Exit strategy

Louis, sadly, came here and read Friday’s blog post. What a drag

You might recall that the topic was the tsunami of wrinklies currently being unleashed upon our nation. Over the next decade and beyond, this rabble of aging Hippies, disco freaks, deaf former heavy-metal fans and people who actually remember dial-up Internet and cars with 426 cubic inches of displacement will get old and gnarlier. The amount of OAS and health care they’ll suck up will be epic. Governments will be cowed. The point of the post was to remind you in a world with shrinking pensions and voracious oldies, happiness is a fat retirement nest egg. So get cracking.

“After reading Friday’s post,” says Howard, “I thought that I would reach out for a possible opinion from you on the subject of hiring/retaining the services of an agency such as a bank for estate management and executor services.”

Whoa. Death. Howard obviously missed the memo about Boomers being eternal. However, this is something worth discussing, since most people utterly blow it when they write wills and name people to carry out their final (often weird) wishes. Maybe it’s time for a refresher.

“I ask because my wife and I, although still in our fifties, have tried to plan such issues as far in advance as possible,” our prepper blog dog buddy writes.

We have wills, POAs, Medical POAs and all funeral arrangements made and paid. The only thing we haven’t yet decided on is an executor for the will of the last of us to pass. Our current executor is an older friend, and I am hesitant to make our daughter executor simply because of the complexities involved in discharging the duties of an executor. My wife and I learned this from personal experience.

I have confirmed with our bank (the Penguin bank) that they offer professional executor services for a flat 4% fee, and this on the surface seems fair and reasonable especially noting that all of our banking & investing accounts are already with them. Any opinions on the subject or other options that you are aware of would be greatly appreciated.

First, everyone reading this should be like H & squeeze. Prepared. You need a will – even a quick holographic one (written by hand). You also need a POA, and typically spouses declare each other as such. Fine. Makes sense. The person granted power of attorney can make responsible and ethical financial or personal care decisions for the grantor if they’re sick or incapacitated.

But the executor role is different. It’s complex, complicated, technical and duties can go on for months or years. Most people make the wrong decision, which is to give the job to a child or other family member, simply because they know and trust them. Big mistake.

First, your kid or sister is (hopefully) going to be distraught and devastated at your passing. So why give such a massive and byzantine task to an emotional basket case? Second, being an executor  means shouldering the legal responsibility for an estate, including meeting all government and CRA requirements. This personal responsibility can last (depending on your location) for years. There have been many instances when a well-meaning but incompetent or sloppy executor ends up owning tens of thousands in back taxes for the person who croaked. Third, if the family member you choose happens to move to another province or out of the country, there are major issues. You need local. Fourth, what if that person gets old or sick or distracted or, fifth, turns out to be utterly unable to file your terminal tax return, to solve squabbles among beneficiaries, deal with the CRA in disposing business assets or lacks the accounting, tax and financial acumen to preserve the estate?

Can your adult son, the electrician with three kids, a full-time trade, two employees and zero spare time do this job? Is it fair to even ask?

Nope. Bad idea. Stop being emotional, and get rational. Your executor should be professional – institutional and eternal. It’s best to appoint an organization (law firm, for example, but better a trust outfit) that understands what ‘duty of care’ means – acting solely in the interests of your estate. A trust company does not get old and distracted. It has the professional in-house resources to deal with taxes and government filings. It’s objective and can carry out your wishes without emotional baggage, favouritism or soggy feelings. A trust company (for example – and all the major banks have a trust division, as do many financial brokerages) can deal with your will regardless of location, and executor duties are not wrapped up with one person – so no need to have a back-up appointed.

Why would you not do this?

Yup. It costs money. Howard is right – it’s typically 3% or 4% of the value of your estate, plus some other fees that can be waived or altered depending on the size of your stash. Is this outlandish? Robbing your heirs?

Hardly. For that you get complete peace of mind (always a good idea when you’re dead), certainty that your wishes will be carried out in a legal and timely way, assurance there’ll be no tax or regulatory nasties for your family, and confidence all the legal, accounting and investment help needed was in place, and paid for.

This is no time to be cheap. What are you saving it for?

About the picture: “Here is a picture of our Australian Shepherd, Blue Merle variety, named Sophie,” Leigh says. “She lived a full dog’s life to the age of 13 and passed away a few months ago. She always found the best in any situation and it was usually a mud puddle . Hope you can use this in one of your blogs.”  (If you have a canine to share, email me: [email protected])

135 comments ↓

#1 Woke (not) up on 04.05.21 at 12:21 pm

Was having that same conversation re my dad’s estate. He remarried. They have appointed the youngest and most woke person (I guess she’s my step sis) in the family executor which is bizarre given that she has always treated her mum like crap. Most of the wealth they have comes from my dad’s/our side. Given he’s male, older, had a quad bp, and various other health issues, he’s likely to go first. What could possibly go wrong. Their FA has even told them NO don’t do it! Lol.

#2 DLT INC on 04.05.21 at 12:27 pm

A lot of good advice but for a lot of people who don’t really have a lot of assets; OAS, CPP and maybe a savings account and a house that goes over to the surviving spouse, there really isn’t that much to worry about. A qualified accountant can handle all the necessary filings and applying for a clearance certificate and a trip to a lawyer to ensure that the property is transferred correctly and most people are good to go. Paying a trust company $16,000 or $20,000 to act as an executor for an individual who has $400,000 in savings and a small house, is a bit much.
Of course, when someone has more, a complicated portfolio makes sense to get a professional executor but one should not be frightened unnecessarily into hiring an expensive executor when it’s not needed.

#3 DON on 04.05.21 at 12:28 pm

#135 DON on 04.05.21 at 12:26 pm
#125 Sail Away on 04.05.21 at 9:08 am
#89 The Woosh on 04.04.21 at 8:05 pm

———-

I actually know Stone. Yes, Stone can be obnoxious sometimes but no, he’s not lying. The returns Stone posted are real. I know the allocations of his portfolio. He just rebalanced at the right time.

Doesn’t that just blow your mind?

———-

You know what he told you, same as us. Is he helping you ‘manage’ your portfolio for a fee? And if so, has his magically done better?

********

Why do you care so much…it is the internet. The rivers are running with fish…the sun is out. Stone is also clever and knows how to yank a change just for the fun. I am game for spending some time doing a deep drive on the info he provided, why the hell not…need something to occupy my mind these days…including the possible rebalancing as The Woosh suggested.

I took a bunch of family kids river fishing yesterday and to my delight, I have at least 3 more fishing buddies to spend time with in the future. Those are the only moments that count when looking back.

We are all refugees on this gracious blog… (mileage may vary). As newsrooms become talks shows with endless mindless banter between the hosts I escape to greaterfool for my news sounding board.

#4 Damifino on 04.05.21 at 12:30 pm

I made a trust company my executor ten tears ago, then promptly forgot about that responsibility forever. And I do mean forever.

#5 DON on 04.05.21 at 12:33 pm

yank a chain

#6 Dr V on 04.05.21 at 12:38 pm

133 farts – this puzzles me to no end. Seems to be a lack of entrpreneurial sprit with the youngens. Lots of opportunities but they don’t seem to see it.

#7 TurnerNation on 04.05.21 at 12:40 pm

That’s some Grade A bootlicking by Dolce – last blog. :-)

https://academic.oup.com/cesifo/advance-article/doi/10.1093/cesifo/ifab003/6199605#233271599
“Comparing weekly mortality in 24 European countries, the findings in this paper suggest that more severe lockdown policies have not been associated with lower mortality. In other words, the lockdowns have not worked as intended. Further tests also show that early interventions offered no additional benefits or effectiveness and even indicate that the lockdowns of the spring of 2020 were associated with significantly more deaths in the particular age group between 60 and 79 years.”

—- The techno-state is here to stay. You will be able to leave home if the A.I. allows it.

“Predictmedix Inc. has entered into a partnership to deploy safe entry stations in partnership with North American industry leaders Juiceworks Exhibits and CONNECTUS Global.
SAFE ENTRY STATIONS leverage military-grade multispectral cameras paired with Predictmedix’s proprietary, clinically based artificial intelligence algorithms. They provide an immediate assessment of individuals looking to access shared spaces by checking for multiple symptoms associated with infectious diseases such as COVID-19.

This ground-breaking technology is poised to change the way we look at screening and, eventually, the diagnosis of infectious diseases. Autonomous, comprehensive analysis provides peace of mind to individuals entering shared spaces, be it for work, entertainment, or necessity.”
Predictmedix Inc. is an artificial intelligence (“AI”) company developing disruptive tools for impairment testing and healthcare.

********

— ALL old culture to be cancelled imo.
Blue Jays, Leafs have been been banned from the county. CFL league cancelled.
MLB and NBA have record low viewership partly due to SJW stunts. Part of the plan.
Now this: Canucks’ COVID-19 troubles send chill through NHL’s North …

#8 Dharma Bum on 04.05.21 at 12:43 pm

My folks didn’t update their will or have POAs drafted until they were in their 90’s.
I practically had to drag them into the lawyer’s office to get ‘er dunnn.
My mom was already half gone mentally, and I told my old man to make sure she pretty much stayed silent during the meeting so the lawyer wouldn’t know that she was not actually of sound mind.
Luckily, it all went smoothly.
I was permitted to stay in the meeting while the lawyer explained to them how it all worked, but he kicked me out (rightly so) when the specifics of the wills and POAs contents were being discussed.
Anyhoooo, it all got done.
And not a moment too soon.
In the following year, their physician sent me letters declaring both of them mentally incapable of managing their own lives.
Dad passed shortly thereafter. Mom is in a long term care facility.
Had those legal documents not been completed, things would have been messy beyond belief.
Lesson: do it NOW!
If your parents are really old and stubborn as mules, do whatever you can to convince them to get it done.
Otherwise, you will suffer.

#9 IHCTD9 on 04.05.21 at 12:44 pm

Nice colour on that canine.

With any luck, my last parent/in-law will be asset-less and flat broke living with their kids right to the end. Maternal Gramps went that way, literally owning only the PJ’s he died in when his turn came at 99.

#10 Sail Away on 04.05.21 at 12:45 pm

One thing to remember if you are named executor is that you have every right in that position to bring everything to a lawyer/trust company and have them do all the work while you reimburse them from the estate. Even when co-executor you can do the same for your portion.

#11 Yukon Elvis on 04.05.21 at 12:49 pm

Scotiabank is urging Canadian policymakers to hold off on any immediate intervention to cool red-hot housing markets. In a report to clients, Scotia’s chief economist said the imminent spring selling season could “restore some balance” as listings perk up

https://www.bnnbloomberg.ca/the-daily-chase-scotia-warns-against-hasty-housing-intervention-air-canada-drops-transat-deal-1.1586195

RBC, in contrast, says the opposite. – Garth

#12 crowdedelevatorfartz on 04.05.21 at 1:07 pm

@#6 Dr.V

“Seems to be a lack of entrpreneurial sprit with the youngens. Lots of opportunities but they don’t seem to see it.”

++++

It’s tough seeing opportunities when your sitting in the basement playing video games waiting for mom to deliver your next meal…
The looming economic slowdown may force them, squinting and blinking into day light.
But it will be much too late.

#13 Tiff Macklem grave on 04.05.21 at 1:16 pm

DELETED

#14 meslippery on 04.05.21 at 1:16 pm

#2 DLT INC
A lot of good advice but for a lot of people who don’t really have a lot of assets; OAS, CPP and maybe a savings account and a house that goes over to the surviving spouse, there really isn’t that much to worry about. A qualified accountant can handle all the necessary filings and applying for a clearance certificate and a trip to a lawyer to ensure that the property is transferred correctly and most people are good to go. Paying a trust company $16,000 or $20,000 to act as an executor for an individual who has $400,000 in savings and a small house, is a bit much.
Of course, when someone has more, a complicated portfolio makes sense to get a professional executor but one should not be frightened unnecessarily into hiring an expensive executor when it’s not needed.
————————————

3 -4% for professional executor seems a lot more reasonable than 5% to sell a house.

#15 Grim Reaper on 04.05.21 at 1:25 pm

When the last curtain call comes. Count your blessings not your money. You can’t rakeit with you. Enjoy life.

#16 Peter Courtney on 04.05.21 at 1:30 pm

$40,000 to settle a million dollar estate when you’re in LTC and the investments are in their bank sounds like a ripoff! Hell Garth, you whine about 2% mutual fund fees.

#17 TurnerNation on 04.05.21 at 1:34 pm

What are people infantizing- retail and restaurant workers as downtrodden vunerables, who, must be protected by way of Economic Shutdowns, and bankrupting their places of work. I’ve talked with them – recently. They aren’t buying this BS.
How could you plan for the future, when the global government keeps taking away your earning ability every few weeks/months?
It would make it impossible say planning for having Children yes? Maybe that’s the point, more control over our Breeding.


— Which is.

https://www.washingtonexaminer.com/news/aoc-chief-of-staff-confirms-green-new-deal-was-not-really-about-the-climate
The chief of staff for Rep. Alexandria Ocasio-Cortez stated that her signature Green New Deal was not really about saving the planet after all.
In a report by the Washington Post, Saikat Chakrabarti revealed that “it wasn’t originally a climate thing at all … we really think of it as a how-do-you-change-the-entire-economy thing.”

–Welcome to life in your UN Smart City (Toronto): daily action here.

.Police investigate fatal stabbing near Finch Avenue East and Don Mills Road
.One man dead, one seriously injured in Etobicoke shooting
.Toronto police investigate 2 separate overnight shootings

https://toronto.citynews.ca/2021/04/04/north-york-stunt-driving/
When officers arrived, the crowd turned hostile and began jumping on police vehicles “causing extensive damage,” police said.
Officers managed to disperse the crowd, but they later reemerged in other areas of the city and “engaged in similar activities

…..
The Goal all along. A new global Techno-stage run by the A.I.

Silicon Valley and WEF-Backed Foundation Announce Global Initiative for COVID-19 Vaccine Records
Silicon Valley’s most influential companies, alongside healthcare companies, US intelligence contractors and the Commons Project Foundation, recently launched the Vaccination Credential Initiative. The initiative’s ambitions reach far beyond vaccines and will have major implications for civil liberties.
JANUARY 15, 2021

https://unlimitedhangout.com/2021/01/investigative-reports/silicon-valley-and-wef-backed-foundation-announce-global-initiative-for-covid-19-vaccine-records/

Lisa Marie
@Lisamarie1577
Hawaii Unveils COVID Passports For Inter-Island Travel. https://activistpost.com/2021/04/hawaii-unveils-covid-passports-for-inter-island-travel.html via
@activistpost

#18 SoggyShorts on 04.05.21 at 1:35 pm

I struggle with % based fees.

Even tipping makes no sense to me:
If I order the 14 oz steak instead of the 8 oz steak I should tip more? Why? How did the service I received change? If I order the $200 bottle instead of the $100 one I should tip double? (I do, but not because it makes sense, and sometimes I have to school my face when tipping someone $100 for the same service I get at Denny’s for $10)

Same for my estate, if I have 10,000 shares of VOO distributing them to my heirs costs twice as much as if I had 5,000 shares? Why?

Sure, in some(most?) cases there is added complexity if you have a fat pile, but surely at some point, there should be a cap? Or even a system where if you have a
House = x fee
RRSP = x fee
TFSA = x fee
non-reg = x fee
etc.
each modified by the number of people getting your stuff.
Just as an example for 2,000,000 net worth at 4% you’re looking at $80,000

If you want to simply leave 100% of everything to one or two people surely that can’t take more than one professional executor’s entire 40h work week.
$2,000 per hour?
That’s a little outrageous. Even if I’m way off and it takes 200 hours of paperwork $400/h is nuts imo.

Yes, executing a will sounds awful, but most people don’t even make $80,000 per year so paying someone that much to do it feels excessive.

Compared to what you spend to read this blog? – Garth

#19 IHCTD9 on 04.05.21 at 1:55 pm

#7 TurnerNation on 04.05.21 at 12:40 pm

— ALL old culture to be cancelled imo.

____

This is well on the way, out here in the sticks. Pro Sports was so huge decades ago, non stop talk, pools, tickets, and amateur leagues for hockey and baseball. Now no one cares.

Fishing and hunting slowly dying. The local derby is pretty sparse today where in the 80’s you could cross the river hopping from boat to boat. There’s not a single bait and tackle shop left. Hunting camps are being regularly dismantled by the MNR if they are found to be in disrepair. Kids of hunters just never really got into it.

All the old bars in town are gone – they used to be lined up out the door. Movie theatres, pool halls, bowling alleys, and Malls all following the arcades of the 80’s, and the DVD rental outfits of the 90’s and early 2000’s.

Meanwhile we now have 7-8 Pizza joints in town – half or more take-out/delivery only. More fast food eateries than you can shake a stick at. Big fancy backyard makeovers with lit/heated stone patios, pools, hot tubs, saunas, monster masonry BBQ’s and screened in gazebos.

No one is cancelling, it’s just natural evolution. That being the birth of a new “indoor”/”at home” culture. Entertainment via the internet, social media, and streaming services. Pizza and beer delivered to your door. Netflix and Disney+ on the 100″ OLED Smart TV (from Amazon) mounted over the stone fireplace. Watch Starlink take off in the near future. Take a selfie of how much fun you are having, post it on Facebook/insta/Twitter etc.. etc… etc…

Out with the old, in with the new… (cough!)

#20 jerry on 04.05.21 at 1:56 pm

There is no joy in being an estate executor. Don’t feel honoured. Its an awful way to spend 16 months of your life. Estate law euphemistically refers to as session of pains, troubles and worries. Oh and don’t forget that what ever compensation you get is taxed as income.

#21 SoggyShorts on 04.05.21 at 1:58 pm

#18 SoggyShorts on 04.05.21 at 1:35 pm

Compared to what you spend to read this blog? – Garth

********************
TBH this blog is on the other side- there should probably be more ads or something, the free advice is rather underpriced.

I mean I’m sure you get some business steered to you from the blog, I know I tried to push my stubborn parents to you from their predatory 2%+ fee guy but change is hard.

iirc Even you have stated that your 1% fee is a little flexible over 7 figures, and your service does actually change since a bigger PF does require more clever tax planning and asset allocation.

Maybe I’m wrong, do you think an executor provides 400% of the service that you give your clients in a full year?

You seem to be a person inexperienced in the business side of death. It’s not all about money. – Garth

#22 Km on 04.05.21 at 2:07 pm

Well Tiff, pretty sure you are on a data base somewhere. Those are dangerous words and remember, if it is on the internet it is never gone.

#23 Original Alex on 04.05.21 at 2:08 pm

I come for the financial advise, but I always love the dog pics/stories! Such a good bonus.

#24 Stahom on 04.05.21 at 2:11 pm

My parents wisely engaged a Trust to administer the estate. A gift that has allowed my siblings and me to maintain a civilized relationship. As the previously name executor and witnessing the objective dissolution of house, contents, investments, bank accounts, online Profiles, etc. I am eternally grateful to be liberated from this task. Just the CRA entanglement is worth every cent.

My aunt predeceased my mom by 2 years and they aren’t close to settled, we are 3/4 distributed done waiting for final CRA clearance 18 months after the DOD.

Wife and I have established the same setup in our mid-
50s. There is no way I would saddle my kids with this task.

#25 A box in the sky on 04.05.21 at 2:16 pm

#82 Yorkville renter on 04.04.21 at 7:33 pm
increasing the down-payment will do basically nothing as the insanity MUST be from people upgrading vs saving $$$ for a purchase.

I have $350k+ in cash to buy a place… my wife and I make well above average, have no debt, and we can’t get a mortgage over $1mm…

so, who’s buying the ‘average’ detached for 1.6mm? people who sold their place and have $700k to plop down.

it ain’t first time buyers!
———————————–

Define “well above average”. If you have 350k for a downpayment and your combined income is say 275k+ and your credit is fine you should have no problem getting a borrow of ~ 1.3 million

Now if you want to borrow that much is another conversation. But you absolutely can find more than 1.0 borrow

#26 Km on 04.05.21 at 2:22 pm

@Dr…. well I would have to disagree. Most of my close friends have started their own businesses over the past few years myself also. Being a woman with a family it has been a struggle to grow it while maintaining a strong family balance. I am finding many older people seem to be constantly complaining about the younger generations lack of everything. It reminds me of what my grandparents said about my parents generation who where boomers. Maybe it is just part of getting old for some, not seeing the reality and having to much misplaced nostalgia on the good old days that never really existed in the first place.

#27 Dave on 04.05.21 at 2:32 pm

I joined club Phizer on Saturday. Each day I am growing more anti bodies against the dreaded spiked protein. It is like receiving a get out of jail card. Get yours when you can, so you too can join the club!

#28 SoggyShorts on 04.05.21 at 2:34 pm

#21 SoggyShorts on 04.05.21 at 1:58 pm
#18 SoggyShorts on 04.05.21 at 1:35 pm
You seem to be a person inexperienced in the business side of death. It’s not all about money. – Garth
*************************
Fair point, I am.

The only experience I have is second-hand with grandparents and that was all quite cheap and very simple because the laws in some European countires make the default disposition of assets really logical and easy.

I assume there could have been some issues had the hiers squabbled over something, but niether side of my family is like that.

Same goes for my parents, they wanted to make us co-executors but (partially due to a previous blog post on the subject here) I passed it all to my elder brother.

All of us have the same end-of-life values for medical stuff and for the inheritance the worst my brother could do is take it all and that’d be fine- we’ve both told them repeatedly that they should try to bounce their last check.

Reflecting on it though I can totally see how other families would be wise to pass it to a third party.

#29 Trexx on 04.05.21 at 2:49 pm

Garth you might take a look at post#13

I did. The dirtbag is now history. – Garth

#30 Barb on 04.05.21 at 2:50 pm

Great advice.
What happened to Louis?

#31 CL on 04.05.21 at 2:52 pm

I am in my early 50’s..former metalhead and 426 cubic incher. I have all things in place. I, too, went through the torment of who to appoint executor. In the end, the most logical and painless way was to make a bank my executor. They will know what they are doing and it will be done correctly and thus easing the burden off of others and familial disputes as to “why “he or she” was appointed as executor and not me?”

Cost is worth it. and it’ll be nice to know that a bank will benefit from all of my life’s hard work and saving. haha. That makes it all worthwhile.

#32 ElGatoNerodeYVR on 04.05.21 at 3:20 pm

An interesting start to the week,yes we are all mortal.
The advice given is spot on, grief-stricken people are unrecognizable and some turn into nightmarish beings that want everyone else to suffer more.I’ve seen some disgusting behavior, not all for sure but enough.
Point is you never really know how someone would react so while the 4% is a bit steep, in the end really it is a lot of work that needs to be done when the ones close by aren’t in their best state of mind so it is worth every penny to ensure the intent of the departed is followed and people still talk to each other afterwards.

#33 Sam on 04.05.21 at 3:24 pm

Hi Garth, can this 3-4% executor fee be written off against the final death tax bill?

#34 NSNG on 04.05.21 at 3:26 pm

I think the problem the housing market has is not buying a house but buying one after you sell. I think people finding cheaper places is dwindling so fewer have the incentive to sell because they have nothing or little on net to gain.

================================

#66 Flop… on 04.04.21 at 5:55 pm

What is the most romantic city in North America?

Ask a different person, get a different answer.

This is easy, Flop.

The one your mate is in. ;)

#35 Tweedle Dee on 04.05.21 at 3:26 pm

It took exactly 3 years to settle our parents estate. A qualified but bungling accountant did not send the proper papers to the CRA and thus delayed everything until we hired another accounting firm and got them to straighten it out. Lots of drama with the CRA, not worth it. Hire an executor, save your loved ones the angst.

#36 Jen on 04.05.21 at 3:52 pm

We are in the process of doing our will and POAs (Ontario) and it is complicated! We have a child with a disability. We have appointed a family member as executor however state in our will that they can use the services of a trust and pay for that service.

Yes, it’s an unlikely scenario however my husband’s parents actually did die when he was a teen and the kids were left trying to navigate everything and it was a nightmare.

My parents are 80 and their will is one page as is their POA. They’ve lived in Ontario for 10 years and this was done in NB 25 years ago. Trying desperately to convince them to update it so that I’m not left holding an administrative nightmare of a bag.

#37 Linda on 04.05.21 at 3:57 pm

My partner & I each have wills. Did them up years ago after we attended a course put on by my employer which covered such issues. We do of course need to update those documents, but should we croak unexpectedly at least we have something an executor could work with.

i agree with naming a non-biased 3rd party as executor, especially one that presumably has the in house expertise to deal with all the paperwork. Even a ‘simple’ estate can easily take more than a year to settle. The fee charged is worth it, especially if there are folks who are expecting a share of any legacy. Lets just say the ugly side of human nature may be on display.

#38 John Lamberton on 04.05.21 at 3:58 pm

Mom and Dad were always conscious of making sure all the legal was lined up. My brother and I ended up being chosen as executors. Since I was local, I did 95% of the work. It was almost 2 years to the day to finally receive the Clearance Certificate from CRA. It is a lot of work and takes over your life. Go with an institution. Well worth the 3 or 4%.

#39 Garth's Son Drake on 04.05.21 at 4:05 pm

Current outbreak is going to hit economy hard.

These numbers are insane. BC, AB and ON in bad shape.

Get ready for eye popping numbers. Country just blew it.

Will be interesting to see is real restrictions are coming.

3-months till over, but man is this next 3-months going to be ugly.

Meanwhile the US is off to the races. Economy opening up. Thumbs up on them protecting their interests and economy by showing how to get rolling when it matters and getting vaccines out.

#40 B on 04.05.21 at 4:09 pm

Is the 3-4% fee for professional executor services in addition to the customary 5% that an executor is entitled to in Ontario?

https://www.google.com/amp/s/ontario-probate.ca/executor-role/executors-compensation/%3famp

If it’s all-in, why wouldn’t you hire a professional executor to save money for your beneficiaries?

#41 RyYYZ on 04.05.21 at 4:20 pm

I went with my lawyers, not knowing any better, for my executor for a couple reasons:

My only immediate family is my mother, who is 76. If I happen to pre-decease her she’ll not be in any shape to deal with stuff, and financials matters are hardly her strong point anyway.

I could try to stiff a friend with the task, but what kind of way is that to treat a friend (or family, for that matter)?

If it seems worthwhile I’ll look into getting a trust to take on the role.

I never did really specify a POA. Can you a use a trust for that purpose, too?

#42 Stone on 04.05.21 at 4:34 pm

You might recall that the topic was the tsunami of wrinklies currently being unleashed upon our nation. Over the next decade and beyond, this rabble of aging Hippies, disco freaks, deaf former heavy-metal fans and people who actually remember dial-up Internet and cars with 426 cubic inches of displacement will get old and gnarlier. The amount of OAS and health care they’ll suck up will be epic. Governments will be cowed. The point of the post was to remind you in a world with shrinking pensions and voracious oldies, happiness is a fat retirement nest egg. So get cracking.

———

Yes indeed, happiness is a fat retirement egg. Doing everything I can to continue to grow that fat egg via the beauty that is a balanced and diversified portfolio. It’s as much fun as watching a compost heap turn into brown gold for the garden, especially when you see plants grow with vigour after receiving a sprinkle of mature composted material. Every so often, you go and shovel/pitchfork the pile to improve aeration and put the newer stuff at the bottom of the pile while the older stuff sits on top making it decompose quicker overall. Also, you need to make sure you have the right ratio of brown stuff (like equities) to green stuff (like fixed income), or you’ll just get a soggy mess instead. Much like rebalancing/reallocating a B&D. My composting pile is doing well with a 9.61% return ytd. And it smells great!

How’s everybody’s compost piles doing today?

For those who didn’t understand the composting analogy above, I can talk about how to make yogourt next time if you like.

#43 Buy Low Sell High on 04.05.21 at 4:39 pm

A single friend with no kids has asked me to be his executor. He has a non-registered account, RRSP, TFSA, and a condo. I have basically said yes to the request but after reading today`s blog post I`m thinking he may be better served by using an accountant or other such trust service.

#44 Andrewski on 04.05.21 at 4:49 pm

Excellent advice Garth. I can only speak of my experience, having lost Mom first, then Dad 5 months later, thankfully both were just pre-Covid. I was on all their bank and investment accounts as a joint account-holder, except TFSA’s & RIF’s, where I was the beneficiary. Parent’s wills & POA were up to date and tight. My younger sister was looked after through a Henson Trust.
https://ca.rbcwealthmanagement.com/delegate/services/file/869598/content
When Mom passed, everything transferred over to Dad, including her maxed out TFSA, seamlessly because we had set up their respective TFSA’s as each other as successor-holders, not beneficiaries, so zero problem with potential over contribution issues. With Dad’s will & POA in hand, I informed the government to stop CPP & OAS & I made visits to their financial institutions to remove their names from accounts, leaving me as sole account holder. The entire process could not have been any easier than it was. Dad’s terminal tax return was done, taxes owing were taken care of, while I donated the majority of items to charities in need of kitchen wares, clothing, tools, etc. My Dad’s goal was to minimize probate fees & through his careful planning with an excellent lawyer, that goal was achieved.
https://www.banksandstarkman.com/publications/avoiding-probate/

#45 Stone on 04.05.21 at 4:53 pm

Here’s a direct question. Does TI accept to act as the executor for its clients? If yes, is that included in the 1% annual fee or would that be a separate item to be considered?

Like the banks, my corporate partner, Raymond James, has a trust division which provides such a service. No, you don’t get it for free. – Garth

#46 Morrey on 04.05.21 at 5:01 pm

“I will say it again. The Fed will never, ever be able to normalize interest rates and will never unwind its bloated balance sheet. That is a mathematical certainty. While I thought we might have crossed the event horizon, with respect to monetary policy after 2008, we are now squarely in the centre of a black hole.”

–Frank Giustra May 01, 2020

#47 rer.stone on 04.05.21 at 5:11 pm

9.61% ? that’s it

https://dailyhive.com/toronto/toronto-house-sold-703k-over-asking

pity

#48 G on 04.05.21 at 5:13 pm

Thanks for the reminder and good advice. I’m sure it will help many.

#49 Habitt on 04.05.21 at 5:18 pm

Great post thank you

#50 under the radar on 04.05.21 at 5:26 pm

#36 you need to create a Henson Trust for the disabled child. I am sure you know this.

#51 Ok, Doomer on 04.05.21 at 5:32 pm

Presently working as an executor for my father’s will. It is a lot of work and there are a lot of headaches, but I have a lot of business/legal experience so I’m managing fine. Right now, one of the biggest ones is COVID. It has ground progress in probate etc. down to a snail’s pace. Something that should have taken a month now takes four or more.

The other issue is the complexity of disposing of real estate assets. Ten or so years ago, when mom and dad were still around, they told us that they wanted the family cabin to stay in the family. My siblings and I put together a succession plan that would have guaranteed their wishes, but would have involved title transfers etc. and a modest declaration of a capital gain etc. Not complicated, but there was some paperwork involved.

My parents did not want to enact the plan and pay the tax, so as obedient little offspring, we genuflected and respected their wishes, knowing that a time bomb was coming. In the ensuing years, the value of the cabin soared but now the estate is unable to stomach the tax bill and none of the heirs is willing to purchase it at today’s escalated price.

So the cabin is being sold. Exactly what my parents did not want to happen. Yeah, I know, first world problems. There’s more money to go around from the inflated cabin price, but the emotional loss remains.

#52 Alberta Ed on 04.05.21 at 5:32 pm

Sound advice. It helps to simplify your financial affairs (everything under one roof) and to write everything down so your executor(s) will know where to find stuff. The lawyer who prepared our wills and POAs etc. will also probate wills for a reasonable fee — this includes disposal of assets, bank, CPP/OAS, CRA (Tax Clearance Certificate), etc. (As for the 60s, anyone who remembers them wasn’t really there.)

#53 SoggyShorts on 04.05.21 at 5:48 pm

#40 B on 04.05.21 at 4:09 pm
Is the 3-4% fee for professional executor services in addition to the customary 5% that an executor is entitled to in Ontario?

https://www.google.com/amp/s/ontario-probate.ca/executor-role/executors-compensation/%3famp

If it’s all-in, why wouldn’t you hire a professional executor to save money for your beneficiaries?

**********************
See, that’s what I’m talking about, the calculator page there has no scaling at all
https://ontario-probate.ca/executor-role/executors-compensation-calculator/
No matter what number you put in for the value of the estate you get 5% as the answer.

Imagine you are the executor of a billionaire’s estate.
Sorry but no matter how complex that inheritance is, your labor is not worth $50,000,000+

At some point, it has got to be capped or on a scale.
If Elon or Gates died tomorrow would someone get paid 5 billion dollars to sort out his fortune? (O.o)

#54 SW on 04.05.21 at 5:58 pm

Nice dog picture!

20 years ago we made wills with our local small town lawyer. Nice young guy, pillar of the community. We named him as executor.

When we redid our wills last year, he squirmed and squirmed and basically couldn’t be convinced to do the job.

We found out later that he’d had a horrible time as executor of the will in another much wealthier local family where he’d had to mediate between people who had been feuding for years. And then there had been lawsuits or threatened lawsuits.

I think an institution is the best for this task.

#55 tbone on 04.05.21 at 6:03 pm

My brother and I were joint account holders with my father . When he went into long term care we sold his house and deposited the money into the account .
When he passed we paid for expenses and then split the proceeds .We took care of the little paperwork afterwards .
I think things are not that hard if the estate is liquid .

What if an estate is worth 10 million , you pay 400k ?
I think that is excessive .

#56 S.Bby on 04.05.21 at 6:06 pm

When I die my estate gets $2,500 from the government so I said to my wife she should take herself and the kids on a nice vacation; it’s on me…

#57 Bezengy on 04.05.21 at 6:36 pm

I wonder how many people focus solely on investment returns and neglect to take proper care of the rest of the details of their financial well being. What percentage of time would one spend on their investment strategy compared to other aspects of their financial well being, like minimizing tax obligations, or taking care of proper estate planning details? I’m thinking financial planners could tell you about many absolute horror stories, and few have to do with poor investment performance.

#58 Stone on 04.05.21 at 6:49 pm

#47 rer.stone on 04.05.21 at 5:11 pm
9.61% ? that’s it

https://dailyhive.com/toronto/toronto-house-sold-703k-over-asking

pity

———

I didn’t include the divies I got today as they will show up in my brokerage account after midnight so it’s actually 9.74%. I only include it when cash is in my account.

Also, why buy that? I pity the fool who did. Better to rent. And something brand new to boot. This is actually within my budget. No prior residents koodies. It’s like a ribbon cutting ceremony when they open a brand new commercial or institutional building. And I get to take the first dump on the potty. Now that’s marking your territory. What do you think?

https://www.realtor.ca/real-estate/22964760/80-gormley-ave-toronto-yonge-st-clair

No debt to hamper growth. Life is sooooo good. Flush!

#59 Brian Ripley on 04.05.21 at 6:52 pm

CALGARY Housing (March data)
http://www.chpc.biz/calgary-housing.html

Res-Listings down 60% from JUN 2010 high
Res-Sales down 12% from MAY 2013 high
Current Monthly Absorption Rate = 54%
Current Months of Inventory = 2

SF Detached Price
NEW PEAK PRICE MAR 2021
Up 28% in last 10 years

Town House Price
Down 24.3% from MAR 2018 peak
T-Houses priced at 55% of SFDs
or 1 SFD = 1.8 Townhouses

Condo Price
Down 25.% from JUN 2014 peak
Condos priced at 44% of SFDs
or 1 SFD = 2.3 Condos

The employed in Alberta enjoy the highest average employment earnings on the latest January 2021 data (2 month lag) at $64,410/yr which includes the government shutdown subsidies and are 9% above Canada’s national average.
Earnings charts: http://www.chpc.biz/earnings.html

ps… Edmonton SF Detached made a new average price high in March

#60 Nonplused on 04.05.21 at 6:54 pm

this subject has been covered before but it bears repeating.

Recently someone I know was appointed executor for a small estate. The lawyers penciled him in to earn for the job 5% because that is the maximum in Alberta and the fee was not specified in the will. Of course the rest of the beneficiaries objected and bargained him down to 3%. But the lawyer ate up the 2% redrafting the documents! Some things just aren’t worth fighting over.

I guess the other reasons people go with a relative or friend instead of a lawyer or trust is because either they don’t have a large enough estate to pay anybody 3-4% or they maybe expect the job to be done for free (which doesn’t seem fair, at least to the executor). Siblings will often see the fee as the executor skimming of 5% of the estate for themselves. So in the interest of family harmony after you pass, get a professional. The only time I could see appointing your child as the executor is if they are adult, capable, and are the only beneficiary.

#61 Stone on 04.05.21 at 6:58 pm

#45 Stone on 04.05.21 at 4:53 pm
Here’s a direct question. Does TI accept to act as the executor for its clients? If yes, is that included in the 1% annual fee or would that be a separate item to be considered?

Like the banks, my corporate partner, Raymond James, has a trust division which provides such a service. No, you don’t get it for free. – Garth

———

Thanks Garth. That is good to know.

#62 pinnaclefd on 04.05.21 at 7:16 pm

As a funeral director in Ontario, I want to clarify a few things regarding this post. First off Garth is correct about estates being complex and time consuming to complete. However, there is something that should be clarified. In the province of Ontario (and I believe all other provinces), only the executor can complete funeral arrangements when someone dies (if there is a will). Therefore placing the role of executor with a trust, bank or lawyer will cause delays with the arrangements. Unfortunately death doesn’t happen Monday to Friday, 9-5pm. It happens on holidays, weekends when such companies are not working. It would be important to have a trusted family member or friend be made executor in conjunction with one of these companies, or at the time of death the executor can request the services of a company like described to assist in the dispensing of an estate.

Better option: pre-arrange the gig. Right? – Garth

#63 Wrk.dover on 04.05.21 at 7:20 pm

#51 Ok, Doomer on 04.05.21 at 5:32 pm

————————————————–

I sure would have liked my third of the estate as the double wide in AZ twenty years ago, than the stinking cash now. Hah! Parents know best….

#64 Nonplused on 04.05.21 at 7:22 pm

#1 Woke (not) up on 04.05.21 at 12:21 pm
Was having that same conversation re my dad’s estate. He remarried. They have appointed the youngest and most woke person (I guess she’s my step sis) in the family executor which is bizarre given that she has always treated her mum like crap. Most of the wealth they have comes from my dad’s/our side. Given he’s male, older, had a quad bp, and various other health issues, he’s likely to go first. What could possibly go wrong. Their FA has even told them NO don’t do it! Lol.

———————————-

Your story raises some interesting question regarding remarriage. I’m remarried myself, but upon my death my “estate” goes immediately to my children, not my wife. The exception being the house, which goes to her, since it’s where she lives. The flip side of this is that we keep her RRSP’s and TFSA stuffed so she has her own assets in retirement, plus she’s got me insured. And my executor is a lawyer, and not related.

Yes, there is a pre-nup. Otherwise I am not sure the legality of structuring it this way. The pre-nup actually carves her out of the house too, but my lawyer figured that given the length of time that has transpired (21 years!) that clause would be hard to enforce and somewhat heartless so in the will she gets the house after all. But that itself creates an inequality among my children as we only have one child so unless she leaves a portion of her estate to my other 2 children then one of the children gets a larger share of my estate. But eventually these things get too complicated.

Divorce and remarriage wrecks havoc on these things. I think that’s one of the reasons why the Catholics were so against it. Of course if you don’t have any assets the problem goes away.

#65 Ponzius Pilatus on 04.05.21 at 7:23 pm

#6 Dr V on 04.05.21 at 12:38 pm
133 farts – this puzzles me to no end. Seems to be a lack of entrpreneurial sprit with the youngens. Lots of opportunities but they don’t seem to see it.
————–
My daughter has 1 month left in her sophomore year.
She just secured a 4 months position with a computer software company start up.
4,500 a month.
6 Employees, no one older than 25.
The future is here, my friends.
As I always told her, work smart not hard.
No calluses for her.

#66 Serious question on 04.05.21 at 7:30 pm

Can you find two incompetent ‘leaders’ as Trudeau and Ford ?

Remember when we were laughing at American leadership?

#67 pinnaclefd on 04.05.21 at 7:31 pm

As a funeral director in Ontario, I want to clarify a few things regarding this post. First off Garth is correct about estates being complex and time consuming to complete. However, there is something that should be clarified. In the province of Ontario (and I believe all other provinces), only the executor can complete funeral arrangements when someone dies (if there is a will). Therefore placing the role of executor with a trust, bank or lawyer will cause delays with the arrangements. Unfortunately death doesn’t happen Monday to Friday, 9-5pm. It happens on holidays, weekends when such companies are not working. It would be important to have a trusted family member or friend be made executor in conjunction with one of these companies, or at the time of death the executor can request the services of a company like described to assist in the dispensing of an estate.

#62 pinnaclefd on 04.05.21 at 7:16 pm

Better option: pre-arrange the gig. Right? – Garth

Prearranging and pre-paying for your funeral are definitely the way to go. However even when things are arranged ahead, you still need an executor to follow through with the funeral decisions that have been made. The funeral home can’t just go ahead without the proper authorizations, and there are some documents that can only be signed at the time of death, ie authorizations for cremation etc that can’t be left in the hands of a bank or trust company.

#68 Re, stone on 04.05.21 at 7:33 pm

Went right over your head , the seller not the buyer , numbnuts

Tax free too… 9% and you’re bragging ? Lol

#69 Ponzius Pilatus on 04.05.21 at 7:40 pm

The cynic in me says: don’t leave any assets behind.
Seems like it’s too much trouble for the survivors to deal with it, after you wrote off into the sunset.

#70 Nonplused on 04.05.21 at 7:43 pm

#2 DLT INC on 04.05.21 at 12:27 pm

“Paying a trust company $16,000 or $20,000 to act as an executor for an individual who has $400,000 in savings and a small house, is a bit much.”

—————————————–

You can observe the trust company’s fees in advance and shop around for a rate that suites you. And most of them use a sliding scale similar to how a financial advisor or even a realtor does. For example it might be 4% on the first x many dollars but after that it drops off.

The fee sheets I’ve seen typically range from 3% to down to 1.5% over a million dollars. That’s still $15,000 per million, but hey those Maserati’s aren’t going to buy themselves! Lawyers got to eat and pay 50% tax too.

(See what I did there? I inserted the concept that we all pay the same tax rate into the discussion. If the lawyer’s tax rate wasn’t 50% he might not have to charge $15,000 per million. And if you appoint one of your kids the executor, any fees he/she earns must also be claimed as income so the tax man comes after those too. That 5% limit becomes 2.5% take home pretty quick, for anyone actually competent to be an effective executor. Chances are they already have other income so they are already in the top tax bracket.)

#71 Sail Away on 04.05.21 at 7:46 pm

#62 pinnaclefd on 04.05.21 at 7:16 pm

…death doesn’t happen Monday to Friday, 9-5pm. It happens on holidays, weekends when such companies are not working.

“Better option: pre-arrange the gig. Right? – Garth”

————

Oh my

#72 Stone on 04.05.21 at 7:52 pm

#67 pinnaclefd on 04.05.21 at 7:31 pm
As a funeral director in Ontario, I want to clarify a few things regarding this post. First off Garth is correct about estates being complex and time consuming to complete. However, there is something that should be clarified. In the province of Ontario (and I believe all other provinces), only the executor can complete funeral arrangements when someone dies (if there is a will). Therefore placing the role of executor with a trust, bank or lawyer will cause delays with the arrangements. Unfortunately death doesn’t happen Monday to Friday, 9-5pm. It happens on holidays, weekends when such companies are not working. It would be important to have a trusted family member or friend be made executor in conjunction with one of these companies, or at the time of death the executor can request the services of a company like described to assist in the dispensing of an estate.

#62 pinnaclefd on 04.05.21 at 7:16 pm

Better option: pre-arrange the gig. Right? – Garth

Prearranging and pre-paying for your funeral are definitely the way to go. However even when things are arranged ahead, you still need an executor to follow through with the funeral decisions that have been made. The funeral home can’t just go ahead without the proper authorizations, and there are some documents that can only be signed at the time of death, ie authorizations for cremation etc that can’t be left in the hands of a bank or trust company.

———

We live in a time of refrigeration, no? Can’t they just chill on ice over the weekend? That’s what I expect for me. That or just get tossed onto the compost pile. It’s not like they’re going to walk away, right? Unless the zombie apocalypse has started and I missed the breaking news about it.

Never understood this obsession with ritualizing death like this. It’s all just marketing to squeeze profit from an empty vessel. As weird as that sounds, it’s like the whole industry revolving around teeth whitening, fillers, botox, real estate agents, silicon, Brazilian butt lifts, etc. All unnecessary.

#73 Nonplused on 04.05.21 at 8:00 pm

#18 SoggyShorts on 04.05.21 at 1:35 pm

“Just as an example for 2,000,000 net worth at 4% you’re looking at $80,000”

If you have to pay 4% on $2 million, you don’t have the right trustee, financial advisor, or realtor. Garth, what do you charge a client with 2 million under your management? I bet it isn’t no 4%. I bet it is closer to 1.25% for most of it. And the client gets a tax break for some of it. I can’t remember how the tax break goes between RRSP’s and cash accounts, but I know you get to deduct some of the expense.

0.85% – Garth

#74 the Jaguar on 04.05.21 at 8:00 pm

This dying business certainly has its entanglements. It’s like that old Bette Davis movie ‘Dark Victory’. ‘Prognosis Negative’.
It will come to all of us, but dealing with estate matters for family members usually comes knocking before check out time. Few have arrangements with Banks or Trust Services. It more often a fly by the seat of your pants operation. The burden will always fall to the most competent, just as the duty of caregiving before death will fall to those who are most able to bare it. One hopes others will express their gratitude because that burden can be a heavy one.

At a bare minimum a will prepared by a professional is a must. Without that the wishes of the deceased are always subject to interpretation regarding their ‘intent’, and can blow a hole in family relationships the size of a moon crater.

When my turn comes to check out I would like to be cremated, packed into a cylinder, and shot of a cannon over Havana Bay. It’s so damned romantic and suitable for a person with Pirate tendencies. I’d be swimming with the fishes…

#75 Indigirl on 04.05.21 at 8:07 pm

Garth, your advice is usually so spot on and thanks to you I’ve survived my divorce and am doing a-ok, but I just can’t agree with your advice on executors.

First off, trust companies only want people with money, a lot of money. The 99% need not even bother looking into it. Second, being an executor is not fraught with liability and problems if that executor hires a good estate lawyer (not a general practitioner) and an accountant who does terminal returns, and these two work together. Sure, there’s a bit of legwork that needs to be done, but your team will keep you out of trouble.

If people are really concerned about the loved ones they leave behind, then they need to get and keep their affairs in order. That means having a will with one executor (and an alternate or two) and look at updating it every 5 years. It means keeping a handy list of where your accounts are, and who your financial planner, accountant, and lawyer are. It means telling your beneficiaries about what you’ve done and why before you die – surprises hurt. Essentially – do some proper estate planning with an estate lawyer and your financial planner, and spend a bit of time thinking through your plans. Plan for your death to make it easy.

Who to pick as your executor? Not your favourite kid. Not both kids because they’ll work it out once you’re gone. Pick the one that is careful on details, has some get up and go, will hire and listen to the lawyer and accountant, doesn’t care if the family likes him but is fair, and is trustworthy. In their hearts, parents know who this is. The same guidelines apply even if you don’t pick a kid.

But, lucky for me, people don’t plan. They don’t even up with CRA every year. They don’t get proper estate planning advice. They don’t get legal advice on who they actually owe a duty to upon death. They appoint two (or more) kids who don’t get along as executors. The don’t have a proper will that is clear. Because of these reason, and many more, estate litigators like me will never run out of work.

#76 Shared Interest on 04.05.21 at 8:13 pm

Yup, true ‘dat. Probate is not for amateurs, unless you’re arms length from the clown show. Right a “ Trust Company” is best. A lawyer a distant second because the former specializes, the lawyer is hourly. It’s going to take two years, and you don’t want the ‘check-out counter ‘ elder sister involved.

Just look at what happens when clowns run the show. We have Trudeau the job of running our Covid response. He doesn’t have a single specialist education in his cabinet. Result: tens of thousands dead, vax by race and riding, only on days where his hair feels like a photo-op, flights coming in and no health checks. Don’t make the same with your estate probate.

#77 George S on 04.05.21 at 8:13 pm

Very good advice. An executor is worth every cent. You will know this if you are ever an executor.

One thing that should be stressed when talking about executors and wills is that if you declare one of your children to be the executor of your estate in order to save money is that sometimes it can lead to conflicts among your heirs and end up affecting their relationships for the rest of their lives.
Having a third party unrelated executor is very handy to take away all the conflict especially if you have people with substance abuse problems involved.

It is also much more difficult to change a will if it is on file with a legal firm with a declared executor. Growing up in a small town, you hear of and see first hand many cases of stolen estates from predatory “friends” and long lost nephews and nieces.

#78 Nonplused on 04.05.21 at 8:14 pm

#62 pinnaclefd on 04.05.21 at 7:16 pm
As a funeral director in Ontario, I want to clarify a few things regarding this post. First off Garth is correct about estates being complex and time consuming to complete. However, there is something that should be clarified. In the province of Ontario (and I believe all other provinces), only the executor can complete funeral arrangements when someone dies (if there is a will). Therefore placing the role of executor with a trust, bank or lawyer will cause delays with the arrangements. Unfortunately death doesn’t happen Monday to Friday, 9-5pm. It happens on holidays, weekends when such companies are not working. It would be important to have a trusted family member or friend be made executor in conjunction with one of these companies, or at the time of death the executor can request the services of a company like described to assist in the dispensing of an estate.

Better option: pre-arrange the gig. Right? – Garth

——————————————–

When I die, I’m not going to my funeral. I never really liked me that much anyway. Now if they have a wake I might show up!

#79 Dr V on 04.05.21 at 8:14 pm

65 Ponzie – Your daughter has landed a nice paying
summer job.

My sister says my niece works hard and is willing to take work calls on the weekend.

Sound like worker bees to me. That’s good. The world
needs worker bees.

#80 Stone on 04.05.21 at 8:32 pm

#68 Re, stone on 04.05.21 at 7:33 pm
Went right over your head , the seller not the buyer , numbnuts

Tax free too… 9% and you’re bragging ? Lol

——-

Here’s why it went over my head. When people talk chump change, they use dollar amounts. Pffft. When it’s big bucks, it’s always shown as a %. It’s easier for the poor masses to digest. I’m trying to spare your feelings. There’s enough depression out there.

See. I’m a nice person.

#81 Wrk.dover on 04.05.21 at 8:36 pm

#78 Nonplused on 04.05.21 at 8:14 pm

When I die, I’m not going to my funeral. I never really liked me that much anyway. Now if they have a wake I might show up!

——————————————–

And they will be playing ‘pin the tail on the stiff’ blindfolded!

#82 Hilroy on 04.05.21 at 8:38 pm

“Mom and Dad would have wanted my kids to have this…” .
“I’m the executor, I make the decisions”

The main reason.

#83 Nonplused on 04.05.21 at 8:46 pm

#73 Nonplused on 04.05.21 at 8:00 pm
#18 SoggyShorts on 04.05.21 at 1:35 pm

“Just as an example for 2,000,000 net worth at 4% you’re looking at $80,000”

If you have to pay 4% on $2 million, you don’t have the right trustee, financial advisor, or realtor. Garth, what do you charge a client with 2 million under your management? I bet it isn’t no 4%. I bet it is closer to 1.25% for most of it. And the client gets a tax break for some of it. I can’t remember how the tax break goes between RRSP’s and cash accounts, but I know you get to deduct some of the expense.

0.85% – Garth

—————————————–

Thanks for answering, and 0.85% is closer to 1.25% than 4% so I was correct, but it makes the answer even more clear.

Folks, most trustees and lawyers will have a sliding scale for this stuff and you can shop around and have the fee sheet they showed you attached to the documents, locking them in.

—————————————-

So 0.085% on $2 million is a nice $17,000 a year. But you have to pay tax on that so you get maybe $8,500 a year minus office expenses and salaries for your staff (being simple here you would pay for the office and salaries before tax but there is tax all down the line on that too). And then you have been kicking out 6%+ returns so $120,000 a year on the $2 million. Now one would have to pay tax on that too but as my dad used to say; “If you aren’t paying any tax you aren’t making any money”.

Folks, it is not what you pay, it is what you get for the money. And you don’t have to pay 4% for an executor unless the estate is small. Shop around.

(Do you see how I slipped the “we all pay the same effective tax rate” thing in again?)

#84 Nonplused on 04.05.21 at 8:58 pm

#81 Wrk.dover on 04.05.21 at 8:36 pm
#78 Nonplused on 04.05.21 at 8:14 pm

When I die, I’m not going to my funeral. I never really liked me that much anyway. Now if they have a wake I might show up!

——————————————–

And they will be playing ‘pin the tail on the stiff’ blindfolded!

————————————–

Well first you are assuming that anyone will show up. But if they do I hope they are dancing to this:

https://www.youtube.com/watch?v=5_LEBZHP2OA

Lyrics:

“The Night Pat Murphy Died”

Oh the night that Paddy Murphy died, is a night I’ll never forget
Some of the boys got loaded drunk, and they ain’t got sober yet;
As long as a bottle was passed around every man was feelin’ gay
O’Leary came with the bagpipes, some music for to play

[Chorus:]

That’s how they showed their respect for Paddy Murphy
That’s how they showed their honour and their pride;
They said it was a sin and shame and they winked at one another
And every drink in the place was full the night Pat Murphy died

As Mrs. Murphy sat in the corner pouring out her grief
Kelly and his gang came tearing down the street
They went into an empty room and a bottle of whiskey stole
They put the bottle with the corpse to keep that whiskey cold

[Chorus]

About two o’clock in the morning after empty’ing the jug
Doyle rolls up the ice box lid to see poor Paddy’s mug
We stopped the clock so Mrs. Murphy couldn’t tell the time
And at a quarter after two we argued it was nine

[Chorus]

They stopped the hearse on George Street outside Sundance Saloon
They all went in at half past eight and staggered out at noon
They went up to the graveyard, so holy and sublime
Found out when they got there, they’d left the corpse behind!

[Chorus]

Oh the night that Paddy Murphy died, is a night I’ll never forget
Some of the boys got loaded drunk and they ain’t been sober yet;
As long as a bottle was passed around every man was feelin’ gay
O’Leary came with the bagpipes, some music for to play

[Chorus]

—————————————-

I’d rather go out that way because most of my friends are arseholes and I would rather remember them that way. And anyway I am leaving my corpse behind when I go.

#85 Andrewski on 04.05.21 at 8:58 pm

Re: #72 Stone: “We live in a time of refrigeration, no? Can’t they just chill on ice over the weekend?”

My Mom passed away in the Care Home where she resided, so we had to quickly decide which funeral home would pick her up and refrigerate her, for a hefty daily cost, while Dad passed away at the hospital, where they have the refrigeration capacity, at no cost, providing me time to arrange his cremation with a (no frills) provider. The difference in cost between Mom & Dad’s cremations was thousands of dollars, for exactly the same procedure.

#86 The Woosh on 04.05.21 at 9:03 pm

125 Sail Away on 04.05.21 at 9:08 am
#89 The Woosh on 04.04.21 at 8:05 pm

———-

I actually know Stone. Yes, Stone can be obnoxious sometimes but no, he’s not lying. The returns Stone posted are real. I know the allocations of his portfolio. He just rebalanced at the right time.

Doesn’t that just blow your mind?

———-

You know what he told you, same as us. Is he helping you ‘manage’ your portfolio for a fee? And if so, has his magically done better?

————————

I tried Stone’s method last year but I like my returns better. I ended last year with a gain of 19.4%. The last few days of the year took me down from 21%. Remember, I was at something like 43% YTD a little while ago…now at 52%. I like my high net worth status but I’m working towards ultra high net worth. To think…just a while back UHNW was $25 million. Just as you get closer, the rug gets pulled out from under you and it gets jacked up to $30 million. Sigh!

#87 Alphonse Kehaulic on 04.05.21 at 9:15 pm

#39 Garth’s Son Drake on 04.05.21 at 4:05 pm

“Will be interesting to see is [sic] real restrictions are coming . . . 3-months till over, but man is this next 3-months going to be ugly.”

So the restrictions so far have not been ‘real’ enough for you? Will it be real enough when you can’t leave your home because The Machine says so?

And what about that wacky conspiracy document that has long since been debunked? You know, the one that says:
“Full travel restrictions will be imposed (including inter-province and inter-city). Expected Q2 2021.”
We are now in Q2 and the fits hit the shan, they tell us, in 3 of the 4 economic engines of Kanada.

“3-months till over”? Until what’s over? You think your travel rights as you knew them are coming back?
Keep in mind that travel could be defined as walking from your kitchen to your backyard let alone to the corner store or jetting off to Hawaii.

More accurately the next 3 YEARS (if lucky) is going to be ugly.

#88 Ponzius Pilatus on 04.05.21 at 9:19 pm

#79 Dr V on 04.05.21 at 8:14 pm
65 Ponzie – Your daughter has landed a nice paying
summer job.

My sister says my niece works hard and is willing to take work calls on the weekend.

Sound like worker bees to me. That’s good. The world
needs worker bees.
————-
Thanks,
She started to get worried not getting a summer job this year.
It’s lots of competition.
She certainly is/was not wasting in the basement, as CEF implies all Millenials do.

#89 crowdedelevatorfartz on 04.05.21 at 9:33 pm

@#65 Ponzies Progeny

“…. a 4 months position with a computer software company start up….”

+++++

Well done.
I thought that a lot of software programmer jobs were getting outsourced to India, where there are 10’s of thousands of software engineers graduating each year …cheaper labor

#90 crowdedelevatorfartz on 04.05.21 at 9:36 pm

@#78 nonplused
“When I die, I’m not going to my funeral. I never really liked me that much anyway. Now if they have a wake I might show up!”

++++

I plan on showing up late and make people wait.

Pay back.

#91 Ponzius Pilatus on 04.05.21 at 9:44 pm

#90 crowdedelevatorfartz on 04.05.21 at 9:36 pm
@#78 nonplused
“When I die, I’m not going to my funeral. I never really liked me that much anyway. Now if they have a wake I might show up!”

++++

I plan on showing up late and make people wait.

Pay back.
—————–
My guess is, there’s gonna be a long eulogy with lots of anecdotes.

#92 Sail Away on 04.05.21 at 9:49 pm

#75 Indigirl on 04.05.21 at 8:07 pm

If people are really concerned about the loved ones they leave behind, then they need to get and keep their affairs in order. That means having a will with one executor (and an alternate or two) and look at updating it every 5 years.

It means keeping a handy list of where your accounts are, and who your financial planner, accountant, and lawyer are. It means telling your beneficiaries about what you’ve done and why before you die – surprises hurt.

Essentially – do some proper estate planning with an estate lawyer and your financial planner, and spend a bit of time thinking through your plans. Plan for your death to make it easy.

———–

Yes, good advice.

Our procedure is having POAs, wills, lists of all assets, deeds, wills, bills of sale, accounts, contacts, passwords in safe deposit box, and with our lawyer, along with steps to follow if my wife and I croak unexpectedly scuba or sky diving. Also keeping logistics as simple as possible and filings up to date.

Not difficult if it’s organized and updated. Extremely difficult if scattered and unorganized.

#93 My parents ... on 04.05.21 at 9:50 pm

arranged and paid for their final services well in advance. Saved a lot of stress on the survivors for sure. When they passed I was summoned to the funeral home to sign some papers and the nice fellow in black showed me what they paid and what the identical service would cost today. Let’s just say they got a GOOD deal …

#94 crowdedelevatorfartz on 04.05.21 at 9:57 pm

@#69 Published Plinth
“The cynic in me says: don’t leave any assets behind.
Seems like it’s too much trouble for the survivors to deal with it, after you wrote off into the sunset.”

++++

I prefer to “ride off into the sunset” with my last bit of money but if you want to spend eternity writing cynical quips I’m sure there’s a software program out there that can assist you……

#95 Cici on 04.05.21 at 9:57 pm

#24 Stahom

You did good to spare your kids that nightmare.

My Dad wanted me to be our parents’ executor at one point, but I refused. I was too far away but still too close to both of them to be able to handle that task. I told him to get a professional, but what did he do? Named my younger sis. Then he made her settle my uncle’s estate so she’d be prepared and ready when it’s their time to go.

Poor her, that must have sucked. I think it took about 18 months of her time and several expensive trips to another city to sort out the sale of the property, getting rid of all his personal items and trying to track down all his banking and investment information (there were accounts they didn’t know about).

My sis is very practical and a very “get-the-job-done-NOW! type, but we were both close to my uncle and I know she found it emotionally as well as physically and mentally exhausting. Not to mention that there were other heirs and one particular cousin who had no idea what kind of work was involved who was on her case on a constant basis demanding “his money.”

So yes, everyone should definitely follow Garth’s advice tonight, especially if several family members are involved.

#96 Winterpeg on 04.05.21 at 10:16 pm

51; Ok Doomer,
Yes, I understand a bit about cottage succession issues.
My Mum deeded the cabin to 3 daughters back in’94. However she retained 1/4 interest, so it is going to be a bit complicated to figure out the capital gain on 1/4 of the property.
Thanks again Garth for the reminder that a trust company is the best option.

#97 Uncle Charlie on 04.05.21 at 10:26 pm

I was executor for my mom’s estate when she passed a few years ago. She was a poor senior living in social housing here in Vancouver. No assets except around $2,000 in her bank account (I was joint account holder), and a RRIF worth around $12,000 with beneficiaries assigned. No vehicle. No condo. However, I discovered she had around $15K owing on her line of credit/credit card, but the bank eventually decided to write it off because she had nothing to sell to pay it off with. Thankfully, she also had pre paid her cremation.

So, I filed her final tax return, cleaned out her tiny 350 sq ft studio apartment over the course of around 6 weeks (paid an extra month rent so I didn’t have to rush through that process) and that was that.

Would I take on that responsibility again? Not a chance. Very few people have as little as my mom did (except maybe me) and it was still a ton of work when you add up closing all the accounts, dealing with belongings/apartment cleaning a few hours a day, etc. Not to mention the fact that, as her son, I was dealing with her loss and also the loss of my senior dog a few weeks before that.

#98 Diversified in Mississauga on 04.05.21 at 10:36 pm

My wife and I just updated our wills, and POA’s with our lawyer and used [email protected] green bank as our executor.

Family is across two provinces and the U.S. The cost is 100% inconsequential. We’re dead, right? LOTS of money left over to split with who is left.

So much work for my brother as the executor of our mother’s will; we had no intention of leaving it for a physically distant relative to do.

#99 Stone on 04.05.21 at 10:42 pm

#85 Andrewski on 04.05.21 at 8:58 pm
Re: #72 Stone: “We live in a time of refrigeration, no? Can’t they just chill on ice over the weekend?”

My Mom passed away in the Care Home where she resided, so we had to quickly decide which funeral home would pick her up and refrigerate her, for a hefty daily cost, while Dad passed away at the hospital, where they have the refrigeration capacity, at no cost, providing me time to arrange his cremation with a (no frills) provider. The difference in cost between Mom & Dad’s cremations was thousands of dollars, for exactly the same procedure.

———

Not very nice of them. Like I said, just marketing to make a profit on the dead. Really pathetic. Why don’t they call it what it is? A disposal service. But then, I guess they can’t gouge the premium. I want home care till the day I go if it’s possible. When I kick the bucket, they can stick me in a chest freezer in the house (that I will buy prior – can hold some meat and frozen veg, maybe a cheesecake or two, in the meantime and that the help can take home when they stick me in there) if it’s the weekend and then pull me out Monday or whenever the low cost provider is ready to have my corpse. Cardboard box, here I come. Can it at least have the smiley Amazon logo it? Disposal with a smile.

#100 NS in Calgary on 04.05.21 at 11:04 pm

#18 SoggyShorts

Agreed. Thank you.

#101 SoggyShorts on 04.05.21 at 11:12 pm

#86 The Woosh on 04.05.21 at 9:03 pm
125 Sail Away on 04.05.21 at 9:08 am
#89 The Woosh on 04.04.21 at 8:05 pm
———-

I actually know Stone. Yes, Stone can be obnoxious sometimes but no, he’s not lying.
…..
I was at something like 43% YTD a little while ago…now at 52%.

*******************
So the only person who believes Stone’s claim of 9% is the guy who claims 52%.

Seems legit.

#102 SoggyShorts on 04.05.21 at 11:19 pm

#70 Nonplused on 04.05.21 at 7:43 pm
#2 DLT INC on 04.05.21 at 12:27 pm

The fee sheets I’ve seen typically range from 3% to down to 1.5% over a million dollars.

*****************
That seems much more reasonable to me.
As someone who was basically blue-collar, I have this idea stuck in my head that a regular cubicle worker tops out at $80K unless they are doing something really special so I think that $80K to settle my estate would be a full years wage and that just doesn’t that sit right with me.
$30K however feels like a reasonable
“Here, you deal with this crap”
price to me. I’m probably just a cheapskate though.
¯\_(ツ)_/¯

#103 Al on 04.05.21 at 11:23 pm

“people who actually …and cars with 426 cubic inches of displacement”

You mean a 2013 Corvette ? Lol ( it’s actually 428 inches)

#104 Tom from Mississauga on 04.05.21 at 11:39 pm

Went back and read Friday’s blog, how am I supposed to sleep now?
There’s one plan to fix our demographics. Immigration. Competition for the most productive will be intense, Germany has already rolled out there plan and Biden’s will come this summer. Germany and the US will have three huge advantages I) ability to split family income II) more temperate climate III) everyone has heard of them.

#105 Mark Zain on 04.05.21 at 11:51 pm

“A NEW, even deadlier Brazilian COVID-19 variant has emerged which is able to alter itself in such a way as to render all current vaccines ineffective, an alarming new study has indicated.”

https://www.express.co.uk/news/world/1418867/covid-variant-brazil-coronavirus-vaccine-latest-P2-brazil-variant

#106 Indigirl on 04.06.21 at 12:38 am

#92 Sail Away – be careful keeping important information you want your executors to have in your safety deposit box. Banks are buggers and often won’t grant access to the box until after the court has issued a grant of probate. They’ll check for an original will right after death, but that’s all the executors will get – even then [email protected] will say she need to check with their estate department first. Getting a POA will be close to impossible. If your lawyer will keep your original will and POA, problem solved!

#107 Don Guillermo on 04.06.21 at 1:26 am

#56 S.Bby on 04.05.21 at 6:06 pm
When I die my estate gets $2,500 from the government so I said to my wife she should take herself and the kids on a nice vacation; it’s on me…
******************
Weekend in Banff?

#108 Don Guillermo on 04.06.21 at 1:33 am

Hahahah … nice to see we’re finally getting those rich ba$turds!

Kimberly-Clark Corp said on Wednesday it would raise prices on many of its products including Scott toilet paper, tissues and diapers in the United States and Canada to offset rising commodity costs.

https://financialpost.com/news/retail-marketing/kimberly-clark-raises-prices-on-scott-toilet-paper-diapers-in-u-s-and-canada

#109 bruce on 04.06.21 at 6:37 am

Good article. I was the executor for my parents. Mum died in a care facility and Dad died eight weeks to the day after Mum. My role executor lasted two years and I hated it. Been asked by a few others since then to be their executor. Started running as soon as they asked.

#110 Felix on 04.06.21 at 7:36 am

And the best strategy for humans to improve their mental and financial well-being is to exit their dysfunctional relationships with dogawful mutts.

#111 Stone on 04.06.21 at 8:08 am

#102 SoggyShorts on 04.05.21 at 11:19 pm
#70 Nonplused on 04.05.21 at 7:43 pm
#2 DLT INC on 04.05.21 at 12:27 pm

The fee sheets I’ve seen typically range from 3% to down to 1.5% over a million dollars.
*****************
That seems much more reasonable to me.
As someone who was basically blue-collar, I have this idea stuck in my head that a regular cubicle worker tops out at $80K unless they are doing something really special so I think that $80K to settle my estate would be a full years wage and that just doesn’t that sit right with me.
$30K however feels like a reasonable
“Here, you deal with this crap”
price to me. I’m probably just a cheapskate though.
¯\_(ツ)_/¯

———

Apparently. Look where it got you. An inability to balance and diversify your investments because of capital gains tax implications. Now, you’re SOL while others outpace you. But off course, you’re the poor victim.

Worst than being cheap and stingy, you don’t actually take counsel from others. That’s the most detrimental piece. It talks to a lack of trust. How many opportunities have slipped through your fingers as a result?

Lastly, I like how you value what others do based on your own perception. You seem to think everyone else should be paid sweatshop wages but you should get top dollar and top dollar value. Laughable and shameful all at once.

Reap what you sow.

#112 Re., Stone on 04.06.21 at 8:09 am

Spare my feelings? Lol. Poor stone ,so proud of his little 9% winnings, meanwhile real estate junkies making out like bandits,tax free .Stony missed the real estate run up – thought he had it all figured out

I took it easy on ya kid ..

#113 Hoser on 04.06.21 at 8:16 am

Now imagine how much fun it’s going to be when people start dying with substantial crypto holdings.

#114 crowdedelevatorfartz on 04.06.21 at 8:18 am

@#107 Donny G
“#56 S.Bby on 04.05.21 at 6:06 pm
When I die my estate gets $2,500 from the government so I said to my wife she should take herself and the kids on a nice vacation; it’s on me…
******************
Weekend in Banff?”

++++

Nah.
He’s a South Burnaby resident.
$2500 gets you
Car insurance renewal: $2000/year
BC Ferry for wife and 2 kids: $150 each way.
Meals on ferry for 3 : $50 each way
Drive around looking for Sail Away in Nanaimo: free
Gas [email protected] $149.9 /liter

#115 millmech on 04.06.21 at 8:22 am

#63
That is a pretty good wage to start, one of our electrician at our plant who wanted to work this long weekend, she is much like your daughter just over 20 years old, grossed almost $4000 for three shifts worked. The pay for trades who work the overtime is to clear around $4200 biweekly. The smart electricians get into PLCs and never look back, very seldom do electricians pull heavy cable, as everything is already in place. They just carry around a laptop and a clamp on meter and just push resets.
Most plants are screaming for trades that can now gross up to 200k/yr, not dirty or hard work either!

#116 crowdedelevatorfartz on 04.06.21 at 8:32 am

@#105 Mark Zain
““A NEW, even deadlier Brazilian COVID-19 variant has emerged which is able to alter itself in such a way as to render all current vaccines ineffective, an alarming new study has indicated.”

++++

Yep .
BC is becoming a new world hotspot for the Brazilian Variant.
Judging from all the Brazilian ju-jitsu training centers in the Lower Mainland I cant say I’m not surprised.

I’ll be interesting to see how our fearless “leaders” manage another year of rotating lock downs and the enraged populace.
People are fed up with the rules, the lecturing, the broken promises….
Lets see what TrueDough and Freecash have for us in another 2 weeks.
Another $400 Billion cash hand out to buy popular votes?
What the hell.
He doesnt have to pay for it.
You, me and the next 3 generations are on the hook baby.

#117 Canadians on 04.06.21 at 8:33 am

Another month long lockdown ,1 yr later

Curious, when do Canadians push back ? Actually question authority?

Let’s say it’s September 2021 and your govt announces another lockdown ,are you okay with it ?

As long as it doest affect your salary ,Canadians are okay ? And those it does ,stay quiet? Why are lockdowns policy trigger #1?

#118 Sail Away on 04.06.21 at 8:54 am

#106 Indigirl on 04.06.21 at 12:38 am

#92 Sail Away – be careful keeping important information you want your executors to have in your safety deposit box. Banks are buggers and often won’t grant access to the box until after the court has issued a grant of probate. They’ll check for an original will right after death, but that’s all the executors will get – even then [email protected] will say she need to check with their estate department first. Getting a POA will be close to impossible. If your lawyer will keep your original will and POA, problem solved!

————

Joint account. Same as with others where my wife and I are executors. It keeps the important things in one place.

You make another good point, IndieG- one should never rely on a bank to honour a POA without rules and restrictions up the wazoo. This can be circumvented to some extent with joint accounts.

#119 Sail Away on 04.06.21 at 9:04 am

#114 crowdedelevatorfartz on 04.06.21 at 8:18 am
@#107 Donny G
“#56 S.Bby on 04.05.21 at 6:06 pm

When I die my estate gets $2,500 from the government so I said to my wife she should take herself and the kids on a nice vacation; it’s on me…

———–

Weekend in Banff?”

———–

Nah.
He’s a South Burnaby resident.
$2500 gets you
Car insurance renewal: $2000/year
BC Ferry for wife and 2 kids: $150 each way.
Meals on ferry for 3 : $50 each way
Drive around looking for Sail Away in Nanaimo: free
Gas [email protected] $149.9 /liter

————

Now I know why widows keep showing up at the office. Thanks a lot.

#120 Sail Away on 04.06.21 at 9:26 am

#101 SoggyShorts on 04.05.21 at 11:12 pm
#86 The Woosh on 04.05.21 at 9:03 pm
125 Sail Away on 04.05.21 at 9:08 am
#89 The Woosh on 04.04.21 at 8:05 pm

———

I actually know Stone. Yes, Stone can be obnoxious sometimes but no, he’s not lying.

———

I was at something like 43% YTD a little while ago…now at 52%.

———

So the only person who believes Stone’s claim of 9% is the guy who claims 52%.

Seems legit.

———-

Haha. The UHNW part is a nice touch.

I say, Woosh old chap, would it be awfully rude to request proof?

#121 crowdedelevatorfartz on 04.06.21 at 9:28 am

@#115 millmech
“Most plants are screaming for trades that can now gross up to 200k/yr, not dirty or hard work either!”

++++

Yep.
Have a buddy whose son is a red seal journeyman electrician.
Got his ticket at 25.
Now?
Hasnt worked in 2 years.
Pays no rent. Food and laundry…prepared by others.
“All the bosses were a$$holes”…
He doesnt like anyone telling him what to do or taking orders.
Sits in the basement playing video games all night. Sleeps all day.
Welfare, CERB, EI whatever.
An able bodied, red seal electrician should not be allowed to draw ANY type of govt subsidy in this work environment.
Govt and the private sector are screaming for trades OR apprentices to train…..
Nope.
Aint gettin their hands dirty.
Kids are too good for that in BC.
They all wanna be rock star, millionaire gamers…..
Pathetic.

#122 Penny Henny on 04.06.21 at 9:29 am

#18 SoggyShorts on 04.05.21 at 1:35 pm
I struggle with % based fees.
/////////////

Great comment. 100% agree

#123 IHCTD9 on 04.06.21 at 9:35 am

#116 crowdedelevatorfartz on 04.06.21 at 8:32 am

You, me and the next 3 generations are on the hook baby.
___

Trudeau and successors won’t be getting much out of you and I, there’s just not enough time left at the tax farm to bill us for it. I feel bad for mid-millennials on down though. They’ll be the folks paying more and getting less thanks to 2015-present and likely more of the same in the near future.

#124 crowdedelevatorfartz on 04.06.21 at 10:35 am

You know things are unsustainable when even Realtors are feeling guilty….

https://www.burnabynow.com/local-news/opinion-i-almost-feel-guilty-demanding-40-over-asking-admits-burnaby-real-estate-agent-3605605

#125 Ponzius Pilatus on 04.06.21 at 10:47 am

123 IHCTD9 on 04.06.21 at 9:35 am
#116 crowdedelevatorfartz on 04.06.21 at 8:32 am

You, me and the next 3 generations are on the hook baby.
___

Trudeau and successors won’t be getting much out of you and I, there’s just not enough time left at the tax farm to bill us for it. I feel bad for mid-millennials on down though. They’ll be the folks paying more and getting less thanks to 2015-present and likely more of the same in the near future.
———————-
Being single, CEF will be paying the highest marginal tax rate as long a he lives.
But he doesn’t mind, it’s for the good of human kind.
I, for one, thank him for helping out paying for my kids higher education.

#126 Penny Henny on 04.06.21 at 11:20 am

#101 SoggyShorts on 04.05.21 at 11:12 pm
#86 The Woosh on 04.05.21 at 9:03 pm
125 Sail Away on 04.05.21 at 9:08 am
#89 The Woosh on 04.04.21 at 8:05 pm
———-

I actually know Stone. Yes, Stone can be obnoxious sometimes but no, he’s not lying.
…..
I was at something like 43% YTD a little while ago…now at 52%.
*******************
So the only person who believes Stone’s claim of 9% is the guy who claims 52%.

Seems legit.
////////////////

My imaginary portfolio is up a gazillion YTD.
% of course, only the downtrodden talk in dollars.

#127 Pikachu on 04.06.21 at 12:27 pm

Toronto Police enforce evictions for private capitalist landlords:
https://www.blogto.com/city/2021/04/advocates-furious-over-large-police-presence-residential-eviction-toronto/

#128 The Woosh on 04.06.21 at 12:54 pm

#120 Sail Away on 04.06.21 at 9:26 am
#101 SoggyShorts on 04.05.21 at 11:12 pm
#86 The Woosh on 04.05.21 at 9:03 pm
125 Sail Away on 04.05.21 at 9:08 am
#89 The Woosh on 04.04.21 at 8:05 pm

———

I actually know Stone. Yes, Stone can be obnoxious sometimes but no, he’s not lying.

———

I was at something like 43% YTD a little while ago…now at 52%.

———

So the only person who believes Stone’s claim of 9% is the guy who claims 52%.

Seems legit.

———-

Haha. The UHNW part is a nice touch.

I say, Woosh old chap, would it be awfully rude to request proof?

————————————

How gauche of you. No one at these rarefied heights asks for proof. We’re all taken at our word. It’s the gentlemen’s way. Eye roll. Sigh.

#129 Stone on 04.06.21 at 1:15 pm

#122 Penny Henny on 04.06.21 at 9:29 am
#18 SoggyShorts on 04.05.21 at 1:35 pm
I struggle with % based fees.
/////////////

Great comment. 100% agree

———

How nice of you to spit in our gracious host’s eye. Maybe this blog wouldn’t exist otherwise. Where else would you spend your time? Going through the tray at the supermarket for the discounted rotting fruit, veg, meat and expired package goods?

Or do you prefer dumpster diving?

#130 bdwy on 04.06.21 at 1:30 pm

#110 Felix on 04.06.21 at 7:36 am
And the best strategy for humans to improve their mental and financial well-being is to exit their dysfunctional relationships with dogawful mutts.
——————————-

if you die with your dog he will go get help.
if you die with your cat , well, it’s not pretty.

//////////////////////////
we have one kid, she gets everything.
i like the idea of putting her name on all the accounts, then she gets all the $$ immediately, no?

that would leave awill for only the RE which would make a simpler process as she’d prob move into the house too.

#131 crowdedelevatorfartz on 04.06.21 at 1:39 pm

@#125 Progeny’s Penury
“Being single, CEF will be paying the highest marginal tax rate as long a he lives.
But he doesn’t mind, it’s for the good of human kind.
I, for one, thank him for helping out paying for my kids higher education.”

+++

And I thank you for ensuring they will be highly educated, high salaried , high tax paying wage slaves for the next 45 years …. ensuring my CPP is topped up.

God bless other people’s children… may they also change my thirsty underwear in 30 years hence..

#132 Sail Away on 04.06.21 at 2:21 pm

#130 bdwy on 04.06.21 at 1:30 pm

we have one kid, she gets everything.
i like the idea of putting her name on all the accounts, then she gets all the $$ immediately, no?

——–

Correct, but you will need her approval/signature to make any changes at any time to your accounts, so it adds a layer of logistics.

Also for non-reg investing accounts, look into attribution rules first.

#133 BCWally on 04.06.21 at 9:18 pm

Hi I just came across this…kind of hoping somebody tells me this is OK.
https://wolfstreet.com/2021/04/06/bank-of-canada-holdings-government-of-canada-bonds-rise-to-40-percent-total-outstanding-fed-a-saint-in-comparison-taper-on-table/
So the bank of Canada owns 40% of the sovereign bonds in this country to hold interest rates down and fund the government of Canada. The US has only 17.6% of that.
Wow.

#134 westcdn on 04.07.21 at 7:46 am

I try to hit more than I miss comes to investing in equities. I have had a few rough rides. Obviously I prefer to be right over wrong yet it does not matter what I think. Cybercurrency values stun me – shows how little trust among many for government and I do not disagree but we are not going to win by shooting each other.

Yeah, some grow up to think they are special and earned the the right to tell me what to do to gain their blessing. Tell you what, the biggest jackasses are hypocrites. They ignore their flaws and worse flog it onto others (mainly their kids).

I visited my Edson, AB, daughter. She is in HR and terminated unearned benefits immediately that other so-called managers were afraid to do – are you crazy or gutless? She went to a HR gathering and ran into the CPR guy. My eldest was working for them so she asked what do you think? Lets just say we don’t talk about her – she does not take orders without question.

Cheating takes many forms. Just or not, it depends on you. I think morals/trust are essential to getting things done for the majority.

My former wife was very good at playing the male ego. I got some terrific grandchildren though. It has been my experience most gals listen and the guys need to live with more expectations on them. However, I believe gals can be better cheaters.

I have little faith in our current “leaders”. Our Calgary mayor Nenshi is stepping down like a rat leaving a sinking ship. I hope he does not win the NE Calgary MLA as a NDP. The man has little fiscal ability (think Olympic games) other than a promoter (think Music Man). I tire quickly of “experts”. They can be wrong too. They are paid to be right so it entertains me to watch them cover their ass.

If you treat most people as weak and ineffectual, guess again. Feelings are not forgotten by those who have to pay the bills of the shirkers and cheats – it takes a while to recognize them. Do not bite their bait of justification otherwise you will become like them – losers who think they are winners.

There is more to life than making yourself happy first. I respect the person who will sacrifice for the greater good and be dammed if I will let it be wasted for someone’s ample ass and luxury. Thinking Mr/Ms wonderful have to earn is in my mind. Hence I will die unloved by the elite – like I care much. Few of them can do any meaning actual work yet they live secure in a world of struggles.

My HR daughter. There are smart Americans and really dumb ones. Canadians are the same. The right to work movement in the US is really the employers’ right to fire. Canuck public servants – count your blessings.

#135 Kathleen Gerrard on 04.07.21 at 8:14 am

People are usually flattered when asked to be someone’s executor – and learn the hard way what a bone crushingly difficult job it can be. There are many moving parts to deal with from the CRA to financial institutions, and when you layer in legatees it can become an absolute nightmare. If you love someone, appoint an arms length institution to take care of your estate and don’t saddle your grieving family with years of crap. I know the argument that it cost money and will marginally deplete the estate but be warned. You are selling years of your spare time for a measly 4% of money you didn’t have anyway.