Client stories: Elizabeth
Elizabeth is a medical professional, married with two older children. Her husband is retired, having sold his software business to a multinational corporation recently. Elizabeth’s step-son is a professional in his early 20’s, and her 18 year-old daughter is in her first year of university. The family travels extensively, often to their vacation home in The Bahamas. Elizabeth has worked hard to build a rewarding career and a balanced family life. Elizabeth recently settled her mother’s estate and found the process overwhelming. She does not want to impose this obligation on her children and, along with her husband, is looking for ideas on how to structure their estates so that she can focus on the next chapter of her life as her children enter adulthood and she winds down her practice into retirement.
54 years old
2 grown children
key need – investment management
How we structured Elizabeth's wealth
Together with her Scotia Wealth Management team, she has created a personalized plan with:
Elizabeth’s ScotiaMcLeod® Wealth Advisor and Senior Financial Planning Consultant reviewed her investment objectives in advance of retirement, so they could establish new management guidelines for her discretionary portfolio, while also identifying strategies to help her step-son get established in a new city.
To facilitate travel to their vacation home in The Bahamas, Elizabeth works closely with her Private Banker to take advantage of foreign exchange and international credit card services, as well as local banking services while inThe Bahamas.
Elizabeth’s Wealth Advisor and Insurance Consultant implemented a strategy that helps allow Elizabeth to reallocate taxable corporate investment assets into an insurance solution that allows invested funds to grow on a tax-deferred basis. Upon death, the proceeds of the insurance could also potentially be paid out of the corporation on a tax-free basis.
Elizabeth’s Wealth Advisor created a plan for the smooth transition of her pre-retirement investment portfolio into a reliable, tax-efficient income stream, while preserving the ability for conservative growth to ensure she won’t outlive her savings.
Given Elizabeth’s complex family situation, her Wealth Advisor recommended that Elizabeth and her husband work with the estate planning specialists at Scotiatrust® to create an estate plan. The plan incorporates professional executor and trustee services that can work to ensure their wishes expressed in their plan are carried out and their estate is administered in a tax-efficient and timely manner, easing the burden on loved ones at a difficult time.
Contact us to learn more how these services can be customized for your financial goals.
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