):
check in to make sure and, withyour advisor, financial advisor,
this is a perfect way to doannual financial checkups to
make sure you may have a newhusband, or you may have
divorced from the last time youdid your will and you did your
life insurance, or you may havea new baby, or you may have
bought another home.
So these are all things.
(24:35):
Every time you have a different.
I call it every four years.
There's a life cycle.
Something changes, right,whether it's change a job, had a
new baby, something alwayshappened within every four years
.
So it's important to also makethe changes with these documents
as the cycle changes, right?
(24:55):
Sometimes it's every two years.
Communicate your plans Again.
This book is great, there'sdifferent sections for that.
But you have to state in detail, just like when you're planning
out goal settings for your life.
You know what do you want intwo years, what do you want in
three years, what do you want infive years, what do you want in
(25:17):
20 years?
Doing this here, your estateplanning is the same thing.
It doesn't change.
You know, a lot of times peoplethey don't want to deal with
this part of it because for somereason this, this whole concept
of debt or becoming sick,scares a lot of people.
(25:38):
But it also brings you in aposition of confusion.
If your house is not in order,right, it causes more stress for
the people behind that.
You're leaving to take care ofthis stuff.
Now they have to take care ofyou and then they have to figure
out where your stuff is Right.
(25:59):
So we just have to get betterof doing all our stuff and
especially, like you know, mygirlfriends and I we talk about
this quite frequent and you knowwe kind of laid back, going all
(26:24):
the way from slavery days andwhatnot.
But we have to start trusting.
We have to trust in the peoplearound us, you know, because you
could end up being in asandwiched generation, where
you're raising children andyou're raising grandparents or
you're raising your adult motherin the same household and if
the mother is not telling peoplewhere the stuff is, then it
(26:47):
causes problem.
I mean, there was a situationwhere one of my clients asked me
to reach out to at the timethey were 19 and 20 or 20 and 21
.
And the mother kept sayingshe's going to get her will done
, she's going to get her willdone and she's going to get her
will done.
And January 2nd she went on theTTC and she had an aneurysm and
(27:10):
she died and those two kidswere left in confusion because
she didn't have a will and thebeneficiary, which is she, even
though she was divorced for 13years from her husband.
She never took off the bet,took those, took him off any of
the beneficiaries.
So the will was still in hisname.
Um, not the will.
(27:31):
Um, the, the life insurancestill had him as the beneficiary
.
The um investment she had atwork still he was the
beneficiary investment she hadat work.
Still he was the beneficiary.
She didn't change anything, shejust kept living life like she
was married.
So, again, you know these, the,the investment companies, can't
do anything for the childrenbecause that's not the
(27:54):
beneficiary name.
So who gets the money?
The ex-husband, right?
So these are things that, as Isaid, it happens and you know it
is our job, my job, to help you, you know, understand that we
can fix these problems.
We can fix this problem.
That is my job to do that.
If you're my client, these arethings that I do to help my
(28:18):
clients avoid these situations.
You know one of the things about, you know, my girlfriend passed
this week, last week, and oneof the things that I know
because we talked about a lot ofstuff.
I know she did a lot of stuff,so her kids will be okay because
she put things in order so thatthey're like, because when I
(28:39):
spoke to her son she said youknow, mom was pretty open about
where things were and how to getdone and what she wanted.
So I know that she was veryopen about everything and that
made me feel good because I knowthat she did what she said she
was going to do, right, right.
(29:03):
And again, as I said, consult aprofessional, a professional
like myself when it comes tothis thing.
I'm very passionate aboutestate planning, retirement and
pension.
That's my niche market, but Ijust love this area, you know,
and when you're young you thinkthat you're invincible.
But as we get older we have tostart, and if we start doing
this at a very young age, trustme, we will become so much
(29:29):
sufficient that when we actuallyget to the old age, our house
will be in order right, ourhouse will be in order.
Be in order so when it comes.
I guess this part here that I'mtalking about is the basic
foundation, which is the willand power of attorney.
(29:50):
We will go into in the nextepisode more about life
insurance and the depth of itand so on and so forth.
But before I end this sessionwith you, I want to share
something that I did for myselfwas I just got an idea because,
(30:12):
you know, my stuff was a lotbigger, and so I had this one
binder and I kind of puteverything that I need.
So if something had happened tome, like if something happened
to me tomorrow, my executor canjust go get this binder, and in
this binder it has my plot, mywill.
It has all my life insurance,all my documents for my business
(30:37):
, everything in it.
It's a pretty big binder all mydocuments for my business,
everything in it.
It's a pretty big binder.
But so I thought I would bringthis stuff to show you because I
actually picked this up fromAmazon.
It was $11.
You could probably check to seeif Dollarama have it, but
sometimes with Dollarama it'shit and miss.
But I know for sure you can getit and it's like you can
(30:58):
actually put your policies.
The beautiful part now aboutthe policies today is that you
don't have the, the books likewe used to, because a lot of our
documents are electronic.
So you don't really need thefull um book because you just
need, you know, the first six totwelve pages.
That's where all the the meatand potato is, the real details.
(31:19):
So you could actually end upwith a very small binder and all
the details.
But each package you can put itin there and you can actually
label them right.
I had made a cover page and I'dput in the table of content
what it was and what number itwas.
So on the tabs I actually putwhat number and then in the
(31:40):
table of content.
I made a detail of what it was.
This one I got from Timo andthis one was like nine dollars.
Again, it's the same concept andthis one was.
It's a more sophisticated one.
Again, amazon have this one andyou can get it from Timo.
Timo is a little cheaper.
I think amazon is either, uh,47 or 87 dollars for it.
(32:08):
Again, you could put all thedetail.
This is nicer, um, but it's alittle more pricier.
Again, what I did, as I said, Iwent to dollarama, I got me a
binder and I put it in.
I use these and with it Iwrapped it up in a beautiful bow
with my, with my um, myfarewell and final wishes, where
I have all the passwords, whereall my documents is, and, and I
(32:31):
basically put it in one placewhere my executor can find it
and you need to explain to themwhere can they find it.
Again, if you want to get acopy of my book, you can go on
to Amazon and you can grab acopy.
If you like what you, if youlike what I'm teaching here
(32:51):
today, like, subscribe andfollow me for more to come.
And remember money is money isfor you.
What would you like happen if you became disabled?
Again, I want you to think aboutthat, because these are
questions that will help youplan for the future.
And what would you like happenif you were diagnosed with
Alzheimer's a critical illnesslike heart attack, stroke or
(00:21):
cancer?
Debt management One of thethings that you need to do is
you need to make a list of allyour debts and what would you
want to happen?
How do you want to have thispaid off?
Do you have a life insurancethat will pay some of that off?
Because if you pass, your debtwill now be passed to your
(00:43):
family.
My community, which is the westIndian community.
We have such a bad habit ofkeeping everything private and
under the carpet.
You know it's a need-to-knowbasis, but we have to start
trusting.
We have to trust in the peoplearound us, you know, because you
could end up being in asandwich generation, where
(01:04):
you're raising children andyou're raising grandparents or
you're raising your adult motherin the same household, and if
the mother is not telling peoplewhere the stuff is, then it
causes problems.
Welcome to the Money Is For youpodcast, brought to you in
collaboration with NotableWealth Management Inc.
(01:25):
I am Jacqueline Correa, yourwealth builder and your host on
this journey.
So today we're going to talk alittle bit about as I said we're
going to.
It's about keeping your house,financial house, in order, and
this is a huge, huge big talkright now in our community,
(01:50):
especially in our Black WestIndian community.
A lot of the elders my age andover we are concerned about
would we be able to finance.
You know, our lifestyle as weage and one of the things that
(02:11):
have been happening is, you know, especially after the pandemic,
a lot more people have beendiagnosed with a critical
illness, whether it's cancer, astroke, a heart attack and,
mainly, dementia and Alzheimer's.
So it's really it's a bigconcern.
It's a huge concern.
(02:31):
So we're going to dive into itbecause I know it's a concern,
but there is ways that we can doit and if we start to plan for
this now, or even if we plan forit from a young age, from the
millenniums, even at the Gen Z,we can fix this problem with a
(02:53):
combination of some of thefunding from the government.
There's not a lot.
I think people have this myththat the government will take
care of them and OHIP is anall-inclusive package.
It is not what OHIP does.
It actually pays for thesurgery, but it doesn't pay for
(03:17):
rehab, for you to get better,the rehab part of it.
That's the part that has to befunded.
And especially if you become adementia patient or you have
Alzheimer's like, it becomeseven harder to stay home, like
would you be able to have enoughfinances to go into a nursing
(03:39):
home.
So we're going to touch some ofthose topics.
So one of the things that when Isit down with my clients, I ask
some very disturbing questions,and I'm going to ask you these
questions today and, you know,grab a pen and a paper because
this is very, very important.
You know, we like to, we liketo achieve, we like to plan and
(04:03):
achieve for the best, but wealso must plan for the worst.
Right, it means that you know,even though we're living for
today and we're trying to live agreat life, we also have to
plan in case something do happen, the what if?
And so you know it's adisturbing question, but I make
you think about it.
And so then I ask the nextquestion is what would you like
(04:26):
happen if you became disabled?
Again, I want you to thinkabout that, because these are
questions that will help youplan for the future.
And what would you like happenif you were diagnosed with
Alzheimer's, a critical illnesslike heart attack, stroke or
(04:46):
cancer?
Right and so?
And what would you like happenif you die?
And you know, a lot of peoplethink GoFundMe is a solution.
Gofundme is not a solution.
Gofundme is like the same thingwhen you're thinking, oh, hip
will take care, it's allinclusive and it will take care
(05:07):
of everything.
No, it doesn't.
So when you sit with me, one ofthe things I start with and
this will be popping up is whatI actually do is we start from
the bottom of the house.
Like, as I say today, our planis about, you know, the fund is
about getting your house inorder, and the first thing that
(05:29):
we look at is the foundation.
Just like any home, when you'rebuilding it for the first time,
the builder pours concrete andhe builds the basement, and then
, from the basement, he buildslevels up.
He builds the basement and then, from the basement, he builds
levels up.
He never starts from the topand then finishes with the
(05:50):
basement.
He starts from the bottom,where he starts with a
foundation.
So in our financial house, ourfoundations are your legal wills
and power of attorney.
That's the foundation.
That is the bottom part of yourhouse structure, right?
So that if anything elsehappens after that, that is
(06:13):
taken care of, especially if youhave young children, and we'll
go into a little bit more detailabout that.
So the first thing is do youhave a will?
Do you have a power of attorney?
And a power of attorney is?
It's a living care, it's forwhen you're alive.
A will is after you die.
And what a will does?
(06:33):
It actually allows your assetsto be distributed to the people
of your choice.
Then you're allowing thegovernment to choose who should
get the assets.
Same, with the power ofattorney, you're giving rights
to the people that you trustthat will make the right
(06:54):
decisions for you other than thedoctor or the government.
And, trust me, I've been insituations where the government
take away the power of attorneyand the will from the family and
take over the individual andmade all the decisions and also
take away the money.
So these things also happen.
So it is very important.
(07:16):
When you are fully functionaland you have all your faculty,
these are things that you put inplace, including if you have
children.
You put things in place.
What would you want happen.
If something were to happen toyou, who would take care of your
children, including if you haveanimals, like I do?
(07:38):
So I have to state there thatwhere would he go?
And if you know again, if yourchildren have allergies and so
on and so forth, and we'll gointo that a little bit more.
And then, once that is completed, the next thing we look at is
income replacement, criticalillness and life insurance.
(08:00):
So there's a combination of, ifyou, as I said, a will and then
also the life insurance.
So there's a combination of, asI said, a will and then also
the life insurance.
Is that if you die?
And the other one is, you know,living benefits.
Statistics have shown that ifyou were diagnosed with a
critical illness, it takes abouttwo years for recovery and a
(08:21):
lot of people believe that ifthey're working for an employer,
the employee benefit will coverthat.
Now, most of the times, peopleare only covered $2,500 a month
for disability.
The question you have to askyourself is that enough?
Is that enough to cover yourexpenses?
(08:42):
Because if you're making $,000to 100,000, 2,500 will not cover
it, but we can top that upright.
So those are things that youhave to look If you're
self-employed, those are thefirst things that you should be
Like.
If you're an entrepreneur oryou're a business owner, those
are the first thing you shouldcover, because you are the
(09:06):
provider and you have to replaceyour income.
You are the most valuable assetand without you, your business
cannot function or your billscannot be paid, so you have to
protect it.
So what you're basically doingis giving the insurance company
3% of your income for them toprotect the risk.
(09:28):
That's exactly what you'redoing, right?
So the income replacement,which is disability income, is
the first thing that you shoulddo, or check to make sure you
have.
And then the next thing iscritical illness.
So what happens with criticalillness is that, if something
were to happen to you, it paysout a one-time lump sum and then
(09:51):
again, based on statistics, ittakes one to two years to fully
recover, for you to go back towork.
So what this is allowing you todo is for you to heal yourself
properly, continue to pay thebills and you're not stressed
out about not having enough tocover the bills.
And then, in case of debt, thelife insurance will replace your
(10:16):
income, whether it's to pay offdebts or to make sure that your
kids continue to have thelifestyle that you want them to
have.
So those are what we call thebasement foundation, when we are
taking care of the house, right, and then after that, you know,
(10:37):
go on.
If you wanted to buy a house oryou wanted to, you know, plan
for legacy, it's above that.
But you don't do that.
First you actually start fromthe basement and go up.
So if there was a crack, ifthere's something happened to
you or something happened to thehouse, it would only have a
crack, but you would not loseeverything, right.
(10:59):
So, coming back to the will andthe power of attorney is you
have to create.
When you say, you know, get awill, some people say you know,
why should I have to pay forthat?
It's important to pay for itbecause if you sit with a lawyer
, you can write all the detailsand you have to be detailed
about what you want your assetsto do and not to do, your assets
(11:30):
to do and not to do.
You know who you want you know,is it be the same person that
will take care of you or takecare of your care, that will
take care of your finance partof it?
It should be the same person,because if somebody is taking
care of you and they can't haveaccess to your money, then
there's a problem.
So you have to be able to trustthat person to do all those
things for you.
So it's not just an easy quickfix and, as I said, especially
(11:53):
if you have children, you shouldbe doing those kind of things.
You should make sure that youtrust these people.
You know, I know a young ladythat she trusted her mom with
the life insurance because shewas dying and she thought that
you know, mom, grandma was goodwith the children, but then once
(12:13):
she passed, grandma spent outthe entire life insurance.
The kids never got it becausegrandma was just good with
taking care of the kids, butgrandma was never good with
money.
So she just thought this wasnever good with money.
So she just thought this was alot of money and if she kept
dipping into it, she figuredthey'll never know.
But grandma spent that moneywithin a six month period and it
(12:34):
was gone.
So you have to trust that thepeople that you're putting in
trust for all this stuff will beable to handle it and do what
you want them to do.
And if this is written in yourwill, then you're making them
accountable to doing whatthey're supposed to do.
And we talk about trust when,again, when you have young
(13:00):
children, you should have yourstuff and you should have a
trust for your children.
You know who are you going toleave your kids, even if you're
incapacitated.
If you're incapacitated, itmeans that you can't speak.
If there was any monies to, ifyou're supposed to get any
monies, nobody can claim anymonies for you.
(13:21):
So if you can't write, youcan't speak or you literally
incapacitated.
If you don't have a will andpower of attorney, nobody can
get any monies for you, not eventhe money from the government.
So if you had a criticalillness or disability and you
don't have these documents inplace, nobody can go to your
(13:42):
bank and get any money.
Nobody can go to the insurancecompany and get any benefits
claims for you.
They can't speak for you.
So this is the reason why youneed a power of attorney and a
will, because the power ofattorney is for living and the
will is after debt, right afterthat.
Right Again, we talked aboutthe healthcare director creating
(14:11):
a living will outlining whatwould you want happen, you know,
like, for instance, if you knowyou went into the hospital, do
you want to be resuscitated?
All those things you have to put.
You have to make a detail.
Now, sometimes when you go andyou create a will, the lawyer
may not do all of that, but it'sstill your job to sit down and
(14:31):
you write that stuff out.
And this is also why I createdthis book my Farewell and Final
Wishes because you could alsoput some details in there.
But the information when itcomes to your health issues and
what you want to happen shouldbe part of the written will.
It could be an addendum addedto your original will and power
of attorney at the time and letthe lawyer add it to there as an
(14:55):
extra.
Again, beneficiaries you have todesignate beneficiaries on
these documents.
Beneficiaries you have todesignate beneficiaries on these
documents Because if you don'tput them beneficiary, everything
will go to the estate.
Number one it will be taxed at55%.
(15:16):
So if you have, you know it'staxed very different than if,
let's say, you had a lifeinsurance and it will be
transferred to your beneficiary100% tax free.
But if you do not have abeneficiary on there, everything
goes to the estate and thenit's taxed at 55% I think it is
(15:39):
and then disperse yourbeneficiary.
So it's very important that youhave beneficiary designation on
all your products, even if youhave investments or you know you
have any life insurance or any,even if it's a group insurance,
and if, if you want to put yourchildren that are under 18 as
(16:01):
beneficiary, you must have atrust, because the monies will
not be transferred to thechildren if they're 18, if
they're under 18.
So, therefore, it will staywith the courts until they're 18
and then will be lump sum tothem.
And that could be a problem,again, when you know when all
this money is given to an 18year old, they don't know to
(16:23):
manage money.
So, again, it is best for you tomake sure you do what you need
to do, do your due, diligent,upfront, so that when the time
comes, everything could rollaccordingly.
That you know that you know ifyou were in a coma for three
months, that everything will besmoothly taken care of and that
(16:43):
you would not come out of a comaand realize that now you've
lost your home or your kids isin.
You know, foster care.
You just put things in order.
These are, these are why thesedocuments are important.
You know?
Um, it just seemed that peopledon't want to pay for these
documents, but they they have ahome and that home is worth
(17:05):
sometimes 1.52 million, but theydon't see it important.
Or they have two or three orfour beautiful children and they
don't see the importance tomaking sure that they have it
laid out to say what I wanthappen if something were to
happen to me.
You know, do the kids just goto you know grandma, or what?
(17:27):
What do you want?
And also make sure it'sdetailed enough as to what you
want grandma to do with yourmoney and with the children,
because you just don't want thekids to be sitting in a basement
playing Xbox, because if youwant them to maintain certain
sports or certain education andstuff, you've got to write all
of that out.
(17:48):
You have to be very clear aboutwhat it is that you want.
It's like sitting down andwriting your goals.
That's what it is the sameplans that you would have had
for yourself and your family ifyou were fully functional and
were here, family, if you werefully functional and were here.
(18:09):
That's the same thing you haveto do when you're preparing
these documents.
It's not just one time, you know, put it together and forget
about it, and by this time, whenyou look at it, you already had
maybe two kids.
You had sold one house.
You bought another house, allthese things.
Every time there's a majorchange in your life bought
another house, all these things.
Every time there's a majorchange in your life, you have to
(18:31):
go back and amend those thingsand change it.
Or even the person that youmight have put as the
beneficiary that was fine threeyears ago.
That person may not be the sameperson that you want to be your
beneficiary today, becausemaybe circumstances would have
changed, the dynamic might havechanged.
Maybe you had a new partner.
You never know.
Like how would you imagineyou're in a coma or you're in.
You're in a situation thatyou're incapacitated and your
(18:55):
ex-husband is still yourbeneficiary on documents that
should have been removed afterthe separation.
So these are important thing.
It's like we go for annualcheckups.
Your financial house should bean annual checkup.
You go through everything everyyear to make sure there's no
changes.
Same thing your life insurance.
(19:17):
You know you change a job, allthat stuff.
You have to continue to updatethe stuff so that everything is
in line stuff.
You have to continue to updatethe stuff so that everything is
in line If something were tohappen to you?
Tax consideration right Again.
Debt management One of thethings that you need to do is
you need to make a list of allyour debts and what would you
(19:40):
want to happen?
How do you want to have thispaid off?
Do you have a life insurancethat will pay some of that off?
Because if you pass, your debtwill now be passed to your
family member, so the debt justdoesn't go away if you die,
whoever you're leaving in chargefor your finances or your
(20:01):
children assets that you'releaving for them, they don't get
that asset until the debts arepaid.
So these are also things thatyou have to think about.
How are your debts going to betaken care of?
Do you have insurance to offsetthese things?
Right.
So these are all things thatyou have to think about when you
(20:22):
are sitting down and planningfor your financial house, when
you're putting your financialhouse in order right Again,
inventory asset you need to sitdown and make a list of all the
assets that you have all thebank accounts, all investments
whether it's benefit benefits orpensions with your group
(20:42):
company, or you have theminvested with different people
out there, whether it's the bank, investors and any personal
property, if you have a cottageand whatnot.
This book will help with thatsituation.
You know you put all thepasswords, the account numbers.
This book would help Again.
You can get this book on Amazon, you know you can grab a copy
(21:04):
and again it's a real help inplanning to put this house in
order.
Again, as a debt management,you list all your debts and when
you finish listing the debt nowone of the good things about
with the debt when you do doyour will, your lawyer will
state in there that all debtshave to be paid out before any
(21:27):
monies are transferred to anybeneficiaries.
So that is in that part of thewill Tax consideration, consult
your tax profession tounderstand the potential estate
taxes and strategy to minimizethem.
So that's one area that you know.
I mean life insurance is agreat offset and um offset and
(21:47):
entry because you will pay taxesupon debt.
Now if it's a couple, a husbandand wife, um the first debt
there's no taxes, thateverything will roll to the next
partner.
But on the last person that umdying, that's when taxes occur.
So you have to think about that, right?
(22:10):
You know, if Joe passed all hisassets, all his debt,
everything will roll to his wife, so the house and everything.
But when the wife passes,that's when taxes will occur.
So you have to think about that.
So it's not only that we'regoing to get taxed when we're
alive, we get taxed when we'redead, especially if we have
(22:31):
assets and it doesn't matter, itcould be a car, you know you
may figure, well, I don't have alot, I'm a rental.
But you still have to make alist of what you have, because
you might have a phone, you mayhave computers, you may have
jewelry from grandparents, youmay have great work, artwork.
So you know, you may think thatyou don't have because you
(22:52):
don't have that big tangibleasset, but you may have small
asset, you could have jewelry,like I.
You know, for me I havegenerational assets when it
comes to jewelry.
Like you know, my parentsthey're over 100 years old that
I got from my parents, right?
Those are valuable stuff thatmust be listed because they
(23:13):
worth something.
So these are things that youhave to make a list of
Organizing important documents,keeping the estate planning
documents, financial record andinsurance policy in a safe,
accessible location, inform theexecutor and family members
where to find these documents,and so at the end of it.
(23:33):
I'll show you what I did andit's all in one place, along
with the book, to show how youcan keep everything in order and
so that, if something were tohappen to you, your family is
not going like trying to figureout if the stuff is at a bank or
where is everything.
Everything will be, you know,keeping track of everything in
(23:53):
the book and then in the binderwhere all the most important
things are, and make sure, as Isaid, review this stuff on a
regular basis.
It is important that every year, just like you do your annual
checkup, this stuff is beingdone.
You have to pull it out, youhad a new baby, you need to
(24:14):
check in to make sure and, withyour advisor, financial advisor,
this is a perfect way to doannual financial checkups to
make sure you may have a newhusband, or you may have
divorced from the last time youdid your will and you did your
life insurance, or you may havea new baby, or you may have
bought another home.
So these are all things.
(24:35):
Every time you have a different.
I call it every four years.
There's a life cycle.
Something changes, right,whether it's change a job, had a
new baby, something alwayshappened within every four years
.
So it's important to also makethe changes with these documents
as the cycle changes, right?
(24:55):
Sometimes it's every two years.
Communicate your plans Again.
This book is great, there'sdifferent sections for that.
But you have to state in detail, just like when you're planning
out goal settings for your life.
You know what do you want intwo years, what do you want in
three years, what do you want infive years, what do you want in
(25:17):
20 years?
Doing this here, your estateplanning is the same thing.
It doesn't change.
You know, a lot of times peoplethey don't want to deal with
this part of it because for somereason this, this whole concept
of debt or becoming sick,scares a lot of people.
(25:38):
But it also brings you in aposition of confusion.
If your house is not in order,right, it causes more stress for
the people behind that.
You're leaving to take care ofthis stuff.
Now they have to take care ofyou and then they have to figure
out where your stuff is Right.
(25:59):
So we just have to get betterof doing all our stuff and
especially, like you know, mygirlfriends and I we talk about
this quite frequent and you knowwe kind of laid back, going all
(26:24):
the way from slavery days andwhatnot.
But we have to start trusting.
We have to trust in the peoplearound us, you know, because you
could end up being in asandwiched generation, where
you're raising children andyou're raising grandparents or
you're raising your adult motherin the same household and if
the mother is not telling peoplewhere the stuff is, then it
(26:47):
causes problem.
I mean, there was a situationwhere one of my clients asked me
to reach out to at the timethey were 19 and 20 or 20 and 21
.
And the mother kept sayingshe's going to get her will done
, she's going to get her willdone and she's going to get her
will done.
And January 2nd she went on theTTC and she had an aneurysm and
(27:10):
she died and those two kidswere left in confusion because
she didn't have a will and thebeneficiary, which is she, even
though she was divorced for 13years from her husband.
She never took off the bet,took those, took him off any of
the beneficiaries.
So the will was still in hisname.
Um, not the will.
(27:31):
Um, the, the life insurancestill had him as the beneficiary
.
The um investment she had atwork still he was the
beneficiary investment she hadat work.
Still he was the beneficiary.
She didn't change anything, shejust kept living life like she
was married.
So, again, you know these, the,the investment companies, can't
do anything for the childrenbecause that's not the
(27:54):
beneficiary name.
So who gets the money?
The ex-husband, right?
So these are things that, as Isaid, it happens and you know it
is our job, my job, to help you, you know, understand that we
can fix these problems.
We can fix this problem.
That is my job to do that.
If you're my client, these arethings that I do to help my
(28:18):
clients avoid these situations.
You know one of the things about, you know, my girlfriend passed
this week, last week, and oneof the things that I know
because we talked about a lot ofstuff.
I know she did a lot of stuff,so her kids will be okay because
she put things in order so thatthey're like, because when I
(28:39):
spoke to her son she said youknow, mom was pretty open about
where things were and how to getdone and what she wanted.
So I know that she was veryopen about everything and that
made me feel good because I knowthat she did what she said she
was going to do, right, right.
(29:03):
And again, as I said, consult aprofessional, a professional
like myself when it comes tothis thing.
I'm very passionate aboutestate planning, retirement and
pension.
That's my niche market, but Ijust love this area, you know,
and when you're young you thinkthat you're invincible.
But as we get older we have tostart, and if we start doing
this at a very young age, trustme, we will become so much
(29:29):
sufficient that when we actuallyget to the old age, our house
will be in order right, ourhouse will be in order.
Be in order so when it comes.
I guess this part here that I'mtalking about is the basic
foundation, which is the willand power of attorney.
(29:50):
We will go into in the nextepisode more about life
insurance and the depth of itand so on and so forth.
But before I end this sessionwith you, I want to share
something that I did for myselfwas I just got an idea because,
(30:12):
you know, my stuff was a lotbigger, and so I had this one
binder and I kind of puteverything that I need.
So if something had happened tome, like if something happened
to me tomorrow, my executor canjust go get this binder, and in
this binder it has my plot, mywill.
It has all my life insurance,all my documents for my business
(30:37):
, everything in it.
It's a pretty big binder all mydocuments for my business,
everything in it.
It's a pretty big binder.
But so I thought I would bringthis stuff to show you because I
actually picked this up fromAmazon.
It was $11.
You could probably check to seeif Dollarama have it, but
sometimes with Dollarama it'shit and miss.
But I know for sure you can getit and it's like you can
(30:58):
actually put your policies.
The beautiful part now aboutthe policies today is that you
don't have the, the books likewe used to, because a lot of our
documents are electronic.
So you don't really need thefull um book because you just
need, you know, the first six totwelve pages.
That's where all the the meatand potato is, the real details.
(31:19):
So you could actually end upwith a very small binder and all
the details.
But each package you can put itin there and you can actually
label them right.
I had made a cover page and I'dput in the table of content
what it was and what number itwas.
So on the tabs I actually putwhat number and then in the
(31:40):
table of content.
I made a detail of what it was.
This one I got from Timo andthis one was like nine dollars.
Again, it's the same concept andthis one was.
It's a more sophisticated one.
Again, amazon have this one andyou can get it from Timo.
Timo is a little cheaper.
I think amazon is either, uh,47 or 87 dollars for it.
(32:08):
Again, you could put all thedetail.
This is nicer, um, but it's alittle more pricier.
Again, what I did, as I said, Iwent to dollarama, I got me a
binder and I put it in.
I use these and with it Iwrapped it up in a beautiful bow
with my, with my um, myfarewell and final wishes, where
I have all the passwords, whereall my documents is, and, and I
(32:31):
basically put it in one placewhere my executor can find it
and you need to explain to themwhere can they find it.
Again, if you want to get acopy of my book, you can go on
to Amazon and you can grab acopy.
If you like what you, if youlike what I'm teaching here
(32:51):
today, like, subscribe andfollow me for more to come.
And remember money is money isfor you.
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