Written by Ron Cooke, President & Founder of Strategic Wealth Protection Partners in Ontario, CEA®, Member of the Estate Planning Council Canada
Ken and Alice* came to me after retiring. They were 72 and 70 and had accumulated approximately $6.8 million in non-registered investments, primarily stocks, along with $1.8 million in RRIFs and RRSPs.
They wanted to preserve more of their estate for their children and ensure their affairs remained private.
Summary of Key Points
- Key Lesson: Combining multiple estate planning strategies can reduce future costs, improve privacy, and help preserve significantly more wealth for the next generation.
- Challenge: An Ontario couple wanted to reduce future taxes and probate fees while keeping the distribution of their estate private for their children.
- Strategy: A living trust was established for their non-registered investments, and an estate insurance strategy was implemented to help address future taxes on RRIFs, RRSPs, and capital gains.
- Additional Planning: Beneficiary designations were updated, and their lawyer coordinated the trust and new wills to ensure the estate plan worked together.
- Outcome: The living trust was projected to save nearly $100,000 in probate fees, while the estate insurance strategy was projected to preserve approximately $1.7 million, for a total benefit of roughly $1.8 million.
The Problem
After reviewing their situation through the first three steps of our Living Estate Plan process, we determined that mandatory RRIF withdrawals were pushing their income into the highest marginal tax bracket.
We also estimated that their estate could face more than $1.8 million in taxes and probate fees when both spouses passed away.
The Solution
I helped them create a more efficient estate plan designed to reduce costs and improve privacy.
The strategies included:
- Establishing a living trust for their non-registered investments
- Working with their lawyer to structure the trust, at an estimated cost of $5,000
- Implementing an estate insurance strategy to address future taxes on their RRIFs, RRSPs, and capital gains
The living trust was expected to save nearly $100,000 in probate fees while keeping the distribution of assets private.
The estate insurance strategy was projected to save approximately $1.7 million over their life expectancy. Together, these strategies could preserve roughly $1.8 million more for their children and keep their estate private.
We also recommended beneficiary changes and helped guide their lawyer so everything was in sync and coincided with their new will.
*Names and identifying details have been changed to protect the privacy of SWPP’s clients.
Discover the Benefits of a Living Trust in Ontario
Are you an Ontario resident considering a living trust as part of your estate planning?
At Strategic Wealth Protection Partners, we’re here to guide you through every step of the process with expert advice and personalized support. Begin your estate planning journey today with a Living Estate Plan Consultation from our experienced team.
Our mission at SWPP is to help you create an estate plan that secures your legacy, shields your assets from unnecessary taxation, and ensures your loved ones are cared for. By designing a living trust tailored to your goals, our experts will help you build a plan that truly reflects your values and priorities.
Take control of your future—start planning today!
Schedule a Living Estate Plan Consultation
Planning your legacy is about more than numbers—it’s about ensuring your family remembers you and your values are honoured for many years to come.
Estate planning and trusts can feel overwhelming, especially if it’s your first time. That’s why we’re here.
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.
Take the first step today—schedule a consultation call and give your family the ultimate gift: peace of mind and the assurance they were always your priority.
Read More
If you’re starting your estate planning process, you may find these articles helpful:
- How Do I Avoid Capital Gains Tax on Inherited Property in Canada?
- Case Study: Why a Living Trust Wasn’t the Right Choice for a Family Home in Ontario
- How to Create a Living Trust in Canada
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.
Schedule a Call
Schedule a 30-minute consultation call with Strategic Wealth Protection Partners.
Click HERE to schedule a consultation.
