LifeLegacy Update - MAr 12, 2021
Just a quick update as we reach the anniversary of the WHO declaring a world wide pandemic as a result of COVID-19, we hope that this finds you and your family well. We continue to be in the midst of AHS restrictions and to say the least we are all feeling a sense of fatigue. We understand that these continue to be trying times and we offer our support to you. We can be reached at any time, just call 403-341-5899.
As you are aware the AHS and the Province of Alberta have continuing protocols for the pandemic. Our offices remain closed to the public, but we are still receiving mail and courier deliveries. If you need to drop something off, please call ahead and schedule a drop off appointment. Masks are required in all indoor public places so if you are coming to a drop off appointment, please ensure you are wearing a mask in the building. More information can be found here: LifeLegacywealth.com - COVID-19
Anniversary thoughts:
A year ago this time the pandemic seemed intangible and far-away. Very few of us knew anyone that had been impacted by a positive test nor did we now anyone personally, that had become sick. The NBA cancelled a couple of games a year ago today, with the NHL following suit the next day. That is when it hit home that this was serious, if something can cancel a hockey game in Canada - its serious!
I sit on the Red Deer Minor Baseball Association Board of Directors and we had just held an emergency meeting to discuss if we could continue with our player evaluations and team tryouts. I recall some heated discussions - we were trying to balance parents' and participants' safety with their desire to play. In hindsight we knew so little back then. We never thought that a year later we would still be awaiting permission to start tryouts.
We joke in our home that the world stopped on my daughter's birthday. She will always remember that the schools and sports were cancelled on her 15th birthday. We had no idea how long this would turn out to last.
As vaccinations role out over the next few weeks and months, we all hope that we can one day reflect on the chaos of 2020-2021 and be glad that we persevered through it. It is likely too soon to adequately reflect on this past year. Many of us are still in "stress-response". Whether we know it or not, we have all been changed by this pandemic, either physically, financially or mentally. The long-term impacts are yet to be truly felt.
The financial markets have thankfully recovered, I know that many investors, LifeLegacy clients included, were very concerned this time last year. The unknown aspects of the virus and its impact, left financial markets in turmoil. Responses at all levels of government and the world's central banks have back-stopped the financial markets and the economy. Concerns are now being raised about inflation and the impact of growth on the economy. There truly never is a boring time in the financial markets.
Stress Response:
There is more and more research studying the impacts that stress response is having on people that have experienced COVID-19 as well as those of us that have experienced stress due to the pandemic. There are serious concerns that mental wellness will be impacted due to the long-term nature of our stress response. We encourage you to talk with trusted friends, family or professionals if you are experiencing any issues.
We understand that that the financial stress is also mounting. Our mandate is to assist our clients in making informed financial decisions that are in their best interest. It is very difficult to make decisions in times of stress. The additional financial stress of COVID protocols and a weak local economy has had a major impact on many people. Please know that we are available to you but also the people important to you. If you have colleagues, family members or friends that are in need of help or simply looking for someone to talk to about their financial realities, please let them know we are available at no cost or obligation.
In many cases having a fresh set of eyes to look at a situation, or a trusting ear to listen is enough to alleviate some of the stress. We believe that financial wellbeing is as important as your health and mental wellbeing. We have access to resources that may be much needed to someone you care about. Please reach out!
covid_tip_sheet_financial_stress_eng.pdf (mentalhealthcommission.ca)
Central Alberta Women's Emergency Shelter- fundraiser update:
We are thrilled with the response that we received to our call to action for donations to CAWES, this past Christmas Season. We are happy to announce that over $10,600 was raised to support a number of women in what may be their biggest time of need. We are working closely with the staff at CAWES to allocate the funds. So far two families have been helped and we are in the process of reviewing cases for funding to be released in the coming weeks. THANK YOU SO MUCH FOR YOUR SUPPORT!!
Planning Update:
The first quarter of the new year is always busy with adjustments to income payments, helping to gather tax information, planning for and completing RRSP and TFSA contributions. We appreciate your patience in this busy time. Your feedback on the usability of the Fiduciary Trust portal is much appreciated. Please note that improvements are always being worked on. If you have any difficulties in accessing the portal please let us know and we can help you get activated. Your tax information and year end statements can all be accessed via the secure portal. We can help you gather them as well just give us a call.
Tax season is upon us and as we are in the midst of gathering all the stuff our tax preparers need it is a great time to update our "Because I Love You" list. A list of all the things we have, the people we rely on and how to carry-on in the event of an emergency. I encourage you to read this heart-breaking article on how the "Because I Love You" list was started.
If you would like our template for starting your own "Because I Love You" list please send an email to info@lifelegacywealth.com and we will send you the template.