How to prevent an inheritance + MORE Nov 16th

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Q: I plan on leaving my son a $250,000 inheritance, but how do I make sure that his wife isn’t legally entitled to any of it?
— His (not hers), Whitby, Ont.
A: If the idea of your daughter-in-law getting her hands on your money after you’ve kicked the bucket really rankles you, there’s a simple solution: put a clause in your will stipulating that the inheritance is strictly for the benefit of your child, alone, and not the spouse. This keeps the assets out of the marital pool, explains Lawrence Pascoe, an Ottawa-based family and estate lawyer. “The key is to keep the inherited money separate,” he says. So, if your son uses his inheritance to buy a house or pay down a mortgage, keep in mind that in the eyes of the court the willedincome automatically becomes a jointly-held asset between him and his wife—that is, unless your progeny signs a contract stipulating that the money is not to be included in their joint assets. But, of course, that’s up to him…

CAAMP – that awkward acronym that we all secretly loved to hate – is officially no more. As of today, the Canadian Association of Accredited Mortgage Professionals will be known as Mortgage Professionals Canada. The rebranding of Canada’s largest mortgage association is the result of months of work and consultation with key stakeholders, including members, board members, staff and government. “We heard loud and clear from members that our name wasn’t a good fit,” said Samir Asusa, Senior Vice President, CFO and interim CEO of the renamed organization. “Changing our brand accomplishes at least three key things: 1) Mortgage Professionals READ MORE

 

There has been a lot of buzz in the news lately about my story of paying off my mortgage by age 30. I’m not going to lie – paying off my mortgage in only three years required a lot of financial and personal sacrifice. I lived a super-frugal lifestyle – I rode my bike to work, packed my lunch and rarely ate out.
Read: I’m Mortgage-Free By 30 – Here’s How>
While there are benefits to being frugal, there’s also being cheap – and contrary to popular belief, there’s a difference between the two. Have you ever heard of the saying, “penny wise, pound foolish”? Being cheap is about choosing the least expensive option (ignoring quality), while being frugal means choosing the option that offers the best value in the long-run. Being cheap can actually cost you more over the long-term; an ongoing survey by Capital One and Canada Credit Debt Solutions brings to light Canadians’ stories of cheap regret – one woman said she has replaced her kitchen chairs several times (she was especially embarrassed when a chair broke when one of her guests sat down)…