Expert resources to meet the needs of medical professionals

Dec 11, 2018 | Joshua Opheim


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The Opheim Wealth Management Professional Wealth Services Team

Much of the expertise that you would normally expect to only find within a Family Office is now available with the Opheim Wealth Management Group. By drawing on the RBC Wealth Management Services’ team of highly accredited lawyers, accountants and financial planning professionals, we are able to deliver the level of integrated wealth management expertise that previously was available only to the most affluent families.
 

Your unique financial situation requires specialized advice

The professionals at the Opheim Wealth Management Group work with you and your other professional advisors to help meet your goals and uncover opportunities for you. Some examples of the situations in which we can help include:
  • Help managing your personal, holding company and business financial assets
  • Assistance in structuring your affairs to both safeguard assets and minimize taxes
  • Grow and protect their wealth
  • Individuals looking to balance their current needs with a savings strategy that will help them achieve their long-term financial goals
  • Retirees requiring strategies that will maximize their income after taxes while preserving their capital for the long-term
  • Families looking to efficiently transfer accumulated wealth to the next generation
  • Parents and grandparents looking to fund the educational and living costs of their offspring in a tax efficient manner
  • Business owners looking to tax-effectively transition their businesses
  • Charitably inclined individuals who are looking for their donations to provide maximum long-term benefit and value
  • Individuals with U.S. and international connections requiring specialized tax and estate planning assistance

Whether your goals include transitioning from your practice into retirement, planning for your children’s or grandchildren’s expenses, or your desire to leave a family legacy, the Opheim Wealth Management Group can provide advice and suggest strategies to achieve your goals in a tax efficient manner. Our team can build on these strategies by suggesting potential solutions, which can then be implemented in coordination with your own tax and legal professionals.

Taxation

  • Provide specific corporate and personal tax planning strategies for medical professionals
  • Recommend strategies to help reduce your family’s tax burden
  • Discuss strategies to minimize tax through structures such as family trusts, holding companies and insurance
Financial planning
  • Development of a comprehensive financial plan that includes projections to determine if you are on track to meet your goals such as retirement, estate and risk management
  • Help you take a financial planning approach related to every financial decision that impacts your life
  • Help you determine the best approach for debt repayment and annual savings

Business succession planning

  • Discuss strategies to effectively transition from your practice in a tax-effective manner
  • Identify the missing elements of your succession plan and provide strategies and solutions to fill in the gaps
  • Assist in implementing an Individual Pension Plan for yourself or your key employees as part of your practice succession plan
  • Assist in providing you with an overall financial plan and contingency plan as part of your practice succession plan

Charitable giving

  • Help you determine which charitable giving strategies are most suitable for you based on your objectives 
  • Assist you and your family to implement a charitable foundation to minimize tax and leave a lasting legacy

Education savings

  • Provide you with strategies and a variety of options to fund your children or grandchildren’s education in the most tax-effective manner
  • Through a financial plan, determine the required annual savings required to meet your education funding goals

The Opheim Wealth Management Group Services team members can provide advice and suggest strategies to achieve your goals in a tax efficient manner.

Specialized advice to meet the broad range of your Professional Wealth Services needs

Estates and trusts
  • Provide tax-efficient strategies to transfer your wealth to chosen beneficiaries
  • Review your current Will and provide Will and estate planning recommendations consistent with your objectives
  • Help you determine which trust solutions may be appropriate for you based on your family situation and your objectives
Insurance
  • Assist you in analyzing the need for insurance to provide for your loved ones due to disability or death
  • Deliver creative insurance strategies to minimize tax, maximize your estate, increase retirement income or create a legacy
Retirement
  • Help you determine strategies and techniques to meet your retirement income goals
  • Provide you with strategies to maximize your after-tax retirement income
Holding companies
  • Provide creative strategies to minimize tax during your lifetime and maximize your estate for your holding company assets
  • Provide robust, consolidated financial reporting to corporations owning significant investment portfolios and seeking professional administration
U.S. and international
  • Provide you with information and strategies on U.S. tax and estate planning related to issues such as purchasing U.S. properties, moving to and from the U.S. and U.S. citizens living in Canada
  • Discuss international planning strategies and issues of owning foreign assets and having family members located outside Canada

Strategies

When you meet with a member of the Opheim Wealth Management team, we will work with you and your advisor to understand your personal goals. Drawing on the depth of experience that members of our team have developed as financial, taxation and legal professionals, we are able to present strategies that are appropriate for your personal situation. Reaching your goals often requires an interaction of strategies that minimize taxation, provide sufficient retirement income, safeguard your wealth, and provide for the effective transition of assets between generations.
 

Solutions

The Opheim Wealth Management Group will work with you to turn proposed strategies into actionable solutions. For example, the prescribed rate loan strategy, Spousal Loan Strategy, individual pension plans, Family Trust, and philanthropic services are all solutions that may meet your personal goal of minimizing tax. Leveraging the experience and knowledge of our team, we can assist in determining which solutions can best allow you to reach your family’s goals.
 

Implementation

Our team will work with your own tax and legal advisors and members of the RBC Wealth Management Services team to effectively execute on the strategies and solutions that will help you to reach your personal goals and bring you peace of mind.
 
Contact us today to find out how we can further help your unique situation.