Living
A new year brings fresh opportunities to protect your legacy through estate planning. Consider these ideas for refining your estate plan in the short term – to better support your goals and intentions for years to come.
There are some significant advantages to involving – or, at a minimum, informing – your heirs when it comes to your estate plan. If you’re comfortable discussing it with them, open dialogue can head off issues down the line, such as someone contesting your will. It can also ensure your broader intentions don’t come as a shock to your closest loved ones, and that your wishes are ultimately carried out as you intend.
Keep key figures in the loop, such as your spouse, adult children and your wealth manager. Also, bear in mind that not every stakeholder needs the same level of information. While your professional team may know every specific of your plan, you may want to be more sensitive with what you share with kids and grandkids. This is especially the case if you expect inheritance details to stir up any family discord. A thoughtful approach is paramount.
Part of the estate planning process is ensuring your finished documents are protected and accessible to the right people. That can mean adding important documents to secure file-sharing platforms and making sure passwords to online accounts are kept in a safe location that can be accessed in the event of your incapacity or death. Your wealth manager can provide assistance in organising and accounting for key information.
Tax laws and how they’ll affect investing, estate planning and charitable giving are ever-changing. As changes are announced, check in with your wealth manager and other advisers about potential impacts to your long-term plan. Proactivity is key, and they can help determine whether any action is needed or if strategy adjustments are appropriate in light of legislation.
It’s important to periodically review your estate plan to make sure it’s still in sync with your wishes. For example, does the trustee need updating? Should you consider adding the role of protector – someone appointed to help safeguard the trust and help it adapt to changes in law or circumstances? Have there been any marriages, divorces, births, deaths, adoptions or other life changes among your loved ones that should be reflected?
Estate planning is an essential part of any financial plan and providing for your loved ones and favourite charities for the long term is important. Take advantage of the any tax relief you have access to, or set up a charitable trust which allows you or trustees control over where your money will be spent.
Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
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Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
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Bear Market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, foregoing paychecks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
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