We have become aware of the following  matter.

January 26, 2011, this elderly man was present at a meeting with his financial advisor and his two daughters,

Susan McPhail & Barb Newman to whom he had granted Power of Attorney in case of health reasons.

During that meeting, he planned to turn over a portion of his estate to the daughters as a gift.  He was not fully aware of the full value of his estate because they had acted as Power of Attorney. He trusted his children.

Because there had been discussions about the estate and the father wanted to get on with his life,

he felt a generous financial gift would placate his children.

After the sale of his home,  he had already gifted them substantially.

During the said meeting, no lawyer was present to advise the elder. His signature was not witnessed, though this matter involved hundreds of thousands of dollars.

Following the meeting, he found that he had been left with a small amount of funds in his bank account, his RRIF’s , OAS and CPP.  Over the following years, he was forced to use his RRIF’s to pay his rent. Because these withdrawals had to be considered income, he paid a huge income tax bill.

In 2012, he felt it necessary to speak with a senior’s advocate in an  attempt to sort out this problem with his family.  He was advised to retain a lawyer, which he did.  A slow process of hiring a mediator  to talk to and offers of clearing this up continued over the years.  It was discussed that the father provide a budget.

A suggestion was made that the daughters who have control of the funds, deposit an amount of about half a million in the father’s account and then have no further interest or jurisdiction over his finances.  They in turn were to be allowed to retain /be gifted  an approximate equal amount with no strings attached.  However the daughters wish to be able to trustee the father’s account (determine how it will be spent)  and at his decease receive any funds that remain.

We see this matter as total disregard for the fact that this is the father’s  money. Obviously this man was diligent to have amassed a reasonably, generous estate.

Now at he time of his alleged golden years and time of need, this elderly father should not have to grovel for his hard earned  money in order to pay for necessary rent and care

Tags: Barb Newman, Susan McPhail