In my last blog I spoke about one of the biggest risks to the successful transition of a family business – poor communication among family members. Related to this is family dynamics. It is often thought that one of the best ways to address this risk, is to involve the…
This Blog was written by: Liz Bozek As you have undoubtedly heard, Tom Petty died on October 2nd after suffering a massive heart attack. He was rushed to hospital and placed on life support but, after doctors discovered no signs of brain activity, the decision was made to remove life…
Conflicting Limitation Periods In Ontario, as in other Canadian jurisdictions, various statutes establish limitation periods within which an injured party can commence a claim against a wrongdoer, including against the estate of a deceased wrongdoer. Under sections 4 and 5 of the Limitations Act, 2002, S.O. 2002, c. 24 ,…
A fellow blogger wrote very eloquently late last week about succession planning for family owned businesses. Regrettably, as she noted the statistics for the successful transfer of family businesses are not very good. With the introduction of the new tax proposals, the challenge for a successful transfer of business to…
In this blog I’d like to remind readers that the idea of “keeping it in the family” is still the most common response business owners provide when asked what they would like to see happen to their business after they have passed away. In fact, many business owners initially think…
Are charities in a will easier to challenge when there are more than five entities named? This topic came up at a recent lunch with estate planning and litigation colleagues. One told a cautionary tale of a large estate that was litigated away from a dozen named charities. The charities…
Mere disagreement among joint attorneys is not enough to have one attorney removed from their role. A court will defer to the choice of attorney(s) made by the guarantor before they became incapable. A party requires strong and compelling evidence of misconduct or neglect to remove an attorney. In White…
October 2, 2017 saw the end of the 75 day consultation period offered by the Department of Finance. The public response to the proposed rule changes was significant with the general public, industry bodies and professional advisors all weighing in on the measures. So, what now? At a conference organized by…
On Wednesday, September 27th, Ken Chung, a 39 year old academic Philosopher died of Stage IV Pancreatic Cancer. Diagnosed in March 2016, Ken blogged about his experience up until his very last days, providing a unique and important perspective on what it means to both live and die. Ken wrote…