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[0:00] Dennis Graves: Let’s talk retirement.
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[0:02] Dennis Graves: My experience with clients that have been retired for 35 years is interesting. I think it’s one that most people can benefit from who are approaching retirement or in retirement right now. Quite often what we experience are people that are very reticent to spend their money.
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[0:16] Dennis Graves: They spent their entire life accumulating it, and now they’re nervous because they’re no longer working and they’re starting to draw on their savings. The initial reaction is to not draw enough. They sort of (say) I don’t want to spend money, I want to wait, I want to see what happens. But the truth is, once you’re sort of that 65 to 75 age bracket, that’s when you have the health and the means to do the things that you’ve always wanted to do, perhaps the things you’ve put off. We’re very passionate about letting our clients…
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[0:47] Dennis Graves: …know when they’re spending too much and how much is the right amount to spend to make sure their money lasts as long as they do.
[0:54] Text displayed: learn more at gravesgroup.ca
[0:56] CIBC Private Wealth Logo displayed along with text that reads: CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc. If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.

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[0:00] Jonathan Graves: Generational wealth transfer. Something that comes up in a lot of our client discussions is how do we transition wealth from the first generation to the second, sometimes third generation in the most tax efficient manner. This often leads to a meeting or meetings where we  will help facilitate discussions between the different generations and make sure that…
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[0:20] Jonathan Graves: …everyone feels fairly considered in the estate plan, but also be someone in the room can help moderate discussions and also understand any implications for proposed ideas around this generational wealth transfer whether it’s from a tax or wealth planning perspective.
[0:36] Text displayed: learn more at gravesgroup.ca
[0:38] CIBC Private Wealth Logo displayed along with text that reads: CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc. Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors. Insurance services are available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are available through CIBC Wood Gundy Financial Services (Quebec) Inc. If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.

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[0:00] Dennis Graves: Let’s talk about how we transfer…
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[0:02] Dennis Graves: … wealth from one generation to the next. How do we get it from Mom and Dad to the children to the grandchildren? Let’s talk about a scenario that can be very difficult.
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[0:13] Dennis Graves: Let’s say we have a couple that has built their business from the ground up, and now have an asset is very valuable. 
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[0:20] Dennis Graves: Let’s say they have two children, Bob and Mary. Let’s say that Bob has opted to work in the business, and Mary has decided to do something else. Now the business has grown in value and when Mom and Dad decide to pass that to the next generation, or should they pass away and it goes onto the next generation.
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[0:38] Dennis Graves: Bob is the likely candidate to receive the business, either he is going to have to acquire it, or it is going to be gifted to him, in which case there could…
[0:46] Dennis continues to speak through various images, background music continues. Image displays the word TAX.
[0:46] Dennis Graves: … be significant tax ramifications. But the bigger issue for Mom and Dad is how …
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[0:53] Dennis Graves: do we compensate Mary for that wealth value that’s gone to Bob that Mary hasn’t participated in. These are things that require some …
[1:03] Dennis continues to speak through various images, background music continues. Image displays the word LIQUIDITY.
[1:03] Dennis Graves: … type of liquidity event to help sort of fund the equal distribution of wealth at death. This is a scenario that could …
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[1:12] Dennis Graves: … also apply to the family cottage where one child, let’s say Mary, decides to use the family cottage and would like to inherit it, and Bob who may live away decides he doesn’t want to participate in it’s value or ownership or use. These are all things that we have to address, and it can be a difficult topic when different people see things different ways. Our job is to help.
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[1:36] CIBC Private Wealth Logo displayed along with text that reads: CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc. Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors. If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.