The Story of Mr. and Mrs. C

Mr and Mrs. C aged 75 and 80, married for 50 years, lived in the same home in Ajax for 40 years. They had a lovely garden full of fruits and vegetables and Mr. C’s pride and joy were his grapevines. He made excellent home-made wine.

Challenge:

When Mrs. C fell and broke her hip, she needed hip replacement surgery. The Community Care Access Centre would only provide 1 day of help because they deemed Mr. C capable of taking care of her the rest of the time. For the first time in his married life, Mr. C started doing the cooking and cleaning which took both a physical and mental toll on him. Their daughter realized that something had to be done and that they would need specialized financial help to figure out their situation.

They had money stashed away at several different banks and financial institutions and they went to each one in turn looking for answers. Each time they were told to consolidate their assets but no one took the time to explain why. They were even offered a large line of credit against their home, but that’s not what they needed. Mr. and Mrs. C needed someone to listen, to understand their situation and to help them figure out what they had and what they could afford to do to ease their stress.

In 2009 a family friend recommended to Mr and Mrs. C that they meet with her financial advisor, Vanessa. When they made their appointment, Vanessa asked that their only daughter and Power of Attorney join them.

When they met, Mr and Mrs. C told Vanessa about their home, their garden, their family, and about how he had just discovered that he had a son her knew nothing about, the result of a teenage romance. They spoke about their lives and about the health and care challenges they were now facing.

Goals:

To move out of their two story home which was a bit much for them to care for but they did not want to go into a retirement home. They wanted to be independent for as long as possible.

They needed help to care for Mrs. C and were concerned about the cost.

Mr. and Mrs. C wanted to leave a legacy for their family and their Wills needed to be updated to reflect the latest change to their family.

Solution:

Vanessa realized that this lovely couple had been given the run around one time too many and suggested that they start out with the minimum of $250,000 for Wealth management services to build trust.

Vanessa also connected them with a reputable lawyer and their Wills were updated.

Taking a close look at their finances, Vanessa discovered that their taxes had not been done properly. She had them redone and with the corrections made, Mr. and Mrs. C received a refund of $10,000.

At their 6 month review they consolidated their investments totalling $700,000 into the care of Vanessa. At their 18 month review with Vanessa, they announced that they could no longer stay in their home. Vanessa knew that their only daughter managed a rental apartment in Toronto and she suggested that they consider moving there, which they did.

Mr. and Mrs. C sold their home in 2011 for $600,000 which they added to their investments which had grown from $700,000 to $800,000 bringing their total investments to $1.4 Million. Vanessa provided an investment strategy that would pay for their rent and for private care for Mrs. C five days a week while maintaining their principal as much as possible.

Today:

Sadly, Mr. and Mrs. C passed away in 2015

Their total investment of 1.4  Million grew  to 1.6 Million – they had taken out $3000,000 for rent and private care

They gave away $400,000 to designated beneficiaries

Their daughter and main beneficiary received $900,000 and she wanted to receive a regular income like her parents did, so she gets $3500 a month

Today their investments, now their daughter’s, is at $980,000