Your Client Mr. Rico called you and asked for a meeting a.s.a.p.

In this meeting he revealed his intention to downsize his current residency by selling his 2 million houses to move to a USD 6oo K apartment in a seniors building.

He wanted to secure a good return on investment for the rest of the USD 1.4 M, but he is concerned with the current turbulent economic conditions, the escalating interest and inflation rates.

He asked you to suggest alternative investment products that would give him both peace of mind and good return so that he can enjoy the rest of his life with no financial stress and secure his wife well being financially after his death.

Mr. Rico is 65 years old, his wife Alma 62 have independent children and grand children that are well being.

Clarify in details different scenarios, e.g. If some cash will be needed how to liquidate this investment, partially or totally.

Explain the tax implications of cash withdrawal and after the death of either Rico or Alma or both, what fees will be incurred and what is the optimal tax planning and fees minimization.

Your explanation would include numeric examples for illustration and ease understanding.

IF i recommend the below investments explain in details their merits and weaknesses

1. Whole life Insurance - what riders and supplementary insurance is suited
2. Cash/Savings Account (Emergency Fund)
3. RRSP to RRIF (invested in money market (75%) Bond funds (25%)

Your explanation would include numeric examples for illustration and ease understanding.