A widow leaves an extra $375,000 to her family, thanks to smart estate planning | GGFL Chartered Professional Accountants

Paul Morton, GGFL tax partner

“Nothing can be said to be certain, except death and taxes.” This famous quote still holds true 225 years later. Unfortunately, we are all going to pass away and our estate will owe taxes, leaving less for our surviving families. How much less depends on how well we planned…which is where our team of trust and estate experts comes into play.

“There are many estate planning tools available to Canadians that, when utilized properly, can save thousands of dollars in taxes upon death,” says GGFL tax partner Paul Morton. “Knowing you can provide for your family after you’re gone is a very comforting feeling.”

One of Paul’s clients, a widowed grandmother, came to GGFL with a $1,000,000 investment portfolio and no real tax plan. Consequently, her Old Age Security was being clawed back, her estate would be subject to large estate administration tax, and it would incur growing tax liabilities as the portfolio continued to grow.

Paul discussed her goals and developed a plan that established a corporation for her investments, created a family trust, and utilized sophisticated will planning to significantly reduce her tax liability at death.

“These new tax planning strategies lowered her tax bill on her death from close to $375,000 to zero,” explains Paul. “That’s $375,000 more for her children and grandchildren, all with the proper tax and estate planning.”

There are many more GGFL client success stories just like this one. Our trust and estate team works diligently to get to know you, your business, and your family, so we can tailor our advice to help you achieve your specific goals.

“We don’t take a paint-by-numbers approach to your estate,” says Paul. “Every client’s situation is unique and that’s how we treat it.”

Contact our Tax and Estate Planning team for advice on efficient estate planning for your family.

More Case Stories

See All Case Stories