I’ve got a real bee in my bonnet about Asset Planning & Protection (APP). I have done Focus Workshops all about Legacy Planning, Asset/Corporate Structure, Insurance, and Tax Planning, but now it’s time to bring this focus back to my blog and podcast. It’s hugely important for all of us, but we are all so busy buying, selling, and managing real estate that APP always takes a back seat. I want you to have a much better general understanding of Asset Planning & Protection. Are we trying to turn you into lawyers, accountants, financial planners, or tax experts? No, absolutely not. But we are trying to help make you more informed and prepared!
Download the audio file HERE and the text/handout HERE. (control click or right click + save as)
What happens when a real estate deal is delayed past the closing date? The seller can choose not to sell, but they still keep your deposit. Verbal agreements for things like extensions aren’t enough; you need signed documents or else people can change their minds.
The 168 unit Penhorwood condominium complex in Fort McMurray Alberta suffers from many deficiencies including structural, mechanical, electrical, building envelope and roofing situations which led an engineer to say there was a possibility of, “potential hazard to life, health, safety or building integrity”. Lawsuits are flying everywhere.
In honour of the 30th episode of the Tales from the Trenches podcast, Investor Lawyer has been renovated for a brighter and cleaner look!
Podcast Episode 30:Condo Reserve Fund Studies
Condominiums /strata corporations exist Canada wide. They are complicated in all aspects and especially on the financial planning side. It is essential to examine the reserve fund study/reserve fund plan (different provinces have different wording) to ensure that a qualified professional has done the math costing out what financial contributions are required to replace building components (windows, siding, shingles). Then look to see if the condominium corporation actually has the money in the bank!