Harry and Sal

Harry and Sal began working with us in 2001.  Harry, a doctor by profession is considering retiring in 1-3 years. Sal receives a salary from Harry’s medical corporation for bookkeeping work.  Harry also has a pension through the University.  They are looking for guidance as to whether Harry could retire next year or should continue working part-time, what his pension transfer options are, how much does he need to withdraw from his corporation annually  to cover expenses and what would the tax implications be? 

Wanting to ensure they have enough retirement income to last until death and that the income is withdrawn in the most tax efficient manner, we developed a personalized wealth plan to address their concerns.  In addition, we developed a strategy to ensure that the capital gains taxes on the family cabin being left to their two children will be addressed through the estate payout to the children.  Lastly, we also uncovered that Harry would like to leave money to a charity he feels strongly about and we discussed options on how to achieve this (donations today vs. when he dies and how a donation of securities or an insurance policy help him achieve this). 

Understanding what they wanted to accomplish today and in retirement. What are their wishes for their children and what type of legacy are they looking to leave behind.

Analyzing their financial situation, performing an estate analysis to determine if they could spend more today and what they wish to leave to their children/as their legacy.  

Working with our partners at BMO to develop a charitable giving strategy allowing Harry to see the benefits of his giving while alive and ensuring that all tax strategies are addressed.

Identifying opportunities within their existing estate plan to meet their goals, transfer their wealth and equalize their legacy between their children.

Evaluating their options and working with their other advisors in both the legal and accounting professions we developed and implemented strategies to address the opportunities we discovered during the process.

Reviewing the plan Reviewed on an annual basis, this allows Harry and Sal to ensure their legacy is carried out both now and when they pass so that their children are taken care of.

Adjusting for change is a key part of any plan and with Harry and Sal, we ensure that their plan is being carried out as wished.  After the plan was implemented, Harry became ill which did not allow him to carry on working.  We worked this into his plan and helped him and Sal determine how much they were able to spend to ensure they could continue living comfortably assuming Harry got healthy again (which he did!)  Covering medical expenses was not a concern and they are living a comfortable life within the parameters set out by their plan.