『Dying to Save on Taxes? Protect Your Assets!』のカバーアート

Dying to Save on Taxes? Protect Your Assets!

Dying to Save on Taxes? Protect Your Assets!

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 Sylvia Ho talks to Ben Corriveau, a financial planner and insurance agent, and Derrick Ang, a Family Law lawyer, on how to be on the defense about the wealth you gain through the J.O.M.P. program. Now that you have assets in place, how do you protect them upon your death or when your children live with partners in your properties?Ben Corriveau discusses how to avoid large tax bills landing on your beneficiaries after your death. His advice centers around life insurance. People often think they don’t need it, but Ben says it will add liquidity and 99% of the time you will want it. Get it young so it’s easier and less expensive to get the policy you want, but don’t be discouraged if you’re older. Find out why, and what else he shares with Sylvia. Derrick Ang talks about prenups and cohabitation agreements (or marriage contracts as they’re known in Ontario). If your child lives in a property with a partner and they marry and the property becomes the matrimonial home, half of that property could be claimed by the spouse in the event of a divorce. Even though it’s your property! Find out exactly what Derrick advises to avoid this situation and who to speak with for the right advice. –Sylvia Ho | Mortgage Edge Agent 1 | LIC #10680 FSCO# M08003923: schedule a call | facebook | linkedin | youtube | instagram_TranscriptSylvia Ho: [00:00:05] Hey, friends, have you ever wondered how you can pay off your mortgage faster? Or maybe you like to help your kids get into the real estate market, or better yet, retire with some passive income? Well, you're in the right place. Welcome to the Sylvia Ho Mortgage podcast. My name is Sylvia. I'm here to teach you how to achieve your goals simply by owning just one more property. Sylvia Ho: [00:00:28] Hey, everyone, it's Sylvia here. Welcome to the J.O.M.P. podcast. Today we have two visitors. We have Ben and we have Derrick. Ben and Derrick are insurance agents and a family law lawyer. And they talk about how to protect our wealth. The J.O.M.P. program's all about owning just one more property and building wealth and real estate is a way to increase your net worth. So we want to know how to protect that now. Most of my clients are wanting to learn how to build wealth outside their 9 to 5 through the J.O.M.P. strategy and the J.O.M.P. strategy is all about owning just one more property and building wealth and building intergenerational wealth to pass down to our kids and to our grandkids. Now the J.O.M.P. method is all about offense. It's all about building that wealth. Today we're going to be talking about defense. We're going to talk about how to take care of those assets that we built up over time. And we have Ben Corriveau. He's a financial planner and an insurance agent. And we have Derrick Ang, who is a family law lawyer. Welcome, Ben, and welcome Derrick. Ben Corriveau: [00:01:35] Thank you, Sylvia. Nice to be here. Derrick Ang: [00:01:38] Hi Sylvia. Thank you for the introduction. Sylvia Ho: [00:01:40] You're welcome. Nice to have you guys here today. So I teach my clients how to buy one more property because in my opinion, real estate is a way to increase your net worth by a lot. Right? But there's something called government and tax, right? And someone shared with me, they're like, Sylvia, you know what? You bought all these properties, you have all this wealth. What are you going to do when you die? Like, have you taken care of your death tax? I'm like, what? What is death tax? What are you talking about? Like, I have to pay taxes upon my death. And then so that's where we got into the whole idea of life insurance. So Ben, talk to me about how my clients can protect their assets with life insurance. Ben Corriveau: [00:02:25] So one thing I keep in mind, especially when working with real estate investors, is knowing that what they're doing is really, it's trying to supercharge their portfolio. They're not like the average investor where they're willing to look at the bigger picture and really control hard assets, which is great. It's fantastic. But we got to really make sure we look at the full picture on what that asset's eventually going to be and what the purpose is. There's two spots to it, so it's growing an asset and then using that as income in retirement. So when I like to start with the plan, let's try to mitigate the risk for the short term. One thing that is necessary for real estate investor is to keep making sure these mortgage payments are maintained. And the key to that is that, hey, we're here to do it. We're here to make these payments. So if husband and wife own a property, they might be relying on two incomes. So if there's all of a sudden in the short term, one income that's not there, that's going to be big, big trouble for the long term picture that they have together. So really easy thing to put in place is a simple term life insurance policy that'll be there to protect in the short term to make sure that whether...
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