fbpx

Control The Inheritance You Leave To Your Heirs

This month, Marci Perreault, partner, KenMar Financial Services introduces us to a few reasons why establishing a trust could work for you. It’s enlightening and a quick snapshot into a few options available to you.

As always, it is important to discuss any questions you may have with your financial advisor.

Control The Inheritance You Leave To Your Heirs

If you were to imagine someone establishing a trust, you may picture an individual leaving their hilltop mansion and being driven by their chauffeur to stately law offices visited only by the rich and famous. In reality, a trust can be used by just about anyone to meet a variety of estate planning needs. One of the most common uses is controlling how an heir or heirs will receive their inheritance.

Trust basics

The person who establishes the trust is the settlor. The settlor appoints someone to manage the trust, called the trustee. This could be a friend, family member, professional or trust company. The beneficiary is the person who will ultimately receive income or capital according to the terms of the trust.

There are two basic types of trusts. An inter vivos trust, or living trust, takes effect during the settlor’s lifetime. A testamentary trust comes into effect upon the settlor’s passing. The following applications all use a testamentary trust.

Beneficiaries lacking financial expertise

It’s an uneasy feeling to leave a large lump sum of hard-earned money in a will to someone you suspect will spend it quickly and unwisely. A trust allows you to give explicit instructions to the trustee to control the inheritance, including the distribution amounts and frequency. A beneficiary may be trustworthy but require guidance in managing investments. By choosing a trustee with investment acumen, you can feel comfortable knowing the inheritance will be properly managed to meet income and growth needs.

Parent in a second marriage

If someone is in a second marriage and has children from their first marriage, estate planning can be a little different. Say the individual wants to provide for their current spouse but also wishes to leave an inheritance for the children from their first marriage. Several solutions are available, and one uses a spousal trust. The spouse would receive income from the trust, and possibly some capital, during their lifetime. When the spouse passes away, the trust assets would go to the children.

Caring for a child with special needs

Establishing a trust for a minor or adult child with special needs can help you be confident they’ll always be cared for in the best manner. A tax professional can advise you on how a trust can be set up without affecting government benefits.

A trust for minors

If you have beneficiaries who haven’t reached the age of majority, you can direct their inheritance to a trust. The trustee can manage the funds until each beneficiary reaches the age that you determine. At that point, a beneficiary can either receive a lump sum or periodic distributions according to the terms you establish.

Fulfill your personal preference

Trusts can be flexible. The terms and conditions you put in a trust are almost limitless and may primarily reflect your personal wishes. For example, a beneficiary may be financially reliable, but you might have their inheritance distributed periodically because you don’t want to chance a lump sum inheritance disrupting their work ethic. Or perhaps a settlor will make college or university graduation a condition of receiving their inheritance. A trust gives you the ability to help ensure the inheritance enhances a beneficiary’s life, rather than drastically changing it.

If you would like more information about trusts, contact us or talk with your lawyer or tax professional.

The Good Life: Getting Out of Your Comfort Zone; The Best is Yet to Come

Are you feeling stuck in your comfort zone?

In this video blog, Kat and Nat explore why it’s so hard to push out of our comfort zones and why it’s important to do so. They share their personal experiences and offer tips and tricks to help you take small steps toward growth and personal development. By embracing new experiences and challenging ourselves, we can expand our horizons, build confidence, and live life to the fullest.

So join us on this journey to break free from the confines of our comfort zones and unlock our true potential. Click here to watch the video. 

Get Out Of Your Comfort Zone; The Best Is Yet To Come

Human beings are creatures of comfort, aren’t we? We love it when our life circumstances feel comfortable, safe, and familiar. We’ve got a long list of reasons why we don’t want to give up what’s easy in exchange for what might be difficult even though science tells us that there’s great reward in that trade. 

The comfort zone is a mental state where we feel safe, where we’re not being questioned. It’s life under a cozy blanket; we like it because nobody is challenging us, we avoid feeling anxious and life feels certain. Because it’s not enjoyable to feel uncertain or anxious, our mind tells us to stay put but what it doesn’t tell us is what we might be missing out on. Personal growth and having new experiences all require us to get uncomfortable before we can realize the reward.

The comfort zone is the great enemy of courage and confidence.
-Brian Tracy

Why is it so hard for us to get out of our comfort zone and why should we bother? It’s so hard for us mostly because fear of the unknown can be enough to have us procrastinate. Uncertainty and procrastination are the stepbrothers of fear. Terms like I can’t, I’ve never done that, I’m not good at that or I’m not sure are all expressions of fear and uncertainty. It’s our mindset convincing us to avoid challenge or discomfort. The second part of the question is why should we bother pushing out of our comfort zone? Even though new encounters can feel unsafe, pursuing different experiences helps us learn about ourselves and about life. We expand our horizons and reinforce that we can do hard things. Ultimately, embracing new experiences whether they work out for us or not helps expand our comfort zone in the long run.

I’m an introvert who has developed skills that allow me to meet new people, speak in front of audiences in person and on television. It has been such a great education and I have certainly benefited from stepping outside of my comfort zone. I was once a person who feared her own shadow and by taking many courageous steps, I developed a confidence that still surprises me some days. In the process of learning more about myself, I’ve learned that most of us are afraid and while I have great empathy, I also know the joy that lives on the other side of fear, and I know that courage is the superpower to take us through.

Getting to know more about ourselves our likes, and dislikes, learning about different lifestyles, cultures, expanding our knowledge base in areas of interest or new topics all provide fuel for conversation, open new opportunities for connection and friendship, help develop our character and teach us how to manage fear.

Fear feeds all the negative qualities that make you feel bad about yourself: doubt, self-hatred, and despair. Faith feeds all the positive qualities that make you feel good about yourself: self-confidence, self-love, and hope. When you choose faith over fear, you create a positive destiny for yourself.”
Darrin Donnelly

To switch out of our comfort zone we first must be willing to shift something. Notice I don’t use the word change here. No surprise that my brain doesn’t like change because just like you, I’m wired for safety. But if I say that I want to shift something, I can usually sneak under the radar and start implementing small alterations in my behaviour. Yes, micro shifts are where it’s at for me and I encourage you to resist getting overwhelmed by something new to you and take any small action. This way you’re demonstrating to yourself that growth is possible. This is a great place to start. 

Get out of your comfort zone and bring comfort to others.
-Ravi Shankar

Do you have a list of things you’ve always wanted to do? If not, why not invest some time in creating that list because this activity signals to your brain that you’re interested in checking out some new experiences. Then select one thing on that list and research it by speaking with other people about it or exploring online. If you can, take one small step toward experiencing whatever that activity is even if it’s watching videos online about it. Our brain really doesn’t know the difference between a physical experience, a video experience, or an imagined experience. Enjoy playing around without pressuring yourself to do anything.

The road to success is always under construction.
-Lily Tomlin

Change your routine to get out of your comfort zone. Take an alternate route, order something new at your favourite eatery, try a different exercise. If you’re used to being alone, contact someone and ask them to meet for coffee. If you’re not used to writing notes, do that. If you’re not used to giving compliments, try it. If you’re not used to asking other people how they’re doing, do that. If you’ve never volunteered, why not give it a go? You have so much gold to offer this world and tending to your own personal growth creates a ripple effect. Your courage not only demonstrates what you’re capable of, which increases confidence; it also gives other people permission to stretch what’s possible for them. Let’s vow together to live without regret, to challenge any negative or limiting beliefs and to get out of our comfort zone so that we can live life fully, knowing that the best is yet to come.

This Wellings blog by Kathie Donovan was exclusively written for Wellings Communities and appeared first on MyWellings.com.

Sustainable Happiness: Nourishing the Natural Chemicals in Our Brain

Welcome to The Good Life with Kat and Nat!

Today we will explore one of the top goals for us human beings – happiness. Many of our behaviours are driven by the quest for happiness, but the feeling we get from positive experiences is often temporary. So, how can we nourish more sustainable happiness in our lives?

In this video blog, we’ll discuss the chemicals our brain produces that flood our body with good feelings: serotonin, endorphins, oxytocin, and dopamine. We’ll explore what these chemicals do, how they contribute to our well-being and happiness, and ways to increase their production in our bodies.

Let’s get started! Click here to watch the video.

Should You Delay Drawing Your Old Age Security?

One thing we know for sure, people are retiring in numbers Stats Canada would liken to the original Baby Boom.

The number of Canadians who retired jumped almost 50 percent in the last year, according to recent data from Statistics Canada.
“The youngest baby boomers are the biggest demographic cohort, and they’re starting to get to retirement age,” said Pedro Antunes, chief economist at the Conference Board of Canada.

In August, Statistics Canada released data showing a record-high 307,000 Canadians had retired over the previous 12 months, up from 233,000 a year earlier. That flood could well continue: Statistics Canada also reported that, in August, 11.9 cents of permanent employees were planning to leave their jobs within the next 12 months, 5.5 percentage points higher than in January.

Whether it’s age or Covid related angst or we are done with the day-to-day stress of work life when we draw our “Old Age Security,” it is something we should take into consideration. And by the way, is it just me, or do you take offense to “ Old Age Security”? My, have times changed.
-Natalie

Should you delay your OAS pension?

Last summer, Old Age Security (OAS) benefits permanently increased for the first time in almost 50 years. The payment increase is 10% and applies to seniors aged 75 and older.

This increase gets a further boost when seniors delay starting their OAS benefits. Monthly payments increase by 0.6% for each month you delay payments beyond the traditional age 65 start date. That’s a 7.2% increase for a one-year delay and a 36% increase for the maximum five-year delay at age 70.

Reasons to delay OAS payments

If you work beyond age 65, it often makes sense to delay OAS payments since you likely don’t need the pension income.

If you have retired by 65, the main reason to delay OAS payments is simply to gain additional financial security at older ages. You’ll receive a higher monthly benefit that’s indexed to inflation and guaranteed for life.

Why start at age 65?

Anyone who needs OAS benefits at age 65 to help support their retirement has an easy decision to begin when eligible.

Even if the income isn’t needed, there are several reasons to start at 65. It means drawing down less from retirement savings, which may leave more assets as an inheritance. Beginning payments at 65 ensures money isn’t left on the table if a retiree doesn’t live long enough to benefit from increased payments at older ages. In addition, retirees who expect their mandatory Registered Retirement Income Fund (RRIF) withdrawals to result in a clawback of OAS benefits at age 71 may want to start receiving OAS payments at 65.

Palentine’s Day: Celebrating Friendship and Inclusivity

Welcome to our video blog about Palentine’s Day! This special day is all about celebrating the amazing friendships in our lives and promoting a sense of inclusivity and community. Instead of focusing on romantic love, Palentine’s Day is an opportunity to appreciate the love and support of our friends and show them just how much they mean to us.

Whether you’re single, in a relationship, or somewhere in between, Palentine’s Day is a chance to spread love and positivity to those around you. So grab your besties and get ready to celebrate!

And speaking of celebrating, have you ever had a secret admirer on Palentine’s Day? This year, we encourage you to think about who your secret admirer might be. Who in your life deserves some extra love and appreciation? Is it a friend who always has your back, a coworker who makes you laugh, or a family member who you admire?

Whatever you choose to do this Palentine’s Day, remember that it’s all about celebrating the wonderful people in our lives and spreading love and positivity. So let’s get started and make this Palentine’s Day one to remember!

Click here to watch the video. 

Sugar, Spice, and Everything Nice: Finding Comfort in Homemade Goodies this February

No matter how old I am, how much the wiser I get, around the consumption of sugar, I still can’t resist a little something now and again. I think of the month of February as the month of comfort food, and that includes goodies as well.

Simple guilty pleasures that are easy to make and give out to friends and neighbours. It makes me smile and feel good! A win for sure.

Enjoy the warmth of giving and the satisfaction of the flavours. 

Click the link now to view the full list of 60 easy and delicious last-minute homemade Valentine’s Day treats and impress your loved ones today!

What Is That Feeling of Happiness And How Can We Get More of It?

One of the top goals for us human beings, especially here in North America, is to be happy.  In fact, the quest for happiness drives many of our behaviours. We look to positive experiences, expecting that they will make us happy. We relish the feeling of achieving a goal or revel in the honeymoon phase of a relationship and while both feel great, the feeling doesn’t last. So, let’s look at what that feeling is and how we can nourish more of it in our lives. 

I’ve been studying and teaching what I call sustainable happiness for a long time but only recently challenged myself to explore the physiological aspect of happiness. Our beautiful brains produce chemicals or neurotransmitters that flood our body with good feelings. I wanted to share what I’ve learned here, so we can all look for ways to tap into this brilliant natural resource. 

There are four main chemicals our brain produces: serotonin, sometimes called the happy hormone, endorphins, think runners high, oxytocin, known as the cuddle hormone and dopamine, think pleasure. 

“The art of being happy lies in the power of extracting happiness from common things.” -Henry Ward Beecher  

There’s a very good reason why we may not feel so cheerful on cloudy days. Sunshine helps our brain produce a chemical messenger or neurotransmitter called serotonin. Its purpose is to stabilize our mood; it contributes to our wellbeing and feelings of happiness. It also plays a role in our digestion and sleep.  

If serotonin is low in your body, your immune system, digestive system, and sleep rhythm can be impacted and if serotonin is too low for too long, it can lead to depression. Some people with low serotonin can treat it with diet, by eating foods containing the amino acid tryptophan. Foods such as turkey, chicken, pork, eggs, and tofu are all good sources. Also, light exposure and exercise help with serotonin levels.  The prescription then to increase serotonin, in addition to diet, is to make sure you get daily exercise and exposure to sunlight. If you feel your serotonin levels are off, speak with your healthcare provider, who is very well equipped to help. 

“Happiness is a direction, not a place.” -Sydney J Harris 

Many of us have experienced an endorphin rush after an exhilarating activity like running, which is why we refer to the feeling as runners high. The name endorphin is derived from endogenous morphine, meaning internally produced morphine or natural pain medicine. Endorphins are produced when we participate in both pleasurable and painful activities, providing pain relief and a sense of well-being. Say you sprain your wrist; endorphins flood your body to ease the pain. On the flip side, when you laugh uncontrollably, your body is flooded with endorphins. Research is ongoing but here are a few suggestions to help boost endorphin production in your body.  Exercise moderate to vigorous, hearty laughter, listening to music, including yoga and meditation in your daily routine, having sex, enjoying dark chocolate, and acupuncture treatments all contribute to increased endorphins in the body; it sounds like a great prescription to me. 

“Laughter boosts the immune system and helps the body fight off disease, cancer cells as well as viral, bacterial, and other infections. Being happy is the best cure of all diseases!”  - Patch Adams 

Full disclosure here: I am a cuddle bug. I love to experience that feeling of connection through snuggling; it goes way back to my childhood. I can’t help myself and I don’t want to help myself because now I see that science backs up the theory that cuddling is good for us.  

Oxytocin, known as the love chemical, is released when we’re hugging, cuddling a person or a pet, kissing, and when we’re being kind to one another. Imagine that: you’re producing the love chemical for yourself, while you’re being kind to someone else. It’s no wonder kind people always seem to be so happy.  

Oxytocin plays a role in reproduction, in birthing babies and bonding; any time we’re in a situation that gives us the warm and fuzzies, we’re feeling the effects of oxytocin. Ways to increase this cuddle hormone are staying connected with people you love, doing acts of kindness and hugging. There’s an added benefit if you can hold the hug for between 6 and 20 seconds because you’re lowering the stress hormone cortisol. Music, especially singing in groups, massage and making love all contribute to increased levels of oxytocin. Let’s get cuddling. 

“Now and then it’s good to pause in our pursuit of happiness and just be happy.” -Guillaume Apollinaire 

Finally, dopamine, known as the pleasure chemical, travels through our nervous system and affects many areas of our lives including motivation, movement, mood, sleep and even our heart rate. It’s a big part of our unique ability as human beings to think and make plans. Dopamine also plays a role in our brain’s reward system. The creators of social media understand this very well; it explains why the apps keep us coming back. Likes and shares give us a dopamine hit, so we must be careful to manage how much time and energy we invest in this type of reward system, to keep our happy hormones in check. 

When dopamine levels are low, we can lack motivation and feel chronically tired; low dopamine levels can contribute to addictive behaviour. Ingesting too much caffeine, alcohol or sugar can deplete dopamine, as will high stress. That’s the bad news; the good news is that there are supplements including some B vitamins and vitamin D that you can take to increase dopamine production. 

I’m a big believer in the power of expressing gratitude and showing appreciation; it makes me so happy to see that mainstream science recognizes the benefit of these practices. I believe in the power of exercise, laughter, eating a healthy diet rich in colourful fruit and vegetables and exposure to sunlight. I believe in the power of dancing like nobody’s watching and one of the most important contributors to our happiness: connection and community because sharing our journey with others decreases stress and increases happiness. Here’s to a year filled with your own flavour of happiness and a wish that you share it freely with others.

This Wellings blog by Kathie Donovan was exclusively written for Wellings Communities and appeared first on MyWellings.com.

From Cluttered to Clear: The Importance of Creating Space for Personal Growth

Creating space in our lives is essential for inviting in new opportunities and experiences. Whether we’re in a season of transition or simply looking to improve our current situation, making room for the next best thing requires a willingness to let go of what no longer serves us and actively create space for what will. In this video, we will explore the benefits of decluttering both physically and mentally and discover ways to actively cultivate the space needed to bring in new and exciting things in our lives. Click here to watch the video. 

Healthy Habits for a Stronger Immune System: Infused Water, Bone Broth and Berries

Welcome to our video on boosting your immunity with vitamins and antioxidants. In this video, we’ll be discussing the benefits of infusing water with immune-boosting ingredients and the power of incorporating berries into your diet and bone broth. We’ll show you how easy it is to incorporate these simple changes into your daily routine and how they can significantly impact your overall health and well-being. So sit back, relax, and get ready to learn about the natural ways to boost your immunity. Click here to watch the video. 

ARE YOU INTERESTED

In living At The Wellings?

Call us Today

A New Concept in 55+ Community Living

You’re too young to live in a retirement home, so why consider it? Discover Carefreedom Living® in a community lifestyle, with larger apartments, fully-equipped kitchens, a full range of amenities to choose from. The Wellings concept promotes complete independence, lots of amenity choices, and modern conveniences you will appreciate.

CONTACT OUR TEAM

Natalie Tommy

Chief Marketing Officer

FREDDI RODIER

Community Builder

Address

MAIN OFFICE:

2962 Carp Road,
Carp, ON, Canada
K0A 1L0

© 2023 – Wellings. All rights reserved. Terms of use and Privacy Policy