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At Pallett Private Wealth, we understand that unique circumstances require unique solutions. That’s why our wealth management strategies are fine-tuned to your specific needs. Read the stories below to discover more about how we tailor our approach.
Read how expert guidance, a clear financial plan and an integrated estate roadmap helped Kevin and Marilyn, a couple in their 60s, enjoy retirement after selling their business.
Kevin and Marilyn, a couple in their mid-60s, sold their business and recently retired. Despite their successful accumulation of wealth, they were concerned by the sudden absence of business-generated cash flow and were seeking stability and predictability with their finances. They were looking for a way to effectively manage their retirement income, and wanted their assets managed in a way that mitigates risk while increasing tax efficiency, long-term consistency, and growth. The couple also wanted to establish a plan to provide for their children and grandchildren in a tax-efficient manner.
Through comprehensive analysis, we developed a custom investment and retirement plan focused on sustainability, tax efficiency, and diversification. Balancing security with growth, the plan aims to provide income for Kevin and Marilyn’s retirement years while also building a legacy to leave for future generations.
The transition from being a business owner to becoming a retiree can sometimes be challenging, so our team developed a comprehensive report to help Kevin and Marilyn better understand their financial picture. This report included a snapshot of their existing situation and net worth statement, projections of future asset values, cash flows, tax burdens, and recommended strategies, with clear steps to take moving forward. With the future in mind, we worked closely with Kevin and Marilyn’s tax advisor to ensure assets were efficiently allocated, and with their attorney to establish and implement a long-term care fund. This ensures the couple’s current needs will be met and that their legacy will be passed to their children and grandchildren in the way they desired.
With a clear financial plan and integrated estate roadmap, Kevin and Marilyn can now focus on enjoying their retirement and spending time with family.
Learn how Peter, a 45-year-old entrepreneur, received the expert advice he needed to support the financial goals he has for his business, his family, and his personal life.
Peter, a 45-year-old entrepreneur, owns a successful tech startup company. As his business grew, he realized that he needed a comprehensive financial plan that would align his personal and professional goals and ensure security in his family’s financial future.
We collaborated with Peter, his accountant, and his legal advisor to create a custom and comprehensive financial plan and reinvestment strategy that integrated the appropriate levels of risk with his business cash flow and growth potential. A succession plan was developed to ensure the smooth transition of his business in the future, as well as insurance and estate planning solutions to protect his family’s financial well-being and support the tax-efficient transfer of wealth.
Peter now has a robust financial strategy that supports the goals he wanted to achieve with his business, his family, and his personal life. Now, he can focus on growing his business with the confidence that his family’s future is secure and that his wealth is being managed effectively and with great care.
For business owners and life partners Robert and Janice, ensuring their financial security while preparing to transition their successful manufacturing company to their children was a top priority.
Robert and Janice are business and life partners in their mid-50s who own a successful manufacturing company in Canada. They had accumulated ample capital from their business and wanted to ensure that their living expenses and spending goals would be met for the remainder of their lifetimes. They were also looking to incorporate a succession plan which would pass on the business as well as a large portion of the earnings in their holding company to their children and grandchildren in the event of their passing.
Through collaboration with Robert and Janice’s tax specialist, estate planning lawyer, and our in-house Will and estate lawyers, we conducted an estate freeze and established a discretionary trust for their children and grandchildren. We also worked with their accountant and our internal insurance specialist to create a life insurance policy for their company, which credits the company’s capital dividend account to the survivor’s estate upon their passing. The policy also encourages tax-free growth during their combined lifetimes, is constructed to meet their estate, income, and tax needs, and is readily available to be withdrawn when needed. We also made sure that voting control of the business continued to remain with Robert and Janice.
Robert and Janice’s estate and succession plans have been carefully thought out and implemented for the long-term benefit of their family. They can now focus on growing their business with financial peace of mind.
