Ellen is a married mother to three children: 17 and 15 year-old daughters in high school, and an 11 year-old daughter in elementary school. Her husband is an executive at a multi-national corporation, and she has an elderly mother who has been quite ill for the past two years. Ellen is acting as her mother’s attorney for property and personal care and is named as executor of her mother’s estate. Ellen and her family are active social club members and have a vacation property in the Caribbean. Ellen manages the needs of three generations of her family. Her needs require a dedicated wealth management specialist with the right resources to help her address the financial facets of her life.
3 daughters: 17, 15 and 11 years old
married, stay-at-home mother
key need – multi-generational family wealth planning
How we structured Ellen's wealth
Scotia Wealth Management worked with Ellen to create a customized plan to help address the financial needs of Ellen and her family and ease the burden of managing her mother’s finances and health care. Services chosen include:
Given the financial complexities and time-consuming responsibilities of running a busy household, Ellen’s situation is best suited for discretionary investment management. Ellen and her husband have worked with their long-time Private Investment Counsel Portfolio Manager to build a multi-faceted discretionary portfolio with tax-efficient returns for their family’s long-term financial security, their retirement and their children’s education.
Ellen meets regularly with her Portfolio Manager to review the progress of their portfolio and to discuss any changes in their lives or financial circumstances that may impact the day-to-day management of their portfolio.
Working with Ellen’s external tax professionals, Ellen’s Portfolio Manager and Scotia Wealth Management specialists identified income-splitting strategies that could be implemented to help reduce the family’s overall tax burden.
As Ellen’s children begin thinking about their university education options, Ellen’s Portfolio Manager and banking professionals are working closely together to help Ellen and her family take advantage of tax-effective savings and education funding options through Registered Education Savings Plans (RESPs) and Tax-Free Savings Accounts (TFSAs).
Estate Planning and Executor Services
Ellen’s Portfolio Manager introduced Ellen and her husband to an estate planning specialist who worked with them and their external advisors to create Wills and financial Powers of Attorney. They appointed Scotiatrust® as Executor, Trustee and Attorney to provide professional services to ensure their wishes will be carried out and their estate administered in a professional and timely manner. Ellen was introduced to Scotiatrust’s Estate Assist service, which is available to help her carry out the time-consuming and complex legal duties of acting as Executor for her mother’s estate when the time comes.
Retirement Income Planning
Ellen’s Portfolio Manager worked with a Senior Financial Planning Consultant to identify a retirement income strategy that can help build retirement savings for Ellen while lowering taxes for her husband during his highest income-earning years. Their strategy is focused on creating co-ordinated, tax-efficient retirement incomes for both individuals during their retirement years.
Ellen’s Insurance Consultant used insurance strategies to help protect her family’s financial security should Ellen or her husband suffer from an accidental death or be diagnosed with a critical illness. Her Insurance Consultant also recommended that disability insurance be considered for her husband, as he is the family’s sole source of income.
Contact us to learn more how these services can be customized for your financial goals.
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