Client story
David

David recently retired from his position as senior partner at a large law firm in Montreal, though he still goes to the office two to three days a week to mentor new partners. He is a widower with four grown children and seven grandchildren, including one with a serious disability. While there’s no true “retirement” from David’s passion for his profession, a well-guided plan is giving him confidence to pursue the next chapter of his life and dedicate more time to his personal foundation and growing family.

  • AGE 
    73 years old

  • FAMILY 
    4 grown children, 7 grandchildren

  • BUSINESS 
    semi-retired

  • UNIQUE LIFESTAGE
    key need – estate and trust planning

  • How we structured David's wealth

    For over 30 years, David has relied on Scotiabank® to help provide the financial security that allowed him to focus on his career. Today, David and his ScotiaMcLeod® Portfolio Manager at Scotia Wealth Management have fine-tuned his strategy with the goal of creating a legacy for his community and family, including:

    Investment Management & Retirement Income

    David and his ScotiaMcLeod Portfolio Manager met to recalibrate his investment needs given his recent retirement. Based on David’s overarching investment principles for his portfolio, and long-term financial goals for his family, David’s advisor restructured his portfolio with the objective of preserving the value of his hard-earned wealth while creating a reliable, tax-efficient income stream that is tailored to David’s retirement lifestyle.

    Philanthropic Planning

    David created a family foundation within Aqueduct Foundation to provide a tax-efficient way to support his community work. The family foundation allows David to support charities of his choice and it is a key part of his estate plan.

    Private Banking Solutions

    Given David’s incredibly demanding career, he has been working closely with a dedicated Private Banking team for over 20 years. As David transitions to an active semi-retirement lifestyle, he continues to take advantage of preferential private banking services, including access to bespoke travel management services to create memorable family vacations for his children and grandchildren.

    Estate Planning

    David worked with a Scotiatrust® specialist to create an estate plan with a view to protecting David and his family in the event of his future incapacity that includes a special protective trust for his grandchild with a disability. David has appointed Scotiatrust® as his Executor, Trustee and Attorney for Property to help ensure that his wishes are carried out in a professional and timely manner.

    Trust Services

    Scotia Wealth Management specialists and David’s legal professionals worked together to review his family trust with a view to ensuring that the trust’s investment mandate reflected his goals of providing financial security and flexible payment options to help with his grandchildren’s unique education and life goals.

    Tax-Efficient Retirement Income Planning

    David’s Portfolio Manager and Senior Financial Planning Consultant developed a robust draw-down strategy for his registered and non-registered assets that took into account David’s goal of maximizing tax-efficient income.

    Contact us to learn more how these services can be customized for your financial goals.

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