Written by Ron Cooke, President & Founder of Strategic Wealth Protection Partners in Ontario, CEA®, Member of the Estate Planning Council Canada
Rick and Cindy* came to me in their late 50s after the sale of Rick’s business.
They had three children, two of whom were already working while their youngest was finishing university. Their assets included approximately $3.7 million in stocks and bonds and an industrial rental property worth about $3.2 million.
They also had $3.5 million in non-registered investments and $1.1 million in RRSPs. They had more than enough income for retirement and wanted to focus on preserving wealth for future generations.
Summary of Key Points
- Collaborative Approach: SWPP worked with tax planning specialists, accountants, and legal professionals to coordinate the trust, corporate structure, insurance strategy, and estate plan into a single integrated solution.
- Challenge: An Ontario couple wanted to transfer substantial wealth to their children while reducing future taxes, minimizing probate fees, preserving privacy, and maintaining long-term control over inherited assets.
- Strategy: A family trust and estate freeze were implemented alongside a new corporate structure to move future growth outside of their estates while providing flexible control over family wealth.
- Additional Planning: Corporate-owned estate insurance was added to provide tax-efficient liquidity for future estate obligations and support the overall estate plan.
- Outcome: The strategy was projected to reduce future tax exposure by approximately $2.5 million, save more than $100,000 in probate fees, and preserve significantly more wealth for future generations.
The Problem
Their primary concern was how to transfer their wealth to their children while minimizing taxes and probate fees. They also wanted to keep their estate private and maintain control over how and when their children could access inherited assets.
The Solution
I guided them through our estate planning process and worked with two tax planning specialists to evaluate the available options before helping them implement the most suitable strategy.
The plan included:
- An estate freeze to cap the future growth of their estate
- A family trust to hold shares of a new corporation and provide long-term control of family assets
- Transferring corporate and non-registered assets into the new structure
- Corporate-owned estate insurance to provide tax-free funds for future estate tax obligations
The legal and accounting costs were approximately $16,000.
The strategy was projected to save more than $100,000 in probate fees and reduce future tax exposure by approximately $2.5 million while helping preserve the family’s wealth for future generations.
As in many cases, we did not charge Rick and Cindy anything for our service as we were paid when they purchased the corporate insurance from us.
*Names and identifying details have been changed to protect the privacy of SWPP’s clients.
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With our simple, 5-Step Living Estate Plan, we make the process easy, helping you create a comprehensive estate plan or trust that protects your assets from taxes and probate fees while preserving your legacy. Tools like The Final Word Journal capture your story, wishes, and essential details like accounts and end-of-life plans, ensuring your family has clarity and comfort.
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Read More
If you’re starting your estate planning process, you may find these articles helpful:
- How Does Taxation of Trusts Work in Canada?
- Case Study: Why a Living Trust Wasn’t the Right Choice for a Family Home in Ontario
- Case Study: Using an Estate Freeze, Family Trust, and IFA to Preserve Multi-Generational Wealth
About the Author
RON COOKE, PRESIDENT & FOUNDER OF STRATEGIC WEALTH PROTECTION PARTNERS
With over 30 years in financial services, I’ve seen the challenges families face when a loved one passes—lost assets, unnecessary taxes, and emotional stress. That’s why I created the Living Estate Plan, a comprehensive process to protect assets, eliminate estate and probate fees, and create legacies that are remembered for many years to come.
This plan ensures your family receives not just your wealth, but a meaningful reminder of your care and love. Tools like The Final Word Journal capture your story, wishes, and essential details, offering clarity and comfort during difficult times.
Your final gift should be more than money—it should be peace of mind, cherished memories, and an organized estate.
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