RICK GOLDRING FINANCIAL SERVICES
CLIENT SUCCESS STORIES
A successful real estate developer over many years, Eric was looking to create a succession plan: he wanted to leave his personal estate in such a way that would make life easier for his three children, and not burden them with heavy tax problems.
Problem was, though Eric had assembled a cadre of lawyers, accountants and advisers, he felt that there was a missing piece to the puzzle: how would he fund his estate planning and avoidhaving to sell assets to pay significant estate taxes?
Rick Goldring produced the solution Eric thought he was looking for: by funding his estate transfer through a life insurance strategy, estate taxes would be covered by it rather than his family having to dispose of assets to cover them. Plus, his business could cover the premiums through a business bank loan.
This was the key to completing the puzzle. Rick had identified what the traditional “planners” – lawyers, accountants and bankers – could not.
Eric says that Rick not only understands the problem and how to solve it, but he also knows how to convey it to the people who will actually have to “push the buttons” to make it work.
With Rick’s diligent follow up and follow through, Jeff is now enjoying the peace of mind that comes with an optimal estate plan that will leave his best legacy to his kids.
Eric G.
Like many an entrepreneur, William felt that he faced all sorts of exposure. He needed assurances on what would happen if (and when) he wasn’t around – how could he plan now to avoid anything catastrophic and provide the best for his family?
Rick Goldring took over William account after William dad retired, and he came to appreciate Rick’s skills, first of all in term insurance policies, then in whole life insurance, tax planning and proactive estate planning, always with an arms-length, “in your best interests” approach.
And, as William medical practice grew, so did, with his specific family dynamic, his need for more complex expert advice: William had need of direction on U.S. as well as Canadian tax law, inheritance strategies vs. U.S.. clawbacks, and dealing with U.S. lawyers and accountants.
William came to see Rick as his “quarterback” in navigating two different tax systems, plus his will, critical illness or whole life insurance and corporate tax law, to enable him to create his legacy plan on his own terms. William sees Rick as the critical component of a four-to-five person team, overseeing everything.
William says, “Usually, if something happens, our first phone call is to Rick, who will come with cheque in hand, to solve the immediate problem. Now, with our wills modified, our starting point is Rick, who understands, steers and takes ownership of the entire process, not just parts of it”.
“My wife says, when I pass away, she’s going to call Rick first”.
William F.
James sold his business nine months ago, and set out two objectives: to fund his retirement and to leave the best legacy he could to his kids.
James realized he had been having too many discussions with various people for far too long. He and his wife had known Rick Goldring for fifteen years ago (connecting at community fundraising events), they reconnected, to chat about investments and legacy planning.
James said he had zero external investments and no idea where he should go – no RSP, no mutual funds – and was looking for alternatives in financial avenues. Rick was extremely helpful – and “agnostic” – in presenting options, not pushing life insurance only. He was sensitive to James’ acknowledged conservatism, with James’ wife even more so! There would have to be no risk!
Rick worked out, with them, a detailed spreadsheet to determine how much money they would need to fulfil their two objectives, and what lanes they might best pick for a diversified portfolio.
These discussions led first of all to creating an investment portfolio, as the sale-of-company funds came down. Then, in the spirit of pursuing different wealth-creation avenues, Rick suggested real estate. James had no background in that, so Rick took him to a real estate investing conference, and got him going on that track.
James feels Rick has created a “living portfolio” for him in that, as he discovers new opportunities, Rick brings them forward. James is assured of Rick’s integrity: he knows any advice is not “about his commission” but solely his clients’ best long-term interests.
James L.