Anthony and Claire 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 FIP505 Case Study - Summer 2023 Anthony and Claire 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

 

Question is creating Net worth statement and Liabilities of Anthony and Claire

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