There is a lack of a common definition of a family business but it is generally considered to be a business with two or more family members who have financial control of the company and there is some intent to transfer the business to the next generation. Over 90% of family businesses in Canada are [...]
The greatest hurdle to handing down a cottage successfully is poor estate planning. There are two central issues to be aware of: 1. Capital Gains Taxes Taxation issues lie at the root of many cottage bequest problems. The biggest issue that that capital gains taxes must be paid when the cottage is sold or gifted, [...]
Join Karen Redmond and Nicole Garton-Jones of Heritage Law for lunch and a review of important upcoming changes to family law, wills and estates and incapacity legislation in BC. Karen Redmond will review proposed significant changes to British Columbia's family law legislation as set out in the Ministry of Attorney General White Paper on Family [...]
You may be in the process of topping up your tax-free savings account or TFSA with the additional $5,000 contribution permitted for 2010. However, have you designated a beneficiary on your TFSA account? Designating a beneficiary is a smart thing to do in most circumstances to potentially reduce income taxes and probate fees payable upon [...]
Why is mediation often a better path to conflict resolution than litigation, particularly when it comes to family law and similar issues?
What is a Mutual Will? The starting point for any discussion on wills is that a person may always revoke his or her Will. This may even happen unintentionally, as each time you marry, law dictates that your Will is revoked. A mutual Will is a binding agreement that parties will dispose of property by [...]
Considering what will happen to your property and affairs when you die may be an uncomfortable topic. Or perhaps you are thinking that there are laws in place that will take care of these things, so you don’t have to worry about it. Or you just can’t find the time to get around to dealing [...]
Where both spouses (or common partners) are potentially exposed to creditors (i.e. where they are professionals or partners in a business), it may be appropriate for them to transfer the principal residence to an inter vivos discretionary trust. An inter vivos trust is one that is created during your lifetime. A discretionary trust is a [...]
If there appears to be a significant risk that a spouse or children will challenge your will or distribution of your estate after the time of your death, you should consider using an alter ego or joint partner trust, which are trusts you create during your lifetime which set out the distribution of trust assets [...]
Blended families are families where one or both spouses (or common-law partners) have been in a previous relationship, and have children from that relationship. A blended family cries out for pro-active estate planning. The failure to engage in such planning increases the likelihood that someone will seek redress from the courts in the event of [...]
