We strongly believe that a sound financial plan involves a disciplined approach to allow you to reach your goals and objectives but also gives you flexibility as these goals and objectives change. While there are many events you can plan for, there are also many risks that can threaten your ability to reach your goals.
Estate planning consists of transitioning wealth between generations which involve a variety of factors and variables. It is important to manage your estate tax efficiently, as well as satisfying the needs and goals of your family, which will change over time. We assist families in preserving their wealth through multiple generations by providing thorough tax efficiency analysis and strategy, custom long-term estate planning, and inter-generational wealth transfer.
– Group Benefits & RSP – Long-term care Insurance
– Disability Insurance – Business Insurance
*CIPF coverage and IIROC oversight only relates to Echelon Wealth Partners and not services offered through LK Wealth or Chevron Wealth Preservation. Insurance products and services are offered by life insurance advisors through Chevron Wealth Preservation Inc., a wholly owned subsidiary of Echelon Wealth Partners Inc.
Identifying Risks to your Plan
Risks range from very small to extremely detrimental in reaching your financial goals. While some risks are very visible and apparent there are some risks that remain hidden and unprepared for, working together we can uncover these risks and develop a plan to manage them.
The first risk management risk technique is identifying a risk and accepting that it is worth the probability of the gain. Ex. When you take a flight to another country you accept the risk that something may happen on the way there. You accept this risk because the chances are minimal.
Once you identify the risk, one can avoid the likelihood of losses.
Ex. Bungee Jumping is dangerous, so rather than take the risk of being hurt you refrain from the activity.
This technique involves identifying the potential risk and reducing the potential harm through preparation.
Ex. Creating an emergency account in case of a financial emergency. The account may not cover the entire emergency but it will reduce the burden in the unfortunate event that a loss occurs.
This technique identifies the risk to be unavoidable too large to mitigate. In this scenario the risk would be transferred to another party.
Ex. Purchase Life Insurance to protect your family from the financial loss of a crucial member.