You're wondering if you should
be considering an estate plan.
Am I old enough?
Am I rich enough?
How much will it cost?
All of these are legitimate,
normal questions. The fact is that if you're
thinking about it, you should explore further.
Here are some questions you
should ask yourself.
Our qualified estate
planners can help get you on the right track.
I want to know how much money we need
to accumulate so that
we can live on it for the rest of our lives.
Strongly Agree
Agree
Unsure
Disagree
Strongly Disagree
I am uncomfortable with giving up
control of my wealth while I am alive.
Strongly Agree
Agree
Unsure
Disagree
Strongly Disagree
When it comes to money, the most
important thing is me, my spouse,
then my heirs and lastly, everyone else.
Strongly Agree
Agree
Unsure
Disagree
Strongly Disagree
Because a certain amount of my wealth
will eventually go to others
(ie. Revenue Canada, Heirs, or Charity) I want to
take action to control the flow of this wealth.
Strongly Agree
Agree
Unsure
Disagree
Strongly Disagree
If any of these questions have an impact on you,
estate planning will help
provide the answers that suit your particular
situation.
Remember there are many reasons and motivations
for beginning an estate plan:
Reducing taxes while alive
Reducing taxes upon death
More money for my grandchildren and
children
More money for me
More money for my favourite charity
Just tired of worrying about it
WHICH ONES SOUND LIKE YOURS???
Business Succession Planning
Why is a Succession Plan is important to You?
Succession planning is a widely discussed, but seldom-accomplished exercise. It is, at it's best, an ongoing and ever changing process that results in the design and monitoring of a plan to minimize taxes and enable the orderly transition of a business or a partnership.
Most business owners spend a lifetime building a business out of nothing more than sweat, effort, and a vision. However the pressures caused by the very things that built the business, often make it difficult to step back and objectively determine how to ensure the survival, and continuity of the business. Any one of several events could compromise, or even destroy what their hard work and vision has taken years to build.
A strategy to deal with your withdrawal from your business as a result of:
Retirement
Resignation
Orderly Sale Business
Disability
Death
is THE desirable result of the succession planning process. The succession of your business affects not only you, the owner-manager, directly, but also your family, employees and customers. This is why we feel that the Succession Plan, that you build, is the foundation on which the future of your business can be built.
Our Approach and Process
Our firm approaches succession planning in an evaluative and consultative manner. By evaluating your current position and listening to your thoughts on the issues, we can then help to guide you as we examine the many questions, concerns, and issues that you will face in the process of building a succession plan:
Concerns such as:
How do I successfully exit from my company in a manner that is suitable to me and my family?
Questions like:
What will be the taxation issues around succession?
How can I reduce or even transfer the tax liability?
Can I defer the liability?
At what cost?
Can I stop the liability from growing? Issues around business agreements and corporate structure such as:
Are the current agreements in need of updating or changing?
Are the agreements funded, and what are the options here?
How do I equalize treatment for my heirs who are not involved in the business?
What effect will all of this strategy have on my personal planning?
Summary
This is a brief overview of the process we feel will help you address the particular requirements of your family business, or closely held corporation; requirements that will have to be addressed at some point. Time is of the essence and this is an important project to undertake. At our firm, we will help you break it down that so that you will end up with the right plan; a plan that is custom-tailored for you, and by you, so that it satisfies your own personal objectives.
What To Do To Get Started
Contact us and ask Rick Howarth, CFP, CLU, CH.F.C.
to send you our free kit "How To Get Started"
