Last week, we lost Catherine O’Hara, one of those rare performers who could steal a scene with a single look, a pause, or a wildly unnecessary accent. She gave us decades of unforgettable characters. But for many of us, one will always stand above the rest: Moira Rose.
Dramatic. Eccentric. Impeccably dressed. And, ironically, the centerpiece of one of television’s most brutal financial cautionary tales.
When the Rich Lose Everything Overnight
For anyone who somehow missed it, the premise of Schitt’s Creek is almost absurd in its simplicity. The Rose family had everything:
- Enormous wealth
- Properties
- Art
- Staff
- Power
And then… poof. Gone. Not because of a market crash. Not because of a lawsuit. Not because of bad luck. They lost everything because they gave power of attorney to their tax advisor, who:
- Didn’t pay their taxes
- Stole their money
- Fled the country
- Let the tax debt quietly snowball
By the time the government showed up, it was already too late. Comedy on screen. Absolute nightmare in real life.
Moira Rose Walks Into My Office…
Let’s imagine, just for a moment, that Moira Rose sat across from me, sunglasses on, diction dialed up to eleven. What kind of estate plan would I recommend for Moira and the Roses?
First: No Unchecked Power of Attorney. Ever.
What happened to the Roses is exactly why power of attorney documents need guardrails.
For a family with significant wealth:
- No single advisor with total control
- No open-ended authority
- No “we trust him, he’s been with us forever” thinking
A power of attorney should assist, not replace, governance. If one person can ruin everything, the structure is broken.
Second: A Real Trust — Not Just a Binder of Documents
Moira didn’t need “a trust” in the generic sense. She needed:
- A fully funded revocable living trust
- Independent or co-trustees
- Mandatory reporting and accounting
- Separation between tax prep, asset management, and legal control
Trusts aren’t just about avoiding probate. They’re about creating rules when life gets messy. And life always gets messy.
Third: Asset Protection Before the Crisis
Once the IRS is knocking, the options shrink fast. A proactive plan would have included:
- Layered ownership structures
- Independent review of tax filings
- Systems that assume someone will eventually screw up
Good estate planning doesn’t assume perfection. It assumes human nature.
And Yes, Planning for David and Alexis Too
David and Alexis were wildly unprepared for wealth, or its sudden disappearance. A smart plan would have addressed:
- Incentive-based trusts
- Staggered access
- Education and oversight
- Protection from bad decisions and bad actors
- Maybe finally the secret to help David “fold in the cheese.”
One of the show’s great truths is that the kids grow once the money is gone. Most families would prefer that growth without financial annihilation.
Why This Feels Like the Right Tribute
Catherine O’Hara made Moira Rose unforgettable, not just funny, but oddly human. And that’s why this story sticks. Because behind the wigs, the vocabulary, and the theatrical despair is a lesson that applies to real families every single day: Wealth doesn’t disappear because people are stupid. It disappears because systems fail. Or worse, because there were no systems at all.
Final Thought
Moira Rose lost everything before episode one ever began. And yet, through Catherine O’Hara’s brilliance, she reminded us that identity, resilience, and reinvention matter just as much as money. As estate planners, we deal in documents. But what we’re really protecting is the ability to keep your life intact when things go wrong.
So here’s to Catherine O’Hara. To Moira Rose. And to making sure our clients never have to rebuild their lives in a motel they once bought as a joke.
Wigs optional. Planning not.