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Business Profiles

Sharn Bhinder: Protecting your Present & Future

Darpan News Desk, 23 Jul, 2018

    The 30-year-old company was founded by Sharn’s father, Raghbir Bhinder, which is now run by Sharn and her two brothers, Nav and Tony.

    Sharn Bhinder, president and owner of Goldkey Life Insurance Services Ltd., has been in the insurance industry for over two decades. She got her first job right out of high school with a large insurance company in Toronto. “Their professional and broad range of products were exciting to learn, and my mentor, Bill Bachra, gave me the opportunity to learn about the insurance industry from ground up. The industry is magnificent and fascinating, it allows protection to any type of risk and the more complicated the risk was, the more I became intrigued,” recalls Sharn who currently specializes in Estate and Financial Planning. 
    Goldkey Life is a crucial component of Goldkey Insurance Services Ltd, which is one of BC’s largest brokers. The 30-year-old company was founded by Sharn’s father, Raghbir Bhinder, which is now run by Sharn and her two brothers, Nav and Tony. At the age of 24, Sharn started her very first agency, TSN Insurance, the initials stand for Tony, Sharn and Nav. It was through TSN that she gained independence as a business owner. Goldkey Life is a partnership between Sharn and the president of BCIBN BC India Business Network, Vivek Savkur.
    Sharn’s interest in Estate and Financial Planning grew while witnessing the success and accumulated substantial financial wealth of the South Asian community. Her own personal experiences, having owned and operated several businesses, became a learning opportunity and she decided to impart this knowledge onto others. “Many corporations are not aware of the options they have on saving taxes, and how to successfully hand over their businesses to their children without facing extensive tax consequences. Once I became familiar with the best-suited options for myself and my family-owned businesses, I felt it was a responsibility to share what I had learned with friends, family and clients,” says the experienced professional.
    Sharn asserts that “Estate planning is more than just drafting a will.” She states three points on the importance of Estate and Financial Planning, and how her knowledge and service can benefit families and businesses:
    → The first action we should all take is drafting a will, no matter what our financial position is. A will gives instructions on how to divide or settle all assets. After a will is drafted, a client needs to sit with their accountant to determine how much in tax is required to transfer any personal or corporate businesses or real estate especially partnership shares, to their beneficiaries. 
    → Business owners and professionals invest all their time and effort into the growth of their corporation and rely on accountants and lawyers to provide the best options on how to save and protect their hard work. However, the discussion to retire and hand over the success to the next generation is hardly communicated. Many business owners are unaware of how to withdraw from their companies tax-free; this is where my knowledge can be of use. 
    → Lastly, many successful companies are integrated with partnerships, it is imperative that partners discuss options they have in the event one partner is not able to continue with their commitment. How do shares of one partner get transferred to another tax-free, and how can a surviving partner pay for shares of another if they do not have available cash? This is where I am able to offer my expert advice.  
    “Understanding your options on how to plan for the financial growth of your company is essential, and companies should sit with their accountants and financial advisors yearly to discuss these options. Many business owners are unaware of the tax law changes until its time to face them,” points out Sharn, further adding that many clients who have arranged their estate planning and life insurance are unaware of the difference in policy types. “I see so many clients with Universal Life Polices with yearly renewable term (YRT) who have not been given the correct information as to what this refers to. Clients should be aware that there are agents who prefer to offer these products for the sake of their compensation, this is unfair to the client,” she explains.
    Sharn urges families to discuss the pros and cons of estate planning among family members and find out a solution that works for the present and future generation. “Our parents and grandparents have worked hard in providing a foundation for their children, whether by owning their own home or building an empire. The opportunities given to the next generation are not necessarily available in today’s financial market. The cost to purchase a home or open up a business, let alone the taxes, has risen substantially in comparison to the income that this generation can earn. That is the reason why it’s imperative that estate planning be discussed; this generation and the next will not have enough liquid cash available to pay taxes on any transfer of property or businesses owned by their parents,” she says in conclusion.
    Protect your present and provide a strong future to the next generation by heading to Goldkey Life Insurance Services Ltd. today for a free assessment.

    Common misconceptions about Estate & Financial Planning

    → The misconception most people have is that if they have a will, their beneficiaries will get their assets transferred tax-free. This is not the case, anytime a transfer of ownership is necessary it requires payment of transfer tax. Other than your personal home, this applies to everything else owned, whether it is a car, rental property or a large corporation.
    → The second misconception is that life insurance is a waste of money. However much you or your business has accumulated, when the time comes to transfer assets, taxes will apply unless you have liquid cash available. Therefore, a life insurance or corporate estate policy is essential.  
    → Life insurance products are specifically designed for individual needs, therefore not all life products are the same. The products I deal with are especially designed to support corporations on how to withdraw money from their retained earnings tax-free. Although there are many agents who will recommend certain products, it’s not until I sit with them that they realize the difference. 

    Goldkey Insurance Services Ltd

    T: 778.881.2646
    #20 8430 128 St, Surrey, BC V3S4G2

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