Our 55 year old client "Mary" runs a successful family medical practice and is married with 1 child. Mary is invested in a mix of real estate, equities and fixed income investments. She is very concerned about stock market volatility and real estate valuations.
Without Parkhouse Financial
Mary pays income tax every year at over 50% on the business investment income and her growing estate will have a large tax liability upon her death. Mary’s challenge is to minimize the tax liability preserving as much wealth as possible to leave to her family.
In the current scenario Mary's corporate investment assets would continue to be impaired by high taxes applied annually and would be taxed again when withdrawn from her holding company for her heirs.
We implemented a strategy that reduced risk in Mary’s investment portfolio and preserved $2,000,000 in taxes. Parkhouse Financial arranged a personalized life insurance plan that provides Mary a low-risk investment as an alternative to low yield, highly-taxed fixed income investments such as bonds and GICs. The life insurance premiums are paid by the company tax-efficiently. Mary no longer gives up half of the annual business investment income to the tax department and has an efficient way to pass wealth to her loved ones.
How I Can Help You
Parkhouse Financial implemented a personalized solution for Mary that can be tailored to all professionals and business owners alike. Our solutions preserve your assets from taxation and provide essential long-term planning for your family.
We specialize in strategic planning for professionals and entrepreneurs in order to help them reduce the tax burden levied on both their corporate and personal assets.
Contact Nathan Parkhouse directly to find out how we can optimize your financial position in order to maximize your family wealth.