Client Stories: James
Over a period of 40 years, James and his wife Debbie built a business empire including restaurant supply warehousing and delivery, importing and retail. They have two adult, married sons and five grandchildren. Only one of their sons is involved in the family business. James wants to step down and have his son take over, but wants to ensure some financial support is provided to the other son as well. His goal is to create a fair legacy for his children, minimize taxes on his wealth, and ensure financial security for future generations.
74 years old
multi-generational wealth transfer, including his business
successful food-service industry business owner
key need – advice on business succession
How we structured James' wealth
Together with Scotia Wealth Management, James sought:
Together, James and his Business and Family Advisory Services Team underwent a thorough discovery and strategic planning process to develop and implement a highly customized and comprehensive business transition plan that highlights the impact of business transition decisions across all aspects of James’ family’s wealth.
Through an introduction from his Wealth Advisor, James and Debbie worked with an estate planning specialist to review James’ current Will, and identified key considerations that could be taken into account to help ensure that his estate will be distributed in a tax efficient and fair manner.
As a successful business owner, James has an above-average tax burden that is a large factor in every aspect of his financial plan. Working with James’ external tax professionals, a Scotia Wealth Management specialist and James’ Wealth Advisor identified strategies to help James achieve improved after-tax investment returns through income-splitting, tax-deferred investing and estate planning strategies.
Retirement income planning
James’ ScotiaMcLeod® Wealth Advisor helped him create a tax-efficient Individual Pension Plan that allowed him to maximize pension contributions from his successful business, which has helped transition some of its value to his retirement today.
James’ Wealth Advisor worked closely with a Scotia Wealth Management specialist and James’ external tax professionals to create a family trust for tax-efficient education savings for his grandchildren, and education payment options with greater flexibility than traditional government savings plans.
Contact us to learn more how these services can be customized for your financial goals.
Others we've helped
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