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Case Study: A Momma Bear & Her 3 Children

Updated: Jan 28, 2019

Ms. A does not know how her will should go. One child is not in Canada and may get married. One child is not an adult yet. She worked hard to build up her assets in Vancouver from the divorce settlement.

Ms. A is divorced and has three children, two of whom are adult and one who is a minor still studying. Ms. A immigrated to Vancouver after getting divorced. Her eldest son is in the family business overseas and is thinking of getting engaged. Her 2 younger children are with her in Canada.

Ms. A has a family trust set up by the accountant. She needs a will.

The Story

Ms. A came to see us after her accountant recommended her to work with an estate planner. Ms. A had a number of questions, including how she could protect her youngest child if something happened to Ms. A before her time. Also Ms. A asked if she has a family trust, would she still need a will.

We helped Ms. A complete an inventory and flow chart of her organization which included 3 companies, 2 family trusts and a partnership with her cousin. After Ms. A worked with us, her youngest child had a financial plan for critical illness insurance but with savings. Ms. A herself protected her children with a long-term care insurance so she would be independent for care if she became unable to care for herself. And due to the good investment sense that Ms. A had, we showed her that she could pay for her eventual deceased person’s final taxes through the use of life insurance which reduced what she has to pay to prepare for those taxes.

In the meantime, she has introduced her children to us, and we have started to work with them. The eldest son eventually came back to Canada to work. The second son married and now Ms. A is a grandmother, secure in knowing how her care would be funded, how her children will be taken care of, and how her estate will be managed and shared to provide for two generations and more. We also suggested Ms. A to have a power of attorney.

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