Cheryl: Recent Widow
"I'm managing the finances for the first time. Where do I begin?"
Cheryl: After 31 years of marriage I find myself on my own for the first time. Richard always took care of our finances so in the six months since his passing I've been piecing it all together. Richard had his RRSPs at three different banks so I need someone to help me understand how they are invested and ideally I'd like to consolidate everything in one account.
I used some of the insurance money to pay off the small mortgage we had on our house but now I need to generate a monthly income from the remaining balance of about $1,500,000. Friends have suggested I buy annuities, dividends and GICs. I really do appreciate their help, but I'd like an expert to help me understand all my options. Wealth Strategies provided a diversified investment strategy to suit my risk tolerance and goals.
The cottage at the lake is now solely in my name and I just recently found out that after I pass away the cottage will create a big tax bill. Richard really wanted the cottage to stay in the family but I'm not sure if the kids will have enough to pay the tax bill. I'd like to plan ahead to make sure the taxes are taken care of. Wealth Strategies helped me create an estate strategy to follow through on Richard's wishes.
I found it a bit overwhelming at first but now I'm on the right track. The people at the bank have been really nice since Richard passed, but over the years it seemed like we saw a different advisor every time we went in. I'd like an independent advisor to help me understand a few things and suggest some options I may not have considered.