ESTATE PLANNING:
There are many ways to protect your loved ones for the future. We can discuss with you the multiple options that you can do personally. Just to give some examples:
- Put some assets in joint names now -- then that item does not go through the estate, it goes directly to the person named as the other joint owner and there is no wait.
- List a beneficiary's name on your RRSP or GIC -- then it goes directly to that named person without becoming part of the estate. The bank can take care of this almost immediately without any court approval.
- Inter vivos gifts -- give an item or items to the person now. If you want Suzy to have your coin collection, there is nothing saying that you have to wait until your are dead to do so. Obviously, once the gift is given, Suzy can do with it what she chooses.
BUSINESS SUCCESSION PLANNING
What happens when the owner of a business dies? The company does not cease to exist just because the owner is no longer around. If incorporated, the company does continue to exist. Hopefully the deceased has a will in place and designated a person to whom his shares are transferred to.
Since every family owned business is different, the disposition of shares made be made to another family member, sons or daughters or a third party. In any event, plans should be made as to what happens to the company upon the owner’s death.