In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, and writer, interviews Harris Jones, a well-known estate planner, about how to avoid estate-planning disasters!
Episode Highlights:
● 1:00 – Harris Jones introduces himself and his work history.
● 3:17 – What are the most common estate-planning mistakes that cost people money?
● 5:45 – Jason and Harris discuss the misconceptions that people have about their estates and life in general.
● 8:47 – Jason and Harris break down the emotional overlay of death.
● 12:06 – Harris talks about estate planning with the wealth range in which he works.
● 12:53 – Jason and Harris talk about the conversations that have to happen to avoid financial damage.
● 17:15 – Harris discusses the financial ramifications of a messy estate that crossed multiple borders.
● 20:00 – Jason and Harris emphasize the importance of knowing tax rules to “play the game properly.”
● 23:06 – Harris breaks down why lawyers, advisors, and anyone else involved need to work together.
● 25:52 – With constantly shifting tax laws, Jason and Harris believe great estate planning is always adaptable.
3 Key Points
1. Financial planners need to focus less on making money off the sale and more on the needs of their clients. Ironically, doing right by your client will bring in the money.
2. The emotional effects of death can fog up people’s ability to think clearly about what direction to go in. It’s times like these where financial advisors can help.
3. Never listen to an advisor that says they can get rid of your estate taxes. Estate-planning products do not take away taxes, but they can help find a way to cover those taxes.
Tweetable Quotes:
● “Let’s not worry about ramping up and making a bigger sale or making an inappropriate sale. Let’s do what’s right for the client.” – Harris Jones
● “It’s a heck of a lot easier to accept what is being told to you by your parents before they die...versus opening up an envelope and reading a bunch of papers that you can barely understand.” – Jason Pereira
● “All of the plans that you make, they won’t turn out that way...If you don’t make plans, they won’t turn out at all.” – Harris Jones
● “It’s not so much a game. It’s just that there are rules and the rules are available for everybody and they work.” – Harris Jones
Resources Mentioned:
● Facebook – Jason Pereira’s Facebook
● LinkedIn – Jason Pereira’s LinkedIn
● Woodgate.com – Sponsor
● FintechImpact.co – Website for Fintech Impact
● jasonpereira.ca – Jason Pereira’s Website
● LinkedIn – Harris Jones’s LinkedIn
● harris@harrisjones.ca – Harris Jones’s Email
● 416–629–4303 – Harris Jones’s Phone Number
Hosted on Acast. See acast.com/privacy for more information.