The Milligan Private Wealth Management Team

Asset protection, wealth transfer and estate settlement solutions

A Will and estate plan can be more than a set of directions for executors and loved ones; proactive estate planning can provide the peace of mind knowing that your wishes will be carried out and your loved ones taken care of.

Our estate planning solutions could be ideal if you need help:

Investing your assets while guaranteeing a payout for your beneficiaries
Maximizing the wealth you pass on to your loved one through tax-minimization strategies
Replacing your income in the event of a disability, critical illness or long-term care situation
Transferring your wealth to your beneficiaries tax efficiently
Providing liquidity to help meet the tax obligations and costs associated with settling your estate
Determining the most effective way to give to the charitable causes you support
Managing executor or Power of Attorney duties

To learn more about protecting and transferring wealth, please contact us.

Acting as Power of Attorney

To be named a Power of Attorney is an incredible honour as it requires considerable trust in your abilities to manage your loved one's financial affairs. That said, managing someone's affairs also requires a great deal of time and emotional fortitude to continually speak on a loved one's behalf on major life decisions.

Watch this video to learn about the services available to help you manage what is an important responsibility at a trying time.

View transcript & Disclaimer

[MUSIC PLAYING]

When I was 14, my father was diagnosed with cancer. The doctors gave him six months to live and six months later almost to the day he passed away. My mother was my father's power of attorney and she was spending 7:00 in the morning until 11 o'clock at night every day, Monday to Sunday at the hospital with him. So then fell to my siblings to do that. I remember distinctly my siblings coming over and going through the bills and writing checks. This isn't about whether or not you're capable, this isn't about whether or not you have some sort of expertise as a financial professional or anything like that, it comes down to how you're going to use probably one of the most scarce resources, all of us have individually as individuals have. And that's our time. And if I had to be my mother's power of attorney, I would rather spend the time, that time with her. And I think that's the freedom that you get with the service.

[MUSIC PLAYING]

We're dealing with baby boomers that upto the stage of retirement, that are caught in the sandwich generation. Still dealing with the care of their parents, also still dealing with their children. And the concern they have is just the time management for the most part.

The sandwich generation is real. It is absolutely real. We want to be able to step in when that need arises and be available for families, to help them through what is probably the most difficult situation they're ever going to have to deal with.

Being appointed as an attorney is a huge responsibility. Because you need to make financial decisions, and look after the financial assets of that individual throughout their lifetime.

One of the things that a lot of people don't realize is that they are taking responsibility. And they have to do it properly. They have to do it efficiently.

But we're here to help, I am going to be your contact. And so we are going to work together as a team. You choose what you'd like us to do and will do it and maybe there's certain things you want to take care of yourself certain aspects of the administration, maybe you want to look after the taxation, but you don't want to have to deal with the audit administration. The payment of bills, dealing with pension department, going to the various financial institutions to have the assets collected and transferred. The benefits in appointing us is that you have qualified professionals with the expertise, we have the resources to provide the accounting, to provide the investment management, to do the tax returns.

For the individuals who entrust us with the responsibility of acting on their behalf, it's giving them time to then go and invest with that family member or that friend. And to create those memories that 20 years later, you're going to look back on and say I'm really, really glad I did that.

[MUSIC PLAYING]

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.

Insights into giving and inheriting wealth across generations

Within a generation, over $400 billion is expected to be passed down to inheritors in Canada. How are Canadian families preparing for one of the largest transfers of wealth in history? And will inheritors be ready?

View transcript

In the coming years an estimated four trillion dollars in wealth will transfer across Generations in Canada the UK and the US.

But are we ready? Our study found both inheritors and benefactors are unprepared.

In fact only 26% of benefactors surveyed have a full wealth transfer strategy in place.

And just 35% of inheritors say they are prepared to receive wealth.

So while many people are making initial arrangements like writing wills, one and three have done nothing at all to prepare.

What we found was a direct correlation between preparedness and confidence.

For those with a full wealth transfer plan 58% are confident the next generation will sustain their wealth.

For those with no preparations only 33% are confident their wealth will endure.

When it comes to building financial confidence it pays to start early.

Those starting with financial education before age 18 are the most confident.

However, our study found education typically does not begin until age 27 and it tends to be informal and led by family members, despite the fact that almost four of five respondents found Financial education led by professionals to be effective.

So, how can you preserve and protect your legacy? Important steps can be taken to ensure a confident transition of wealth including preparing yourself, your heirs, and your financial affairs.

Before you transfer wealth transfer your knowledge and supplement it with professional financial education.

Your legacy is about more than wealth the steps you take today will lay the foundation for a legacy that lasts

RBC Wealth management - Grow more than wealth]

[rbcwealthmanagement.com/wealthtransfer - Download the full report]

[Wealth Transfer Report 2017]

[Lasting legacy - insights into giving and inheriting wealth across generations]

“It’s up to the givers of wealth to proactively prepare the next generation to manage that wealth.”

View transcript

Wealth Transfer Report 2017 - How prepared are we in Canada? Tony Maiorino Vice President and Head RBC Wealth Planning Services

Based on our estimates over 400 billion in wealth is set to pass from one Canadian generation to the next.

Canadians really need to take this opportunity to evaluate their current state of preparation for both transferring wealth as well as educating the next generation on money and financial matters.

[Only 22% have a full wealth transfer strategy]

From our research less than 1/4 of Canadians have a full wealth transfer strategy in place and one in three have done nothing so far to prepare.

While some preliminary steps have been taken with 52% of Canadians indicating they have prepared a will important steps remain particularly given the aging population in Canada.

This lack of preparation has Canadians worried about their legacies in the next generation.

Almost 60% of Canadians are not confident their children will preserve or grow the wealth they inherit.

Canadians need to take further action to adequately prepare for the significant wealth transfer that will occur in the upcoming years.

A solid grounding and financial fundamentals help set the stage for a successful transfer of wealth across generations.

This includes first transferring knowledge as well as opening up communications between both the givers and receivers of wealth.

It's up to the givers of wealth to proactively prepare the next generation to manage wealth to ensure that the family legacy can endure.

[Leave a legacy that lasts. RBC Wealth Management - Grow more than wealth]

[rbcwealthmanagement.com/wealthtransfer - Download the full report]

Estate Planning

At the Milligan Private Wealth Management team, it is our goal that each of our clients have:

An up-to-date will

Access to an estate planning review.

A well-considered Executor & Power of Attorney

- Shawn Milligan, Senior Wealth Advisor

Asset protection, wealth transfer and estate settlement solutions

Acting as Power of Attorney

Estate planning guide

Insights into giving and inheriting wealth across generations

Wealth Transfer Report