Trust & Estate Planning

A trust allows you to transfer ownership of designated property to a trustee for management in accordance with terms set out in a written document. Trusts combine investment and potential tax-saving opportunities with the ability to provide for the well-being of loved ones, even after your death.

A professionally developed trust can help preserve your wealth during your lifetime. And, in the event of death or disability, a trust usually provides for the ongoing management of your assets. It can also facilitate the transfer of assets to your loved ones or to charity, and help protect your wealth for generations. It achieves these and other objectives while minimizing your tax burden.

In Canada, there are two broad categories of trusts used in estate planning: inter vivos trusts and testamentary trusts:

• Inter vivos trusts are established during your lifetime using a trust agreement, and can become effective as soon as you establish and fund an account for the trust.
• Testamentary trusts are established under your will and become effective only after your death.

While death is never pleasant to think about, it is a necessary part of life. That's why it is critical to look after your loved ones with proper estate planning.

The will is the most basic document in estate planning. The will outlines your rights to property, and who you would like to inherit it. In Canada, a will can be created by anyone over the age of 18, and so we recommend that everyone should at least have a will. As estate planning is a complex task, you may require the aid of a trust and estate planner. They will ensure that the clients' personal assets are conserved in order to be properly conferred on the heirs, and that the process of distribution is a seamless one. A professional estate planner establishes a will, institutes various powers of attorney documents, sets up trusts where required, and in some cases, intermediates pre-death gifts.

The preservation of wealth through effective estate plans requires careful planning and the use of appropriate structures.

Our services include:

• Effectively planning your estate to minimize income taxes and probate fees at death
• Using tax-planned trusts and wills to accomplish your personal objectives
• Recommending valuable income splitting strategies
• Advising on and implementing estate freezing techniques advise
• Assisting executors and trustees with trust and estate administration
• Counseling executors, trustees, and beneficiaries on trust and estate disputes
• Reviewing existing wills and advising on several matters to update your will

A succession plan contains a process and a schedule for a business owner's eventual withdrawal from active participation in the business, and the transfer of ownership and management responsibilities.

Through facilitated discussions, we work to understand your family's particular issues and objectives. This understanding allows us to help you develop a comprehensive and tax-effective succession plan that is well understood by all.

As several clients of our firm are family business enterprises, our trust and estate professionals are well aware of the needs of the owner-entrepreneur and the eventual successors. We are also very experienced in tax and succession planning for family and private businesses, and work closely with our clients to achieve their objectives.

Our areas of expertise include:

• Orderly transfer of the business enterprise to the next generation
• Seamless transfer of business control to maximize value
• Advising on and preparing shareholder agreements
• Dealing with all family members and maintaining family harmony
• Choosing and training a successor