Preserving Wealth: The Next Generation by Jack Lumsden

Experts estimate that $1 trillion of inheritances will pass from one generation to the next within a decade in Canada.

Welcome to one of the April 29th stops on the excerpt tour for Preserving Wealth: The Next Generation by Jack Lumsden with Goddess Fish Promotions. Be sure to follow the rest of the tour for more excerpts and spotlights, and don’t forget to enter the giveaway! More on that at the end of this post.

Please note that this post contains affiliate links, which means there is no additional cost to you if you shop using my links, but I will earn a small percentage in commission. A program-specific disclaimer is at the bottom of this post.

About the Book

Preserving Wealth: The Next Generation
by Jack Lumsden

Published 21 September 2020
Tellwell Talent

Genre: Non-Fiction (Business and Finance)
Page Count: 168
Add it to your Goodreads TBR!

“Toronto-based research firm Strategic Insight projects that approximately $1 trillion in personal wealth will be transferred from one generation to the next in Canada between 2016 and 2026, with roughly 70% of that in the form of financial assets.” – Advisors Edge January 30, 2018

“70 % of Wealth Transfers fail.” – The Future of Estate Planning. Trusts and Estates June 2010

“65% of Canadians say it’s likely they will leave an inheritance to their heirs or estate but only 46% of Canadians have a will.” – Sun Life Canadian UnretirementTM Index, 2015.

Experts estimate that $1 trillion of inheritances will pass from one generation to the next within a decade in Canada. In addition, many individuals are selling their businesses, resulting in substantial gains. Accordingly, the ability to effectively manage one’s wealth and prepare and implement a proper estate plan is no longer just prudent. It’s crucial.

Jack Lumsden is an experienced financial advisor who uses an easy-to-read narrative style to clarify financial planning concepts that everyone needs to know. Preserving Wealth explains:

•Investment strategies to provide for growth and protection of capital,

•How to develop an effective estate transfer plan to reduce estate costs and taxes,

•Strategies to preserve wealth and safeguard an inheritance or gift for the next generation,

•How to select an executor, and what to do if you are an executor,

•The critical discussions to have with your family, and

•How to assemble a financial team.

Amazon US | Amazon CA | Amazon UK | BD | B&N | BookShop | Chapters Indigo

Excerpt

“The key thing is that once you retire, you’ll want to create a strategy to replace the monthly paycheque you’ve been receiving for the past thirty to forty years with the assets you’ve accumulated over your lifetime. The basics still apply; however, there is a slight change in approach. Do you remember when you were younger and we used to go to Blueberry Hill, climb up the rock cliff, pick the blueberries, and then climb down? Later, you took your own kids.”

“Absolutely, but why do you mention that?”

“When you took your own kids, did you let them go ahead of you on the way up to the top of the rock cliff?”

“Yes, we did.”

“And then on the way down, were they allowed to go alone?” asked Uncle Wayne.

“No, we used to hold their little hands when climbing down,” Mark continued.

“Why was that?” asked Uncle Wayne

“Well, on the way up, if they slipped or fell, they’d just fall down a bit, and we were there to pick them up and start again. On the way down, if they slipped or fell, they could tumble to the bottom and really get hurt,” Mark explained.

“This sort of explains the difference between saving for retirement and retiring with the need to generate an income and cash-flow stream from the assets you have accumulated and inherited. The way up the rock cliff is like saving for retirement. If you make a small mistake or slip, you can recover and continue your journey to the top. However, once you reach the top and start the descent, it’s like being retired. If you make a mistake, you have less time to recover. You could tumble to the bottom and get hurt badly.

“Just like when you held your kids’ hands on the way down the rock cliff to protect them, an experienced retirement income advisor can help retirees navigate their income and cash-flow requirements.”

“That’s a great analogy, Uncle Wayne. I can see how it’s important to make sure you have a great plan as you transition to retirement, but what are some of the key risks to retirement income planning that are different than saving for retirement?” Mark asked.

About the Author

JACK LUMSDEN, MBA, CFP®, is a financial advisor with over twenty years of experience. He has enjoyed building a strong career and loyal client base. In addition to helping clients preserve and transfer their wealth, he focuses on those who are or will be making the transition from their working years to retirement with the need to develop a lifelong income and cash-flow strategy from the financial assets they have accumulated.

A lifelong resident of Burlington, Jack dedicates much of his spare time to staying active and coaching high school football. Spending time with family is another of his core values. He enjoys attending sports events with his son, Connor, and country music concerts with daughter, Paige, while he and his wife, Sandi, like to travel with friends and explore new destinations.

Jack’s education includes a BBA from Wilfrid Laurier University (where he met Sandi), and an MBA from McMaster University. He is also a CERTIFIED FINANCIAL PLANNER® or CFP® professional.

Author Website | Financial Planning Website | Facebook | Goodreads

Heads Up!

The publisher is running a Goodreads giveaway in conjunction with the tour: 10 print-copies. Anyone in Canada on Goodreads can enter here.

Giveaway Alert!

Jack Lumsden, MBA, CFP® will be awarding a $15 Amazon or B&N gift card to a randomly drawn winner via rafflecopter during the tour.

Disclaimer: As an Amazon Associate I earn from qualifying purchases.