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May 19, 2024

Service Areas

Business Succession Planning

Many entrepreneurs who have built successful companies are concerned about business succession as they get older. They often want to see the family business passed to the next generation, but believe this cannot be done without paying capital gains tax.

We assist with business succession planning by

  • meeting with the client to determine the facts and circumstances, reviewing the personal tax position of the owners and the circumstances surrounding the company, and estimating the company's worth;
  • where required, preparing a valuation of the business;
  • developing a plan for transferring the family business to the next generation, which may involve an estate freeze, the use of trusts, and a non-resident tax strategy, and, where appropriate, working with life insurance professionals to coordinate a life insurance program with the succession plan; and
  • working closely with legal counsel to implement the plan and assist in any tax filings that may be required.

Once the plan has been implemented, we monitor it year by year to ensure that it is correctly implemented. We adjust the plan for changing circumstances, personal objectives, and changing tax laws.