Focus on the family
Marie-Claire wants to make sure her mother Florence continues to get the care she needs, as she lives with Alzheimer’s in a long-term care home. Florence’s estate is already set up with a trust to provide security for Marie-Claire’s brother, who has a mental illness. Marie-Claire must also plan for her own retirement together with her partner Sofie.
Marie-Claire is trying to protect her mother’s financial resources in order to cover the increasing cost of care. She also wants to minimize the tax burden her mother’s estate might face in order to preserve resources for her brother.
Marie-Claire and Sofie have some financial strategies in place, but they’re wondering if those strategies still make sense given their current situation. For example, they are wondering if they should sell their cottage worth $500,000 and invest the proceeds or rent it out to create more income.
How we helped
✓ Holistic analysis: We considered the entire family picture—the values, security and outcomes.
✓ Care strategy: We developed a Living Plan for Florence and identified new strategies. For example, we increased her minimum RRIF withdrawal by $15k per year and reinvested in a non-registered account.
✓ Retirement strategy: We then developed a Living Plan for Marie-Claire and Sofie. The analysis showed that if Marie-Claire and Sofie sold their cottage and invested the proceeds, that alone would add 13 years to their retirement savings. And then, to further increase their security, we identified how Marie-Claire and Sofie could purchase a last to die $100,000 permanent life insurance policy to increase their net estate by 12%.
✓ Longer-term planning: We integrated longer-term security needs—for Marie-Claire, her partner and her siblings that clarified and re-aligned their long-term care and estate planning wishes.
Results
Because of her IG Living Plan, Marie-Claire:
Has mapped out a financial future that reflects the needs, values and priorities of her family
Can rest assured that she is putting her mom’s resources to their best use
Knows that she and Sofie have a shared plan for their future
And all of this offered the peace of mind Marie-Claire needed.