Our family was introduced to Mark by our accountant to help us deal with a $5 million capital gains tax liability that will arise on the sale of our business. Mark structured a solution using life insurance that will eliminate the tax bill and provide guaranteed retirement income for me and my siblings.
I have been reading Mark’s articles in The TaxLetter® for the last five years. My parents are financially secure but were fed up paying high taxes every year on a substantial investment portfolio that will eventually go to me, my siblings, our children and grandchildren. We decided to call Mark for help. Working with our accountant, Mark arranged a tax-exempt life insurance policy for Mom and Dad that will grow our family money tax-free and worry-free and leave a much larger estate for our family on a guaranteed basis.
I am a retired surgeon and my wife still works as a school administrator. We own a condo worth $1.5 million and a summer home in Georgian Bay valued at $2.5 million. We have accumulated a substantial sum in our RRSPs. All of our assets after death are earmarked for our children. Mark was recommended to me by an insurance advisor.
He completed a retirement income plan to ensure our retirement needs are met and that we don’t run out of money. He also did an estate plan to determine our tax liabilities. We used a joint and last to die life insurance policy to provide the money for the taxes that will be due at death so that we can keep our cottage in the family instead of forcing our children to sell to pay the estate taxes. We also took out Long Term Care Insurance that will cover our costs if we need it, and return all of our premiums if we don’t.
It’s a pleasure to have Mark as our advisor. He really cares about our family.
My family’s real estate business was started by my grandparents in the 1950s. Our tax lawyer arranged a meeting with Mark to explore how we could maximize the size of our estate and leave more for our family and favourite charities. Mark showed us how to make a tax-advantaged donation to our favourite charity now and get recognition for it while we are alive. We used life insurance at a fraction of the cost to make a $1 million gift.
I visited Mark’s website after hearing him on the radio, and checked him out with my lawyer. As it turns out, he knew Mark from The Toronto Estate Planning Council and they had worked together on behalf of other clients.
Mark helped us fund the buy/sell agreement among my business partners, and structured a new benefit plan for our executives and employees that saved us over $40,000 in the first year.
My late husband died suddenly at age 60. He was a very successful businessman and had accumulated substantial real estate, investments and RRSPs. Despite his business success, he never completed proper estate planning. I met Mark through our banker.
I never realized just how much income tax my family would be liable for. Working with our lawyer and accountant Mark arranged a comprehensive plan that organized our family’s financial affairs for the future. Thanks Mark.
Richmond Hill, ON
I have been putting money into my RRSP since the 1970s. Until I met Mark, I had no idea that half of the accumulated value would go to the tax department when I die just because I am divorced and never re-married. Mark arranged a plan that guarantees all of my RRIF savings will go to my kids tax-free.
I am a busy dentist with a growing chain of dental offices. My partner suffered a life-changing accident that left her unable to work. Her disability insurance covered her for only $10,000 per month which doesn’t even cover her living expenses. I met Mark and he reviewed all of our insurance and topped-up the disability coverage for me and all of our associates with a new high limit disability policy that will pay up to $50,000 per month if we are unable to work.
He also showed us how to tax shelter the 'never spend' money in our holding company, now producing returns of more than 10%.
I had been trying for years to get a large life insurance policy. Every time we applied, the underwriters rejected me due to a bad family health history and some issues in my background that included a heart attack more than 10 years ago. I finally met Mark and he was able to get the life insurance I needed.