Often people are too busy looking after their customers, suppliers, shareholders, partners, employees, bankers, family and others leaving no time to properly look after their own personal planning aspects.
People we come across often have no will, an improperly drafted will, or a completely out of date will.
We find successful Business Owners have no partnership agreement, an outdated agreement, or an improperly worded one. It is not properly funded using life insurance or the funding is inadequate in the case of unexpected death or disability.
People do not have a detailed or properly structured succession plan in place if they get sick or die prematurely.
They have excellent professional advisors who are experts at solving problems but no one is looking at their estate and risk planning which in most cases will incur significant tax liabilities if not addressed now.
Most people are surprised and almost unprepared to discover their ultimate tax liabilities.
In the Province of Ontario, for example:
Over 50% of their retirement savings will be taxed after the second death of both spouses. They may pay the government $500,000 per $1 million of their hard earned retirement savings.
45% of their Holding Company/Operating Company assets will be paid in taxes on the second death of both spouses. They may pay the government $450,000 on every $1 million of investment holdings.
25% of accumulated capital gains from investments, real estate and business equity will be paid as taxes on the second death of both spouses. They may pay the government more than $250,000 dollars per $1 million of investment growth.
The bad news is that we owe all these taxes that most of us were probably caught unaware or choose to ignore or in many cases procrastinate.
The good news is that if you get the right advice you can reduce this tax liability to almost ZERO. The solutions are usually Surprisingly Simple.
We understand that every person’s scenario is unique and different, connect with us to see if we are a right fit for each other.
The first meeting is at our expense.