First York's Experience
First York's First 25 Years:
First York's evolution into one of Canada's leading estate and succession planning partnerships began in 1984 when Ted Polci and Ted Warburton merged their successful insurance practices (established in 1967 and 1969, respectively) and expanded their services into financial planning.
They continued as insurance advisors and deepened their services in succession and estate planning in the 1990s. Over the years, they have done business with some of Canada's wealthiest individuals and been involved in some of the country's largest insurance underwritings.
First York Success Stories:
First York worked with four brothers who inherited a $12-million business from their father and uncle. First York helped them to avoid the financial turmoil and power struggles that are common in similar situations. One of the original inheritors died in his 40s and two died in their 60s. The last brother retired in his 70s and control of the business has now passed smoothly to a third generation.
First York designed a retirement, exit and death strategy for a twelve-partner law firm. Within five years, seven partners left because of death, retirement, a call to the bench and new opportunities. The First York plan met every contingency with arrangements that were manageable. Not only did the firm avoid sudden 'unfunded' cash calls, the overall cost to the firm was less than the cost of the retirement program that was in place before First York designed a superior program.
First York developed a winning strategy for a public company that was owed $2.2 million by four senior executives. The four shareholders, who would have had to draw pre-tax bonuses of $4.5 million to eliminate the debt, dealt with the debt repayment for $630,000. In the end, First York's strategy ensures that even the $630,000 will eventually be repaid to the company.
A second generation family business was facing $80 million in capital gains taxes. First York was able to achieve an outstanding result: the tax bill was reduced to $55 million and the tax costs are funded for less than one percent per year over twenty years.
First York developed a satisfying solution for a business owner with five children. Two children took over the business, with the full freedom to make decisions required for its continued success. First York's innovative structure and funding mechanism for handling the complex situation gave the other three siblings a fair share without impinging on the second generation of business owners.
A business owner, about to be married for the third time, recognized his significant obligations to children and ex-wives. First York developed a comprehensive solution that provided ongoing security and peace of mind to the client and his new spouse. This complex and sensitive situation required the creation and implementation of innovative financial instruments, but First York's answer satisfied all the commitments while precluding future conflicts and financial battles.
Can We Help You?
"Most First York clients have a net worth of from $10 to $100 million," says Ted Warburton. "But we have many who don't quite fit in that bracket and some who have assets many times that. The best way I can put it is that if you are not confident that your estate and succession plans are structured and funded in the most optimized way possible, call us."
Ted Polci adds, "I'm confident about two things with potential clients. One is that anyone who spends some time with one of us will learn something of value — we've been around a long time and we know our business exceptionally well. The other is that there will be a high comfort level from the start."