The TK Advisor -TK Financial Group Ottawa Blog about Life Insurance, Critical Illness Insurance, Wealth Management and Estate Planning

US Citizens Living and or working in Canada need to be careful when planning their Estate !

US citizens living in Canada have to be extremely careful when planning out their Estate . The treaties between the countries exist however that is just the beginning . Are you a US citizenliving and or working in Canada ? Have you filed all your annual taxes in US ? In your Family Trust do you have any US citizens ? We always suggest to clients to bring all the advisers into the same room and work in a round table to create client solutions . Recently , while working in this setting the new lawyer was advised that there were US citizens that had to be accounted in the new and revised plan as they were not in the original structure . It was also agreed upon to bring in a accountant who has extensive US tax knowledge to assist in the restructuring process .

Life insurance policies need to b looked at at least once a year !

I was working with a individual who bought 3 policies from three different insurance people and he was asking me for advice as to what to do with his coverages . His coverage is 10 year term , whole life and universal life . I explained the mechanics of his coverage to him and the differences between each policy design . When I asked him about his universal life policy I was told that it is " Maximum Funded " and that the individual has not heard from the " SALES " person for over 3 years since the policy was acquired . Universal Life policies require at least annual review as part of the policy is tied into investment choices . I explained to the individual that he needs to call the sales person and get help ! Chose to deal with professionals !

Corporate development and team building !

When we go into a business sometimes we do not chose wisely who we are in business with and this is why lawyers make a lot of money trying to solve disputes . When I chose players for our football team , I do so in a way where I focus on how they will fit into the scheme of our plan . I focus on their individual strengths , weaknesses and their ability to be part of a team . Team players are accustomed to working in groups and realize that each member is a contributor . All team members do not have to be super stars but they need to know what their role is in your organizations . Often I see where Egos destroy good organizations . I suggest that reading a books written by some of the great coaches will give you valuable insight which you can use in your organization .

Networking , why is it good for everyone ?

My goal in life is to be extremely connected so that I can serve the community and people who I know . Why is it important ? When we are looking for a service or product how do we know it is going to be delivered in our best interest by a qualified person ? I focus in informing my clients and friends that we have over 3000 people in our data base and we can point them in the right direction . Our business is one where we get to interact with people in many areas that can serve our clients . I MAKE IT MY MISSION TO PROMOTE MY CLIENTS WHEREVER WE CAN AND THEIR DUTYIS TO SERVE MY INTRODUCTION AS GOLD . Over the last 28 years in business I have had a positive impact on my network and their bottom line . In order to work with the best people ask your friends who they use !

Employment Contracts for Shareholders

Working in a corporate environment is always interesting and requires focus on a number of planning requirement . Shareholder agreements need to be drafted carefully to take as many possible situations in consideration while shareholders are getting along . Employment agreement should also be a serious consideration for shareholders . Why ? They clearly specify what is expected of each shareholder as sometimes things get forgotten and being active shareholder does not give one the right to coast in every day duties . Work with a knowledgeable lawyer and if you see him telling his assistant to " just create a document " run and do not look back !