Preserving Wealth: The Next Generation by Jack Lumsden, MBA, CFP®

Please welcome Jack Lumsden, MBA, CFP® author of Preserving Wealth: The Next Generation

Jack Lumsden, MBA, CFP® will be awarding a $15 Amazon or B/N GC to a randomly drawn winner via rafflecopter during the tour.

Preserving Wealth: The Next Generation

by Jack Lumsden, MBA, CFP®

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GENRE: Non-fiction (Business and Finance)

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BLURB:

“Toronto-based research firm Strategic Insight projects that approximately $1 trillion in personal wealth will be transferred from one generation to the next in Canada between 2016 and 2026, with roughly 70% of that in the form of financial assets.” – Advisors Edge January 30, 2018

“70 % of Wealth Transfers fail.” – The Future of Estate Planning. Trusts and Estates June 2010

“65% of Canadians say it’s likely they will leave an inheritance to their heirs or estate but only 46% of Canadians have a will.” – Sun Life Canadian UnretirementTM Index, 2015.

Experts estimate that $1 trillion of inheritances will pass from one generation to the next within a decade in Canada. In addition, many individuals are selling their businesses, resulting in substantial gains. Accordingly, the ability to effectively manage one’s wealth and prepare and implement a proper estate plan is no longer just prudent. It’s crucial.

Jack Lumsden is an experienced financial advisor who uses an easy-to-read narrative style to clarify financial planning concepts that everyone needs to know. Preserving Wealth explains:

• Investment strategies to provide for growth and protection of capital,
• How to develop an effective estate transfer plan to reduce estate costs and taxes,
• Strategies to preserve wealth and safeguard an inheritance or gift for the next generation,
• How to select an executor, and what to do if you are an executor,
• The critical discussions to have with your family, and
• How to assemble a financial team.

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EXCERPT:

Uncle Wayne gave me a moment to process this information and then continued. “Here’s what I’d recommend. For the first little while, put 95% of the money, or more, into a high interest savings account at a major bank or financial institution. These types of accounts also qualify for the $100,000 CDIC insurance, they pay higher interest than savings and chequing accounts, and they are liquid in about three to five business days if you need the money. Also, many financial institutions have several options within them, so you can spread out the investment to achieve the $100,000 CDIC insurance, if that’s important to you.” Once you feel more comfortable with the basics of your finances, you might want to explore trading. You could consider using the Best AI Trading Bots to help automate and optimize your investment strategy.

“Makes sense,” I said. “I’ll tell the others. Is there anything else we should do before next Saturday morning?”

Uncle Wayne said to develop what he calls a “Double O” list. We were to make a list of what we own (assets) and what we owe (liabilities), including all RRSPs, pension plans, insurance policies, money owed on credit cards, mortgages, and the like. He also suggested we gather up all our pertinent papers, including past income tax returns, plus our wills and powers of attorney. And last but not least, he suggested we make a list of our monthly income and expenditures.

By this time, we had finished our second beer, and I realized I had a lot to tell Sally, David, and Mark. I thanked Uncle Wayne, and as I motored home to get started on the f loating dock, I summarized the key points so I wouldn’t forget any important details:

1. Don’t tell anyone about your inheritance or sudden wealth.

2. Initially put about at least 95% of the money in a high interest savings account as a cooling off period so you can think and make plans.

3. Leave just enough money to cover your regular expenses in your chequing account.

4. Make a list of what you own (RRSPs, cash, cars) and what you owe (mortgages, loans, credit cards). In addition, draw up a list of your monthly income and expenses, and gather all personal documents, such as wills, powers of attorney, mortgage documents, insurance policies, tax returns, pension plans, and other personal and financial documents.

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AUTHOR Bio and Links:

JACK LUMSDEN, MBA, CFP®, is a financial advisor with over twenty years of experience. He has enjoyed building a strong career and loyal client base. In addition to helping clients preserve and transfer their wealth, he focuses on those who are or will be making the transition from their working years to retirement with the need to develop a lifelong income and cash-flow strategy from the financial assets they have accumulated.

A lifelong resident of Burlington, Jack dedicates much of his spare time to staying active and coaching high school football. Spending time with family is another of his core values. He enjoys attending sports events with his son, Connor, and country music concerts with daughter, Paige, while he and his wife, Sandi, like to travel with friends and explore new destinations.

Jack’s education includes a BBA from Wilfrid Laurier University (where he met Sandi), and an MBA from McMaster University. He is also a CERTIFIED FINANCIAL PLANNER® or CFP® professional.

Please NOTE:

The publisher is running a Goodreads giveaway in conjunction with the tour: 10 print-copies. Anyone in Canada on Goodreads can enter https://www.goodreads.com/giveaway/show/343225-preserving-wealth-the-next-generation

Connect with Jack Lumsden

Financial Planning: jacklumsden.com

Author website: preserving-wealth.ca

Facebook: https://www.facebook.com/JackLumsdenCFP

Goodreads: https://www.goodreads.com/author/show/20761015.Jack_Lumsden

Free download of Preserving Wealth

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GIVEAWAY INFORMATION and RAFFLECOPTER CODE

Jack Lumsden, MBA, CFP® will be awarding a $15 Amazon or B/N GC to a randomly drawn winner via rafflecopter during the tour.

http://www.rafflecopter.com/rafl/display/28e4345f4168