How Estate Planning Gave One Couple More Than Tax Savings
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.
Written By Tiffany Woodfield, Financial Advisor, TEP®, CRPC®, CIM®
Over the years, Greg and Susan had built significant wealth.
Both were shareholders in their corporation, held non-registered investments that had grown substantially, and had accumulated assets in their TFSAs and RRSPs. With two adult sons, they wanted to ensure their family would be well taken care of while minimizing the taxes that their estate would owe when they died.
Working with their financial advisors, Greg and Susan implemented a comprehensive estate plan that included an estate freeze, updated beneficiary designations, and corporate-owned life insurance.
They also reviewed their wills and powers of attorney to ensure all aspects of their plan worked together.
As a result, they created greater clarity around their wishes and strengthened their overall estate plan. They also reduced the amount that could otherwise be lost to taxes and administrative costs.
Susan shared that one of her favourite outcomes from the process was becoming comfortable talking about a time when she and Greg would no longer be here to protect their boys. Rather than avoiding those difficult conversations, the planning process gave them an opportunity to discuss their wishes openly as a family.
Susan felt a sense of peace knowing her sons would be cared for and prepared.
It also created an opportunity to educate their kids about the family’s values, investment philosophy, and long-term goals. They felt that the whole process would help ensure the wealth they had built would continue to support future generations.
Why This Matters
Estate planning can feel uncomfortable because it requires families to discuss death and money.
But for business owners, avoiding those conversations can leave the next generation unprepared to manage complex assets or make important decisions. Greg and Susan’s experience shows that planning can create an opportunity to share values and have meaningful conversations.
And the emotional benefit may be just as meaningful as the tax savings.
Key Tools
- Updated financial plan
- Estate freeze
- Corporate-owned life insurance
- Updated beneficiary designations
- Will review
- Powers of attorney
- Family wealth conversations
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Read More:
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💎 What to Bring to an Estate Planning Appointment
About the Author
TIFFANY WOODFIELD is a senior financial advisor, estate-planning expert, and dual-licensed portfolio manager based in Kelowna, British Columbia. She is the co-founder of SWAN Wealth Management, where she helps Canadian and cross-border families build lasting wealth, reduce tax risk, and create meaningful legacies.
As a TEP (Trust and Estate Practitioner) and portfolio manager, Tiffany works closely with successful professionals, business owners, and internationally mobile families who want to enjoy a more flexible, work-optional lifestyle. She combines deep technical expertise in wealth management with a strong focus on mindset, personal development, and purposeful decision-making.
Tiffany has been a contributor to Bloomberg TV and has been featured in major national and international publications, including The Globe and Mail and Barron’s, for her insights on retirement planning, cross-border wealth issues, and estate planning.
Professional designations:
- TEP® – Trust and Estate Practitioner
- CRPC® – Chartered Retirement Planning Counselor
- CIM® – Chartered Investment Manager
*Names have been changed to protect the identity and privacy of the individuals in this story. Please seek the advice of professionals before taking action. This case study is for educational purposes only.