EP316 Estate Planning for Business Owners - Securing your Legacy

Welcome, Self-Made Nation! Today on The Cash Rich Exit Podcast, we talk about a crucial but often overlooked aspect of business ownership - estate planning. Colleen O’Connell-Campbell is joined by Erin Kelley, estate planning lawyer at Cooligan Yehia LLP, to discuss how business owners can secure their legacy for future generations.

 

🏢 Why estate planning matters for business owners – Your business is one of your biggest assets. Without a solid estate plan, succession can become complicated, costly, and emotionally taxing for your loved ones.

 

📜 Essential estate planning documents – Wills, powers of attorney, and shareholder agreements aren’t just legal formalities - they’re tools to protect your business and family.

 

💰 Probate tax and multiple wills – How using primary and secondary wills can reduce probate taxes on corporate assets in Ontario.

 

📊 Estate freeze strategy – Lock in the value of your business for tax efficiency while transferring future growth to the next generation.

 

👨‍👩‍👧‍👦 Balancing family dynamics in succession planning – Not all heirs are suited to take over the business. How do you ensure fairness while maintaining business success?

 

🤝 The power of a multidisciplinary advisory team – A coordinated approach with estate lawyers, tax specialists, and financial advisors is key to a seamless transition.

 

🎯 Fun, Frank Advice from Erin Kelley – “The planning you put off today becomes your family’s problem tomorrow.” Take action now to protect your loved ones.

 

✨Whether you're planning your business exit in 5–10 years or looking to safeguard your company’s future, estate planning is key.

 

Want a personalized strategy? Book a 1:1 Wealth Gap Analysis with Colleen O’Connell-Campbell to ensure your business and personal assets are protected for the next generation.

 

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The Cash Rich Exit Podcast is brought to you by O’Connell-Campbell Wealth Management at RBC Dominion Securities.

 

All opinions expressed by the host, Colleen O’Connell-Campbell, and podcast guests are solely their own opinions and do not reflect the opinion of RBC Dominion Securities.

 

This podcast is for informational purposes only before taking any action based on information in this podcast you should consult with a qualified professional.

 

Colleen O’Connell-Campbell is a Wealth Advisor at RBC Dominion Securities, a member of the Canadian Investor Protection Fund.