# Unexpected surprises happen. Bad became worse.



## rsal59 (Dec 2, 2016)

About 4.5 years ago , I wrote my first post in this forim. The topic was “My complicated situation, need advice”
I had written on it “ if there is no unexpected surprises in my life …”. It happened that we lost our 27 yo daughter a few months ago in a bus accident in Montreal. Having one child with Autism was not that bad after all. Life can be much more cruel that you imagine. She was supposed to take care of our son after us. Graduated just last August and only had got a few pay checks before was killed in that terrible accident. Brilliant warm hearted young lady killed at the prime of her life.
Although in my original post I had not considered her as any financial support for my now 17 yo son, but the reality was that I knew that in the worst case scenario she would take care of her brother if things wouldn’t work out they way we planned. Now the situation is different. Not only we should leave enough money for our son after us , but should find someone to have a look at him and at least managing his money. He is not very low functioning and can take care of his personal life well, but should have a supervision for spending money… we will find someone as he has a few cousins that after the recent tragedy has suggested to take care of the Henson trust we have established for him. Henson trust is like a regular trust, just is for person with disability and having fund in that won’t have any effect of the Ontario government support for disabled person.
An update to our financial situation:
I’m now 62 and my wife 54
TTL income about $260K
House , currently about 1.2 M, $440K mortgage of 1.59% (for next 5 years) on it.
total RRSP about $425K
total TFSA of $75K
RDSP of my son has about $65K in it.
TTL universal life insurance $320K
Term life insurance for me $600K ends 2035 and $450K for my wife ends 2040
My business worth about $250K. ( Generates $160K a year , so I think the price tag is reasonable or even conservative).
I will work at least for the next 10 years. Questions:
What should we do the extra cash that we are left each month. RRSP (my wife has $130K room) , TSFA (she has about $70k room) or pay extra for the mortgage? Combinations of them? If yes, how? Our aim is to leave as much as possible for my son.
mid there any way I can use my business to save miry for my son after me?
Thank you.


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## gardner (Feb 13, 2014)

You don't say your son's age, but if your daughter would have been 27, likely your son is old enough for a TFSA -- he should have one maxed out. His RDSP can take 200K lifetime limit. You can work backwards how much room to leave to keep grants and bonds eligibility going forward and put a big chunk in now.

I wonder if its possible to set up a spousal RRSP in a dependent's name allowing your wife's contribution room to assign directly to your son?

Clearing out debt is always a great investment.


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## one day at a time (Aug 4, 2019)

gardner said:


> You don't say your son's age


 Actually they did, he's 17, so not quite eligible yet for a TFSA account


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