Enhancing the Succession Process – Engaging a Family Business Facilitator

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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 inactive spouse and all of the business owner’s children in the succession planning process. The challenge of a family business….

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Business Succession Planning

A True Heartbreaker

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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 support. Petty died shortly after at the age of 66 years. Petty was looking forward to a well-deserved retirement and….

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Estate Planning, In the News, Uncategorized

Death Starts the Clock Ticking on the Limitation Period for Contribution and Indemnity Claims

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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 , Sched B, a claim must be commenced within two years from the date the plaintiff could reasonably have discovered that….

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Estate Litigation, Liability

Individual Pension Plans Revisited

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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 the next generation has become even greater. One important aspect of succession planning is for the current owner/operator to be….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Small Business, Succession Planning, Tax Issues, Uncategorized

Succession Planning

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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 that they will pass the business onto the next generation, usually their children.  Having been involved in this discussion often,….

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Business Succession Planning, Tax Issues

Protecting Charitable Interests

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[caption id="attachment_5768" align="aligncenter" width="377"] Charities may struggle with a lack of resources and expertise when defending an interest in an estate.[/caption] 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….

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Estate Administration, Estate Donations, Estate Litigation, Philanthropy/Charitable Giving, Uncategorized
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