Intergenerational business transfers – estate planners beware

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In an article written on January 10, 2023 by the Canadian Federation of Independent Business (CFIB),over $2 trillion in business assets could change hands within the next decade as over three-quarters (76 per cent) of small business owners are planning to exit their business. Unfortunately, as the article points out, only one in ten business owners have a formal business succession plan in place. With the proposed amended intergenerational business transfer….

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Business Succession Planning

June is Seniors’ Month

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Cheerful seniors having fun while taking selfie at retirement community. stock photo

Congratulations Nick Taylor, our RBC Canadian champion! ~~~~~~~~~~~~~~~~~~~~~ The National Institute of Aging in 2020 indicated that 91% of older Canadians wanted to remain living in their own home. I frequently write and speak on this very important issue and today I will be participating in the National Seniors Council round table discussion on supporting aging at home. The expert panel previously identified several  key perspectives that impact older Canadians….

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Caregiving

How Much Should You Leave To Your Children And When?

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This week, I had a great opportunity to sit down with Andy Jeffery, Vice President, Family Office Advisory, at Northwood Family Office,[1] to discuss a question frequently raised by clients; “How much should I leave my children and when?” Below we distill our discussion into five questions, providing you with both of our perspectives, being that of a family office advisor and an estate planner. Do clients seek guidance in….

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Estate Planning, Trusts

Estate Planning and the Indian Act

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This Blog was written by: Alicia Mossington (Godin), Estate and Trust Consultant, Scotia Wealth Management   Estate planners and administrators must consider a variety of factors when assisting clients. We often speak about tax planning, insurance, and considerations for different types of assets including jurisdiction. We speak about residency for tax purposes, citizenship and typically ask where prospective executors or beneficiaries reside. Several blog posts over the past year have examined….

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Uncategorized

The Cy-Près Doctrine: When Good Intentions Count For Something

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The cy-près doctrine It is common practice to leave a gift to a charity in your will. However, the charity that the testator wished to support may not have been named properly in the will (leading to confusion about who was supposed to benefit from the funds), or may have ceased to exist by the time the testator died. Where a testator intended to benefit a charity, the courts have….

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Charitable Giving, Estate Administration, Estate Donations, Estate Litigation, Estate Planning, Executors, Philanthropy/Charitable Giving, Trustee, Trusts, Wills

The Loneliness & Social Isolation Crisis – Critical Planning Considerations

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Some red game markers stand apart from one brown one.

The US Surgeon General made public health headlines in May, declaring that loneliness and social isolation carry the same critical health risks as smoking, obesity, and the opioid crisis. Isolation and loneliness are linked to declining mental health, such as higher rates of depression, anxiety, and suicidal thoughts. Physical health is affected to, with a 50% increased risk of developing dementia, a 59% increased risk of functional decline, and a….

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Elder Management, Geriatric Care Management, Smart Ageing
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