Thériault Wealth Management Team - Families with dependents

Families with dependents

The process of ensuring the long-term needs of your loved one with a disability or medical condition are cared for once you, the primary caregiver, is gone is stressful – but it doesn’t have to be.

We work with families to create a comprehensive plan that addresses not only the needs of your loved one, but his or her future caregivers as well. We take careful consideration of how the academic, emotional, financial and physical support that you provide will continue.

We utilize our extended network of professionals to ensure that your life care plan accounts for every aspect. This could include a will, financial power of attorney, a medical directive and/or a trust. It could also address a person’s long-term care and supervision, money management, guardianship or conservatorship, funeral arrangements and naming other people who want to help care for the person.

To read more on estate planning for family members needing special planning click here.

An excellent resource to reference is Kenneth Pope, a trusted Ontario lawyer who specializes in Henson Trusts and advising families with a family member with a disability.

Securing your children's future with an estate plan

A recent diagnosis jolted Denise and Kevin into thinking about the support their daughter, with disabilities, would need once they're gone. Find out how this family got their "house in order," giving them relief and confidence that their daughter will be supported.

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Within the last year, Denise was diagnosed with cancer, so it was quite an ordeal for us. It was definitely thought-provoking. Having a daughter like Kayla, with her disabilities, it was her future, once we are no longer here, was of paramount importance to us.

I got a call on my cell phone saying, Yvonne, we just discovered this, and I really need you to give me some reassurance of, am I going to be OK? Can he shut down his business? Can he wind it down and really focus on Kayla, and to care for Denise? And that was what he came to me to seek answers for.

It's all good now. I'm living for every day. But you never know if something is going to come up that is life changing like this. So to have everything in place already at a fairly young age has been in our favor for sure.

Our house was in order.

Yeah.

And our house was in order because we had a great team that were working with us to make sure that everything was in place.

What separates RBC from the previous institution we were working with is the breadth of services that Yvonne offered us.

Within her team was Gerry D'Souza, who was the insurance expert, Robyn Solnik, who was the will and estate planning expert, and Grant Henri, who did an overview of all the components of our portfolio.

What we're always trying to do is help the client understand the optimal way to structure things, and how they can benefit from it. He's very dedicated to his family, and wanted to make sure that everyone is going to be OK. And I do think that a life event like that causes even the most dedicated business owner to step back and look at what's really important. Also, with Kayla having special needs, left him feeling very uneasy about the financial implications of stepping away from his business.

Parents that have children with special challenges, they're in a unique situation. As part of the planning, we also discuss more practical issues that have to do with if they're not around. So it's not all about the tax, and the numbers. We're also looking at the softer issues that are so important to people.

It's very important for us to know that once we're gone, that she's going to be able to maintain the quality of life that she'll currently has, and will be properly taken care of in the future. So wealth preservation has been something that's been on the forefront in working with the team here at RBC, and it means everything to us.

It's just nice to know that the people that you're working with, that are determining the quality of your retirement, understand what we require as a family, and are working in tandem as a team. So--

And they care.

--it's very comforting.

Yeah.

And they do care.

RBC Wealth Management is Canada's leading wealth manager. Our approach brings the best of RBC to you-- our resources, solutions, and full access to our team of experts-- through one single contact, your wealth manager. Simply put, There's Wealth in Our approach.

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This video is provided by RBC Wealth Management for informational purposes only. The comments contained in this video are general in nature, and do not constitute legal, investment, trust, estate, accounting or tax advice. RBC Dominion Securities Inc.*, Royal Trust Corporation of Canada, The Royal Trust Company, RBC PH&N Investment Counsel Inc., RBC Wealth Management Financial Services Inc. are affiliated corporate entities and member companies of RBC Wealth Management, a business segment of Royal Bank of Canada. *Member – Canadian Investor Protection Fund. Please visit www.rbc.com/legal/ for further information on the entities that are member companies of RBC Wealth Management. ®/TM Trademark(s) of Royal Bank of Canada. Used under license. © 2021 Royal Bank of Canada. All rights reserved.