You have a set of values that govern your behavior and relationships in life. It probably makes sense to rely on that set of values regarding your wealth, in order to guide the decisions you make in how to use that wealth during your lifetime and how it ultimately gets distributed when you are gone. The approach that I take with my clients revolves around their values, putting them at the centre of - and in control of - their planning.
An Estate Plan is dynamic and ever changing as you go through the cycles of life. As someone with a young family and just starting to accumulate assets Wealth Creation will probably be the primary goal. Will there be enough in your estate to look after those who survive you? As you continue on in life and are now in the asset accumulation cycle building for retirement, the focus will be on Wealth Protection. You want to have a plan in place to make sure that your assets will not be eroded due to any unplanned event such as a disability or critical illness. Then, in the final life cycle you have built up a strong asset base in which you have enough income being generated from those assets to retire in a manner that you choose. Interestingly, the Estate Plan will then revolve around Wealth Preservation, making sure that there is enough for your retirement and that you are able to pass on the balance of your hard earned wealth to your family and possibly your favourite charities with less to the government.
I would like to introduce you to a member of my team. David Temple is an Estate Planning Specialist at CIBC Wood Gundy Financial Services Inc. David has over 24 years of experience in assisting clients develop Wealth Creation, Protection and Preservation strategies that are consistent with their values and goals. He has spoken extensively through seminars and workshops to the public, accountants, lawyers and to charitable organizations on how these strategies can be used in Estate Planning, Business Succession Planning and overall Investment Planning. David knows the importance of giving back to the community and has been very active over the years in his professional associations and community organizations. It is our common goal to work together in order to provide you with the best possible advice on these very important issues.
Please do not be overwhelmed by what may initially appear to be a daunting journey into this important planning process. My clients have found that the time spent is not too onerous, it is understandable and many have found that they were able to achieve more than they ever dreamed possible - for themselves, their families and their charities.
