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Case Study: Step Parent in the Mix

Updated: Jan 28, 2019

Mr. M and Ms. M are siblings. Mom passed from cancer. To their surprise, their father met & married and a new Mrs. M joined the family.

Sr Mr. M wants his children to receive the bulk of his estate. He wants to provide his wife with income for her lifetime with his generous pension, RRIF, TFSA and CPP and some shared investments.

The Need

To keep harmony and peace among Sr Mr. M’s children and grandchildren and Mrs. M

The Story

Sr Mr. M was a blessed man. He and his first wife had two children. They grew up and became independent with families of their own. Unfortunately Mrs. M passed away early. At age 60 Sr Mr. M fell in love and married, a lady 5 years his junior. Sr Mr. and Mrs. M have a great life, travelling, playing bridge, practicing tai chi and enjoying the family with family dinners and trips. Sr Mr. M and Mrs. M are aging. They are both in their late 70’s. The brother Mr. M is a lawyer. He referred his dad to an estate planner and tax lawyer. The concern is that Mrs. M worries if she has a roof over her head if Sr Mr. M dies.

Working with the estate planner, Sr Mr. M and Mrs. M become the beneficiaries of a joint partner trust with enough assets in the trust to ensure Mrs. M’s financial security. Sr Mr. M is sure that Mrs. M is generously provided for in her lifetime, after her death, his two children and three grandchildren will inherit the balance. He can feel he has fulfilled his responsibilities as dad and husband, keeping everyone in the loop and communicating clearly. Now having dim sum is just having dim sum. No more looking over the shoulder to check out the others.

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