CANADIAN
ESTATE PLANNING STORIES

How One Family’s Lack of Estate Planning Created Unnecessary Stress and How to Avoid This

On paper, Sarah* was inheriting a $2 million estate.

In practice, the combination of a highly appreciated cottage, a large RRSP, and no available cash left the executor facing a substantial tax bill and difficult decisions. 

Her family’s experience shows how an estate can create financial pressure when taxes and liquidity are not planned for in advance.

WHAT NOT TO DO

The Surprising Emotional Outcome of Estate Planning for Married Business Owners

Greg and Susan* owned a successful business in British Columbia and wanted to look ahead to what retirement might be like for them in 10 years. 

As part of the planning process, they updated their financial plan and were surprised by the potential tax bill that could arise when the surviving spouse eventually passed away.

BUSINESS OWNERS

Using Estate Planning to Help an Only Child Steward Significant Family Wealth

Mike* had built significant wealth.

But minimizing tax wasn’t his main concern. With his son still only 16, Mike needed an estate plan that could protect the inheritance today while helping his son manage it responsibly in the future.  

Legacy planning

How a Joint Partner Trust Can Create a Smoother Transition for a Younger Spouse

With an 11-year age difference between them, Peter* wanted to protect Joanne’s financial security.

While still alive, he wanted to maintain control of $4 million in investments and make the eventual administration of his estate easier. A Joint Partner Trust was the solution. 

Legacy planning

How Smart Financial Planning Turned a $400k Inheritance Into a Solid Financial Foundation

An inheritance can create opportunities that would otherwise take 20 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.

WHAT TO DO

How a Canadian Couple Created a Strategy to Cover RRSP Taxes and Keep Their Cottage in the Family

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. 

legacy planning

Using a Family Trust for Business Owner Estate Planning

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.

Business Owner

When a Family Trust Faces Cross-Border Complexities

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.

Cross-border

Why a Revocable Trust Wasn’t Right for this Cross-Border Family

As a Canada-based cross-border advisor and TEP, I have extensive experience working with clients who have lived in the US and used revocable trusts to avoid probate. 

I recently met with a family that held their home and investments in a revocable trust in the United States. They had previously used the trust to avoid probate and to ensure their kids received the assets in a timely manner. 

cross-border

Using a Family Trust to Preserve Wealth Across Generations without Creating Dependency

After decades of building and reinvesting his wealth, James* needed to structure his estate to support his children and grandchildren without creating dependency or conflict.

He also wanted to prevent irresponsible spending. 

A family trust gave him a way to connect financial support with long-term stewardship.

legacy planning

How Using a Trust Incorrectly Created a Tax Fiasco

John and Mary* were told that trusts are a smart way to protect assets, so they decided to move most of their assets into the trust.

They thought that moving everything into a trust would simplify things. In fact, it did the opposite.

WHAT NOT TO DO

How Estate Planning Revealed a Major Risk for This Man’s Wife and Kids

One family I worked with believed everything was in place because a will had been updated and the intended beneficiaries were clearly identified. 

However, as the situation was reviewed more closely, a number of risks emerged that had not been immediately obvious. Paul’s* mother owned the home where her son, daughter-in-law, and grandchild were living, and much of the family’s wealth was held solely in his mother’s name.

LEGACY PLANNING

How Lack of Planning Effectively Froze a Private Corporation and Created Significant Financial Risk

On paper, Sarah* was inheriting a $2 million estate.

In practice, the combination of a highly appreciated cottage, a large RRSP, and no available cash left the executor facing a substantial tax bill and difficult decisions. 

Her family’s experience shows how an estate can create financial pressure when taxes and liquidity are not planned for in advance.

WHAT NOT TO DO

Estate Planning for a Blended Family Using a Trust and Beneficiary Designations

Mike* is married to Joyce. He has a stepson, Ryan, from his first marriage.

While Joyce has a daughter, Emma, who has a history of spending money quickly and struggling to manage finances. This family dynamic makes estate planning more complex.

Legacy planning

Why I Became a Trust and Estate Practitioner (TEP)

After working in the field of wealth management for years, one thing became very clear to me: most Canadians know almost nothing about estate planning and how to protect themselves.

I was surprised to discover that at all levels of wealth, people had a mental block around estate planning. They didn’t want to think about their own mortality, and so they would often avoid estate planning or just make a will and do no other planning. But for most families, this type of avoidance is a serious mistake.

LEGACY PLANNING