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Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman, along with guest Mohammed Al-khooly, discuss various financial topics ranging from personal achievements in ultra marathons to misconceptions about the Canadian tax system, particularly regarding inheritance taxes. They delve into the complexities of family trusts, exploring their benefits and drawbacks, and discuss when they are appropriate for individuals and families. The conversation also touches on the importance of financial planning and the implications of prenuptial agreements in relation to trusts.
Topics Covered in this Episode
00:00 Introduction and Personal Accomplishments
06:12 Understanding Canadian Tax Misconceptions
15:26 Exploring Family Trusts: Basics and Benefits
32:40 Navigating Capital Gains and Business Sales
33:08 Competing Interests in Family Business Planning
34:29 Understanding Trusts and Associated Corporations
36:00 The Complexity of Trusts in Family Dynamics
39:25 When Trusts Are Not the Right Fit
40:34 Trusts for Special Circumstances
41:53 The Suitability of Trusts in Financial Planning
42:42 Professional Perspectives on Trust Recommendations
47:23 Trusts and Divorce Protection
49:53 Prenups vs. Trusts: A Personal Perspective
55:46 Investing in Relationships vs. Legal Protections
Millen Wealth AdvisorsWebsite: https://www.mwadvisors.ca/
Co-Pilot Tax
Website: https://copilottax.ca/
Canadian Tax Guy: https://x.com/canadataxguy?lang=en
Follow us on Social MediaPodcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcastSam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enSam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/Guillaume’s Instagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
KeywordsFinancial planning, tax system, family trusts, estate planning, ultra marathons, Canadian tax misconceptions, wealth management, inheritance tax, personal finance, financial education
