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Peter is a Canadian resident, age 65, and is married to Joanne, who is 54. Peter had built significant wealth and held approximately $4 million of non-registered investments in his own name. As part of his estate planning, Peter wanted to reduce probate exposure and create a smoother plan for Joanne if he became incapacitated or passed away.

What is the cost of estate planning in BC? For most people in British Columbia, a basic estate plan usually costs between $1,000 and $3,000. If you have a more complex situation involving businesses, trusts, multiple properties, cross-border issues, or blended families, this can increase the cost significantly.

Sarah inherited what she believed was a tax-free estate worth $2 million, including a cottage and a large RRSP.  What she didn’t realize was that her parents’ estate owed a significant tax bill before anything could be distributed. The cottage triggered a large capital gain because it doubled in value over the many years her family owned it. And the RRSP was fully taxed as income.

I have a quick anecdote that will illustrate two different approaches to generational wealth.

These characters are based on my two friends, Jeff and Dirk, who grew up in the same area.

Dirk seems to have the world by its tail. He’s confident, intelligent, and comes from a very successful family. He hasn’t had to work for anything because it has always been easy.

Jeff, on the other hand…

I’ve been obsessed with the concept of limiting beliefs since I was a kid.

I would observe how different people would react to the same situation. I was curious why some people seemed programmed to respond a certain way while others were not.

I didn’t know the concept of “limiting beliefs,” but I could recognize patterns in people’s reactions based on their life experiences.

It wasn’t until I started meditating that I understood my own limiting beliefs and started to…

Gregory had built a successful consulting company. But when he died unexpectedly, his family faced a substantial tax bill, a lack of corporate authority, and no clear succession plan. His story reveals how quickly an operating company can fall apart if the owner’s personal estate plan and corporate structure are not coordinated.

An inheritance can create opportunities that would otherwise take 20 years more years to build. But only if the money is managed with intention. This case study compares two different inheritance stories to show you how the quality of your decisions will shape your future much more than how much you inherit.

Mary and Jeff had accumulated substantial wealth, but a lot of it came with future tax and estate-planning complications. Their $1.5 million in RRSPs could create a major tax liability. Meanwhile, capital gains on their cottage put the couple’s goal of keeping that property for their kids at risk. Their plan shows how several coordinated strategies can address liquidity, legacy, and charitable giving, and keeping a family cottage in the family.

Scott has two grown children and a second wife. One of his kids is helping build the family business while the other has built a career in another province. When you have a business and a blended family, estate planning is complex and necessary. For Scott, a family trust was the solution he chose because it gave him the structure he needed to preserve the business and support his family.

John’s estate plan was designed to divide his wealth equally among three children who were living in Canada at the time. However, when one son permanently moved to the United States, the estate plan wasn’t updated. What had previously been an “equal” inheritance was suddenly disrupted by cross-border tax implications that reduced one beneficiary’s inheritance.