Business Succession Planning

Total 59 Posts

Valuation of Interests in Discretionary trusts and Family Law

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These days, it is quite common to find intergenerational wealth transfer to consist of property held in a discretionary family trust whose beneficiaries may or may not have been in marital relationships at the time of the time the trusts were created. A siginifcant number of legal and financials issues related to these trusts in family law, including the determination of what is considered “included” and “excluded” family property before….

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Business Succession Planning, Contracts, Courts, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Family Conflict, Investments, Property, Real Estate, Resulting Trust, Separation, Small Business, Spouse, Trusts, valuation

The evolution of trust drafting

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A trust indenture established today looks nothing like a trust indenture established 10 or 20 years ago. The evolution of trust drafting, and the rigid legalese once used for trusts has given way to language that better anticipates the myriad of potential scenarios typically faced by today’s clients. This evolution in trust language is most noticeable when reviewing the modern beneficiary clauses. Evolution of trust language Trusts have always contained….

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Business Succession Planning, Trusts

INSURANCE TRACKING SHARES

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If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied (e.g., rollover to a surviving spouse). The disposition of shares may cause a tax liability. In the circumstance where this shareholding was in the form of a significant shareholding in a privately held corporation, there may be….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Insurance, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized

Pipeline planning and the dangers of subsection 84(2)

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In 1789, Benjamin Franklin, one of the founding fathers of the United States Constitution, provided the world with this great quote, “nothing is certain except death and taxes”. In 2021, John Oakey, the founding father of three Oakey children, is providing the world (or at least anyone reading this blog) with this great quote “nothing is certain with death and taxes”. Minimizing tax exposure The certainty of taxes upon death….

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Business Succession Planning, Estate Planning, Succession Planning, Tax Issues

Resuming Life in Long Term Care (or least trying)

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As of July 7, 2021, Step 2  of the ‘Roadmap to Reopen’, restrictions on visitors to our Long Term Care settings have been opened up. In terms of vaccination requirements, the Ministry have required staff to either: Proof of vaccination Provide a documented medical reason for not being vaccinated Participate in an educational program about the benefits of being vccinationed and risks of not being vaccinated Last week personal care….

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Business Succession Planning, Elder Care, In the News

The Finance Strikes Back

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As the story of Bill C-208 (intergenerational transfers) continues to evolve, I can’t help but make analogies to my favorite childhood trilogy.  The Star Wars trilogy was a dominating force in my childhood.  I lived and breathed the interesting stories produced by this vast universe created by George Lucas. In comparison to Star Wars, our vast tax universe also produces interesting stories. The latest story involves the private member’s bill,….

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Business Succession Planning, Tax Issues
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