Anthony 55, and Claire 51, just celebrated their 15th wedding anniversary in their home in Toronto, Ontario. For both Anthony and Claire this is their second marriage. Anthony has two children from his first marriage, Frank 20, and Zoey 14, who live with Anthony's ex-wife, Sophie in London, Ontario, (about 200 km away). Frank is studying creative writing at Fanshawe College in London, while Zoey is in high school and spends the week with her mother and every other weekend with Anthony and Claire. Although Frank is studying at college, he has maxed out both of his credit cards (approximately $25,000) and lives with Sophie spending every paycheck he receives from his part-time job at Tim Horton's.

Claire has three children from her previous marriage to Grant. Their children's names are Roy 25, Hannah 23, and Joseph 20. Roy is disabled, living with Claire and Anthony, he is currently receiving government subsidies for his disability, cerebral palsy. Roy is fully dependent on Claire and Anthony as he will never be able to work. Hannah is attending the University of Toronto for her dual MBA and law degree and Joseph is attending Seneca College studying to be an accountant. Together, Anthony and Claire have twins, Charlie and Carrie who are 10 years old.

Anthony is a mechanical engineer who is a 45% owner of a fabrication plant, MovieLand, they specialize in making custom molds for movie sets. Anthony's partners: Bill owns 25% of the business and Shane owns the remaining 30%, they are currently registered partnership. Anthony focuses on the mechanics and building, Bill focuses on the front office, marketing, and Shane leads the sales team. MovieLand employs 35 people. The three owners have been running the company for 8 years and are contemplating the next steps in their business relationships and what agreements may be required to support that. Currently they have no agreements in place. Anthony brings home a salary of $250,000 per year with bonuses of up to $25,000. Anthony is unsure of the future of the business, or if he, Bill, and Shane would benefit to incorporating or not.

Claire is a high school teacher for the Toronto District School Board. She makes $105,000 per year and has contributed into the teacher's pension since she started teaching 28 years ago. She is hoping to retire in 4 years at age 55 to receive her full pension.

Anthony is paying child support for both Frank and Zoey; he is not sure how much longer he has left of the child support. Sophie never remarried after the divorce with Anthony and has been working as a manager at Tim Horton's.

Anthony and Claire have several properties. Prior to their marriage, Anthony purchased a recreational property in Arizona for $115,000 USD. It is currently worth $250,000 USD (approximately $330,000 CAD). Claire used the proceeds of her divorce to purchase a cottage in Northern Ontario in cash. She purchased it in 2007 for $250,000 CAD, it is now worth $850,000. Together they purchased their home in Toronto for $850,000 that is now worth $1,300,000. They have a mortgage on their Toronto home of $550,000 and have utilized a line of credit on the cottage of $100,000 that they put into a non-registered account as an investment loan.

Anthony has not updated his will since his marriage to his first wife, Sophie. Sophie is listed as his Executor and Power of Attorney for both Personal Care and Property.

Claire selected her brother who lives in Edmonton, Alberta to be her Power of Attorney for Personal Care and her sister who lives in Toronto, Ontario to be her Power of Attorney for Property.

Anthony and his brother, James have just been appointed Power of Attorney for Property and Personal Care for their mother who has been diagnosed with early-stage Alzheimer's. Anthony does not know how much this role is going to demand.

Anthony and Claire are concerned about their disabled son, Roy and would like to ensure he will be okay should something happen to them.

Anthony has a Term Life insurance policy for $750,000 that is coming up for renewal in 3 years that has the beneficiary of Sophie. According to the divorce agreement, Anthony must maintain this policy until his children have finished either high school or post-secondary education, whichever is later. Anthony would like to keep the policy to go towards his estate plan, but he is not sure if $750,000 is enough to cover his estate planning needs.

Claire has a Permanent Policy for $100,000 with a term rider of $500,000. The term rider is set to renew in 2026. She is unsure if this is enough coverage. Do they have enough insurance? Anthony and Claire are in good health and could be interested in more life insurance.

Anthony and Claire's monthly income is currently $31,600 before deductions (CPP, EI, Income Taxes, Pension and Group RRSP Contributions). $20,000 after deductions.

Investable Assets:

Anthony's Group RRSP: $850,000 (ACB $455,500) Claire's RRSP: $85,000 (ACB $57,250) Anthony's TFSA: $45,000 (ACB $30,500) Claire's TFSA: $25,000 (ACB $14,250) Joint Non-Registered Account: $185,000 (ACB $100,000) - leveraged Claire's Pension: Monthly benefit at age 65 of $4,020

Monthly Expenses:

Property Taxes	$1,200
Water, sewer	$500
Property Ins	$200
Heat, Electricity	$1,000
The Twin's Activities	$1,000
Garden	$250
Prop Management Service	$300
Transportation	$800
Leased Car Payment	$850
Groceries	$1,500
Clothing	$500
Gifts	$500
Charity	$1,000
Entertainment	$350
Travel	$500
Personal care	$300
Subscriptions (Netflix, Amazon, Disney+, etc.)	$100
Communications	$300
Child Support for Frank and Zoey	$3,577
TFSA Savings	$1,000
Misc.	$3,000
Total	$18,727
Monthly Surplus	$ 1,273

Instructions:

Analyse Anthony and Claire goals and concerns, prepare questions for them (if any) and recommendations for their estate plan.

You are meeting with Anthony and Claire for your second meeting. You have all the information listed above however you find there may be missing information.

Anthony and Claire know they have procrastinated long enough, they know now that they need to start working on an Estate Plan for their modern family. Your objective is to briefly discuss their goals and objective as well as discuss any other gaps in their estate plan that you would like to bring to Anthony and Claire's attention. Finally, give Anthony and Claire Recommendations to the Estate Plan your group has decided on.

How to create a family tree, net worth statement, and identify 6 items regarding their estate plan that need recommendations or further questioning.

Some items you may want to address:

1. Recommendations should be regarding the Anthony and Claire's Estate Plan.
2. the clients' estate/risk planning needs seem clear enough? Do you require added clarification? Do you require more information to know if the needs are in conflict with other objectives (if so, what)? For the presentation, if you require information, state this as you discuss their goals. In general, you can assume that your clients have and will continue to maintain their current lifestyle.
3. Provide a list of your client's current financial position and his or her future income potential and identify financial obligations or objectives that might interfere or conflict with the client's estate/risk planning objectives.