Often, many clients make decisions regarding their finances on their own – without first consulting with us.
The reasons for this include not wanting to disturb us with what they believe is a minor decision, not wanting to accrue a charge for the advice we give, or just preferring to make these decisions on their own.
We at KWB cannot emphasize enough how much we are here to help with these issues. With our wealth management partners, we can add value in immeasurable ways. It is not about invoicing you – in fact, often we do not even do that. And it is not about influencing or controlling your decisions. The role of our wealth management partners is to be a sounding board and to provide objective information to help you make an informed decision.
Below are some examples of how our wealth management partners have recently helped our clients make decisions regarding their finances.
Clients Mr. and Mrs. A benefited from the expertise of our wealth management partners by deciding to accelerate their RIF withdrawals which will reduce the taxes on their RIF by $18,000 and will also reduce their OAS claw-back by $10,000 over the next several years. Further, the estate planning input regarding their wills will have incalculable benefits to the surviving spouse, reduce the estate taxes payable, and, ultimately, benefit their beneficiaries.
Clients Mr. and Mrs. B benefited from the expertise of our wealth management partners by enabling them to income split with their daughter while she is attending university, saving them over $6,000 per year in taxes. Further, it was calculated how they could provide their daughter with over $100,000 more from their estate.
Together with Clients Mr. and Mrs. C, our wealth management partners are evaluating their pension maximization options. Previously, they helped them start to address a long overdue multi-family owned cottage succession strategy. Additionally, they received objective advice examining a myriad of items regarding buying real estate in a foreign country. Best of all, this advice was shared without the clients incurring any additional costs.
Widowed client Mrs. D benefited from the expertise of our wealth management partners in regards to gifting to her children and grandchildren the investments held in trust, which her and her late husband had set aside. The assets have more than doubled since he passed, with portions already having been given to the eldest. In the next few years, the remaining grandchildren will also enjoy the benefits of wealth stewardship.
Whether it’s addressing taxes, identifying unknown risks, or evaluating income splitting, let the experience of KWB along with the assistance of our wealth management partners help you make decisions regarding your finances. There is no cost to ask your questions or discuss your concerns, and the final decision is still yours to make.
If you would like us to contact you with further information or to discuss this article or related topics in more detail please click here to email us.