Viktor is reaching the pre$-$retirement stage of his life. He is $62$ years old, a successful Toronto business owner of multiple firms. His businesses have amassed him a fortune of personal and commercial wealth throughout the last $30$ years. He has made the decision that he will take a progressive retirement; meaning he will work part$-$time as a consultant both for the firms he owns as well as external. He is still an active board member and will be extremely busy $-$albeit not quite so busy as before. With his extra time he plans to travel internationally for leisure. Viktors business associate, John, has been his right$-$hand for almost as long as hes been in business, for $27$ years. He is a chartered accountant and a lawyer. He knows finance, law and business, inside and out. Viktor has a wife of $21$ years, Melinda. Together they have two children, Jamie and Jessica, aged $16$ and $12$ respectively. Viktor has one child from his previous marriage to Amanda, aged $24($Joseph$).$Viktors father and grandfather on his paternal side, and grandfather on his maternal side, all have a history of dementia and Alzheimers disease. While thus far he shows no signs of either, he is cognisant that this may be a very real possibility in his future. He has very specific desires to implement in the event he is incapacitated completely. He trusts Melinda implicitly to carry out these wishes $-$however, he is aware that her knowledge of financial and lawful matters is limited to say the least. Joseph has down syndrome and draws on ODSP. Amanda and Viktors marriage did not end on amicable terms and one of the sore points to the marriage breakdown was Amandas alcoholism having negative impact on Josephs raising. At this point, Joseph is not self$-$sufficient in terms of his financial acumen and Viktor worries about this if something were to happen to him.One of Josephs companies, in Barrie ON$,$ has unique business needs that very few understand in terms of its intricacies. Jamie has grown up learning about the business; for a $16-$year$-$old he could easily make decisions that few others could in terms of business operation. Viktor would like that Jamie handle the affairs of ABC Corp. if anything happens to him provided he is the age of majority when it occurs. Viktor does not have a will. He would like his NREG portfolio to flow equally to each of his three children in the event of his death since the house will become the property of Melinda. With that said he worries about Josephs ability to handle that much capital all at once.AssetACBMarket ValueBeneficiaryPrinciple Residence$$100,000$$$1,100,000$Joint w$/$MelindaCottage$$120,000$$$745,000$SingleRRSP$$300,000$$$820,000$EstateTFSA$$120,000$$$745,000$MelindaNREG$$2,000,000$$$4,500,000$N$/$aAntiques$$80,000$$$220,000$N$/$aIncome: $$70,000$Marginal Tax Rate: $29\mathrm{.}65\%$A: What should Viktor do to ensure his needs are met in the case of incapacity?B: What should Viktor do to address his concerns over Joseph?C: What should Viktor do to ensure that his company in Barrie is taken care of if he becomes incapacitated?D: What probate taxes would Viktors estate be potentially facing if he were to suddenly pass?E: What taxes could his estate face in terms of his last$-$years taxes?F: What immediate tax planning strategies could you suggest to the victor