Business Succession Planning

Total 58 Posts

LIFE INSURANCE IN THE COVID-19 ERA

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As someone who has been around the life insurance industry in a professional and personal capacity for several decades, I am always curious about what motivates people to buy or not buy life insurance. I understand that few people spend time thinking about the consequences of low-probability events and are therefore disinclined to consider the need for life insurance. I would have thought the COVID-19 pandemic would increase public awareness….

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Business Succession Planning, Estate Administration, Estate Planning, Funeral Planning, In the News, Insurance, Investments, Property, Tax Issues, Uncategorized

Low- Interest Environment: Time To Take Advantage Again.

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In past blogs, we discussed income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such as marketable securities, mutual funds, real estate income trusts (to name a few). The income from these properties less the interest paid on….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Interest, Investments, Loans, Property, Real Estate, Small Business, Spouse, Tax Issues, Trusts, Uncategorized

Time to Refreeze: Redux

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The freezing of current share value so that your chosen successors can easily participate in the future growth of your enterprise is a common estate planning technique. What if the value of the frozen shares now exceeds the value of the enterprise as a whole? I wrote about this sometime ago and I think the current economic circumstances create an opportunity to revisit it. The Covid-19 crisis has lead to….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Real Estate, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized, Wills

Transferring Wealth During Your Lifetime

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I was reading recently that approximately $30-trillion in assets will be shifting from one generation to the next across North America in the next few decades, according to consulting firm Accenture. A couple of years ago, I wrote about gifting cash or assets during one’s lifetime as an alternative method of distributing your wealth and possibly avoid taxes at time of death. Though there is no inheritance tax in Canada….

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Business Succession Planning, Estate Planning, Investments, Loans, Philanthropy/Charitable Giving, Probate Tax, Real Estate, Succession Planning, Tax Issues, Trusts, Uncategorized

AGREEMENT RECTIFICATION APPLIED FOR AND ALLOWED!

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Due in particular to the outcome of some recent court cases, many have feared that formal applications to rectify plans would receive a favorable hearing only in the event of obvious clerical errors in the documentation. However a recent court case in the Supreme Court of British Columbia demonstrated that rectification is possible in circumstances where a definite agreement has gone awry in its implementation. In Crean v. Canada, 2019….

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