Ready to retire and leave a legacy that makes a difference
How TD Helped
Family is extremely important to Lin and Dave. They have two children, Alex, 32, and Rebecca, 29. Alex and his wife just had their first child, and Lin and Dave are delighted to be grandparents. Rebecca is recently engaged and planning a large wedding.
We wanted to contribute to our grandson's financial security and independence. Our advisor called in trust specialists for their input. They helped us set up a trust that would help provide for his future. That kind of peace of mind is invaluable.
We wanted to pay for our daughter's wedding and give them enough for a down payment on a home, but all our cash was tied up in the business, or investments and our properties in the U.S.
We knew we could afford it, but we didn't want to disrupt our long-term plans, trigger any taxes or draw on investments that we planned to hold for the long term. Working with our advisor and other TD specialists, we agreed the best plan for us was to pull the income we needed from a number of sources to pay for the wedding and the down payment without disrupting our cash flow or having to borrow.
With properties in the U.S. and a business to run in Canada, we needed flexible access to cash. Our schedule was always changing, often quickly, and we liked to get away as much as we could, even if it was just for a few days.
Our Private Banker set up the business and personal accounts we needed in Canada and connected us with a Private Banker in the U.S. This helped us get access to cash whenever we needed it.
I wanted to honour my brother's memory by giving to the charitable organizations that were so important to him during his lifetime. My advisor called in a TD philanthropic specialist who helped set up a donor-advised account with the Private Giving Foundation. He showed me that it operates much like a private foundation but without as many expenses or administrative duties.
My whole family contributes to it. The foundation tracks all of our contributions and provides detailed quarterly statements. Not only do we get tax benefits, but it makes it easy to support a number of initiatives to honour my late brother's memory.
Our advisor had brought up the topic of succession planning years ago, but at the time, we weren't ready to even think about it. But when my brother passed away, my perspective really changed. Lin and I talked it over, and I decided that it was time to start thinking about leaving the business so we could spend more time together.
Our advisor got everyone together to start the planning process - TD specialists as well as Lin, the kids, and I. They even worked with my existing lawyers, which was phenomenal. We talked about timing for when I hope to step down, transitioning the business to the kids versus selling it, buy/sell agreements, and contingency planning in case something happens to me before I'm ready to retire.
At the same time, we reviewed our estate plan and updated our wills, powers of attorney and other key documents to help ensure that our home, our business, our investment assets and our vacation properties in the U.S. will be dealt with the way we want them to be.
* Not real customers. Composite created for illustration only.