Inheriting the family business? With your siblings?
We’re the professional estate planning help you’re going to need.
We’ve done this math before. A lot. When a business is transferred from one generation to another, there are literally hundreds of things to consider. And family dynamics is a big part of it. We have significant experience in helping families set up formal and legal processes and structures that help to guide the business through a perilous time and prevent personal idiosyncrasies from affecting ongoing operations.
Business is Complicated. Families are complicated. Family Business Succession is Complicated.
Have you ever wondered about…?
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Because businesses are property! Whenever property ownership changes, it is possible for tax to apply. But, thankfully, the Income Tax Act often allows business owners, with the help of lawyers and accountants, to structure estate-planning transfers so that tax is minimized or eliminated.
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100%. A business is its own legal entity and it can be disposed of in a clear, separate will, which is different from your personal will. With a separate will, that means no waiting for Probate and no payment of the estate tax - and that means saving your family money, time and stress.
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Separating family dynamics from business management is critical. Our estate planning will include recommending structures that can allow everyone to run the company professionally and profitably, with everyone contributing their strengths to its future success!