{"id":22373,"date":"2024-03-27T11:53:21","date_gmt":"2024-03-27T15:53:21","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/?p=22373"},"modified":"2024-10-21T11:05:35","modified_gmt":"2024-10-21T15:05:35","slug":"estate-planning-how-to-live-and-give-in-the-longevity-boom","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/estate-planning-how-to-live-and-give-in-the-longevity-boom","title":{"rendered":"Estate planning: How to live, and give, in the longevity boom"},"content":{"rendered":"\n

Life in Canada isn\u2019t just good; it\u2019s also getting longer. Thanks to advances in medicine and greater awareness around healthy living, the average life expectancy for a Canadian born in 2013 is 82 years, up from 77 in 1990 and 69 in 1951, according to a report from Canada\u2019s Office of the Chief Actuary.<\/p>\n\n\n\n

While this is obviously good news, the so-called \u201clongevity boom\u201d taking place in developed countries is putting pressure on financial systems and economies, as well as individuals looking at how they should save, spend and transfer their wealth over a longer lifespan.<\/p>\n\n\n\n

The potential of living longer means setting aside extra funds for your retirement years, and could delay when you start passing down wealth to the next generation while still alive, and how much. An estate transferred by a 75-year-old will likely be larger than one passed down by a person lucky enough to live to be 100, or older. This is especially true given that healthcare expenses tend to rise for people in the later stages of life, including costs for long-term care facilities or in-home care.<\/p>\n\n\n\n

\u201cPeople need to be mindful about the types of wealth transfer they set up during their lifetime,\u201d says Leanne Kaufman, head of RBC Royal Trust Services, RBC Wealth Management.<\/p>\n\n\n\n

\u201cIf too much is given away too early, that person, despite the best of intentions, could find themselves in the position where they don\u2019t have enough to keep themselves going, especially if they end up in a long-term care type facility. They could run out of money.\u201d<\/p>\n\n\n\n

Take care of yourself first<\/h4>\n\n\n\n

It may sound selfish to some, and hard to do for many, but people need to put themselves first in their estate planning, says Deborah Jacobs, a lawyer, journalist and author of Estate Planning Smarts<\/em>.<\/p>\n\n\n\n

\u201cYou should always take care of your own financial needs before you starting thinking about giving away money to others,\u201d Jacobs says. \u201cNone of us knows how long we are going to live. We have to budget as if we are going to live to whatever our current life expectancy is.\u201d Retirees should also feel entitled to live it up in their later years, Jacobs says.<\/p>\n\n\n\n

\u201cPeople work hard for their money and want to enjoy it. While we\u2019d like to leave the kids something, I think not shortchanging yourself is a really huge thing,\u201d says Jacobs.<\/p>\n\n\n\n

Retirees also need to plan for the unexpected, including the inevitable ups and downs of the stock market and a continued low interest rate environment. The recent volatility across global markets, combined with low interest rates, has squeezed returns for retirees looking to live off of the proceeds of their investment portfolios.<\/p>\n\n\n\n

Jacobs says the current market conditions underscore the importance of setting aside enough money to live comfortably, especially in the short-to-medium term, before giving it away.<\/p>\n\n\n\n

\u201cEven in a diversified portfolio, it can be unreliable,\u201d Jacobs says, \u201cleaving most of us with a measure of uncertainty.\u201d<\/p>\n\n\n\n

She recommends retirees hang on to any assets they may need to draw from in the next five years, to \u201cminimize anxiety\u201d in retirement and to weather any economic storms.<\/p>\n\n\n\n

\n

Plan well to age well<\/strong><\/h4>\n\n\n\n

Explore strategies, insights and resources to help you plan for\u2014and enjoy\u2014a long and healthy life<\/p>\n\n\n\n

\nDISCOVER MORE<\/a>\n<\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n

Giving while living<\/h4>\n\n\n\n

When it comes time to give away assets, Jacobs says many parents chose to help their children with housing costs, such as a down payment on a home, educate them or their grandchildren, or offer financial support in times of crisis, such as the loss of a job or a spouse. \u201cThose are the ways people tend to be most generous,\u201d Jacobs says.<\/p>\n\n\n\n

Some also want to provide support to children stuck in what\u2019s known as the \u201cSandwich Generation,\u201d which refers to people caring for both young kids and aging parents.<\/p>\n\n\n\n

\u201cThere are lots of reasons why individuals might want to do a transfer of assets either to their children or another generation during their lifetime,\u201d Kaufman of RBC says with many people relying on trusts to distribute wealth both in life and after they die.<\/p>\n\n\n\n

\u201cTrusts are a really great way to distribute wealth, and can be as prescriptive or permissive, allowing as much discretion to your trustees as you wish,\u201d she says.<\/p>\n\n\n\n

\u201cThey are very customizable and can really offer a lot of flexibility at the drafting stage.\u201d<\/p>\n\n\n\n

However, she warns trusts become a lot less flexible once they\u2019ve been set up. \u201cSo, unless there are provisions to be able to amend, clients should be aware that it can be very difficult for trustees to go outside of those terms,\u201d she says.<\/p>\n\n\n\n

Douglas Gray, co-author of The Canadian Guide to Will and Estate Planning,<\/em> points to various strategies retirees can use to make their money last longer in retirement. That includes different types of trusts and insurance products. \u201cThere are so many different strategies to consider,\u201d says Gray. \u201cThe key is to know your options and use your money wisely so that it lasts throughout your life … and you can spend it the way you want to.\u201d<\/p>\n\n\n\n

See the big picture<\/h4>\n\n\n\n

To make your wealth last, Kaufman recommends retirees get advice from a professional who can make recommendations on how to best distribute the assets, by looking holistically at the overall asset mix and your goals.<\/p>\n\n\n\n

\u201cAn advisor can help identify whether giving while living might actually put the parent or person doing the gifting in peril, financially,\u201d says Kaufman, \u201cespecially if they do end up living longer than they planned.\u201d<\/p>\n\n\n\n

She also recommends having a Power of Attorney to manage funds should the person become incapacitated and unable to do it on their own. A Power of Attorney should be someone who lives in close proximity, is trustworthy and who can minimize potential family conflicts should they arise. If no suitable friends or family members can act on your behalf, you may want to consider appointing a third-party professional to act as an attorney should you become incapacitated.<\/p>\n\n\n\n

It\u2019s also critical to review your written will and beneficiaries regularly to accommodate for any major life changes including more grandchildren, a divorce and\/or second marriage or the unfortunate loss of a family member.<\/p>\n\n\n\n

\u201cWhenever there is any major change you need to revisit your estate plan,\u201d Kaufman says.<\/p>\n\n\n\n

It\u2019s the best way to ensure that hard-earned assets are protected, and are there for everyone who may need them, for years to come.<\/p>\n","protected":false},"excerpt":{"rendered":"

Life in Canada isn\u2019t just good; it\u2019s also getting longer. Thanks to advances in medicine and greater awareness around healthy living, the average life expectancy for a Canadian born in 2013 is 82 years, up from 77 in 1990 and 69 in 1951,\u00a0according to a report\u00a0from Canada\u2019s Office of the Chief Actuary.<\/p>\n","protected":false},"author":18,"featured_media":22377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[722,721,699],"rbcwm_content_owner":[609],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[94],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-22373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","tag-aging-well-in-wealth-and-health","tag-give-while-living","tag-leaving-a-legacy","rbcwm_content_owner-royal-trust","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"The good news is, Canadians are living longer. But what does longevity mean when planning to hand down your wealth?","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":""},"rbcwm_insight_cta_id":[20484],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\nEstate planning: How to live, and give, in the longevity boom<\/title>\n<meta name=\"description\" content=\"Life in Canada isn\u2019t just good; it\u2019s also getting longer. 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