In our August blog, we wrote about Steve Ivacko’s recent receipt of the Family Enterprise Advisor (FEA) designation, via the Family Enterprise Xchange and the Sauder School of Business at UBC. This program helps families in business (and the advisors to those families) to get a better handle on the unique challenges they face.
This month’s post will focus on what typically happens in the context of succession planning, and how this exercise is evolving into continuity planning. If you want to understand this evolution, please read on! (more…)
So, what is the blog title referring to? Quite simply, if the stars align (or mis-align, as it were) your executor may not be the person you picked to do the job. How can this happen? What we’re talking about is the scenario of something happening to your executor while they are in the process of administering your estate. The job then becomes their executor’s! Confused yet? (more…)
CV TrustCo’s Steve Ivacko has recently completed the Family Enterprise Advisor (FEA) program. The FEA program was developed in conjunction with the Sauder School of Business Family Business Centre to help Canadian families effectively transfer their wealth and businesses across multiple generations. (more…)
In April, we wrote about “Make a Will Week”, and now, May is “Leave a Legacy Month”. In the financial services industry, many people talk about “legacy” mostly in financial terms. But leaving a legacy usually means more than leaving financial assets to family.
This month’s post explores the concept of leaving a legacy and the various forms a legacy can take. If you’ve got your legacy figured out a la Ray Charles, no need to read further, but if you are struggling like most of us, this post may provide a thought. (more…)
April 8 – 14 is Make a Will Week in British Columbia. A 2014 report noted that only 55% of British Columbians had a will. I would venture that from what we’ve seen in our business, for those who have a will, a very large percentage of them are in desperate need of an update. We saw one will where a guardian was named for a child, who is now over 50; that means the will was written over 33 years ago, and we’re guessing a few things changed in those 33 years. If you need any help in understanding why you need a will, with a bit of insight, or if you just want to understand why we started with an Abe pic – Read On (more…)
Our Steve Ivacko recently presented at the Estate Planning Council, Vancouver Chapter, together with BMO’s Lisa Finden. The topic they were tasked with was ‘The Benefits of a Corporate Trustee’. As expected, there was a bit of a back and forth on using a large bank as opposed to a local independent corporate trustee. To not sound too biased, we thought we would post what both presenters could agree on – the 7 benefits of using an independent fiduciary.
January 2018 marks the third anniversary of CV TrustCo. It has been an interesting ride, so we thought we would share some of our insights, observations and challenges. Whether you are a start-up, or a well-established enterprise you might find this blog post offers a bit of guidance or a reflective read. (more…)
In our last few blogs, we talked about the recent proposed tax changes from the Fed.’s and how they affect planning and trusts. Today, we’ll focus on the intergenerational transfer of wealth, and how trusts can be useful tools to achieve this important goal. In this blog, “wealth” means more than money. Also, don’t worry, we won’t be talking tax or slamming Justin. (more…)
As mentioned in our last CV TrustCo blog, we will discuss what is left after the federal government’s July 18th tax proposals. Using a Canadian Controlled Private Corporation may lose some of its tax advantages. However, Trusts have survived. This blog will highlight the benefits of holding assets in a Trust and how a Trust can facilitate long term family planning.
(Trust and Estate law, Family law, and Tax law are all minefields in their own right, and increasing areas in family litigation. This CV TrustCo blog discusses Trusts and concepts at a very high level, so please read and appreciate accordingly. ) (more…)
On July 18, 2017, the Dept. of Finance released a Consultation Paper on their interpretation of certain unfair tax advantages private corporations and their shareholders benefit from in terms of income splitting, passive investments, multiple capital gains exemptions (CGEs) and the conversion of income into capital gains (not widely used).
This two-part blog provides some of the insights that we at CVTrustCo are hearing as we speak to our professional networks. First part – the rant. Second part – the benefits that survive. (more…)
It’s summer, and the last thing you want to be thinking about is estate and succession planning – or is it?
In our experience, the fall business season is chock-a-block full of business development, hiring, training and the launch of new products – this flurry of activity culminates with the Holiday Season. Estate and succession planning in the fall is often relegated to the back burner. Maybe this summer is a great time to start thinking about what you’re going to do with your business and how all this fits in with your family. Heady stuff for sipping a G&T on your deck.
So, here are two things – our list of opportunities to start thinking about, and your summer reading and viewing list. (more…)