An estate freeze forces you to think far down the road. You'll be better able to meet your family's needs if you plan early. — via financialpost finance growingmoney businessowners
Caroline Rhéaume, a Montreal-based tax lawyer and trust and estate practitioner , adds that this process should also launch another arrangement: preparing a shareholders agreement.
Or, as Rhéaume puts it, it gives you the chance to have some control over who’ll get your shares — especially when you’re not using a trust.This advertisement has not loaded yet, but your article continues below.In Rossignoli’s experience, moving the shares into a trust was more common prior to 2018. Then the government passed legislation that reduced the tax benefits of the trust method.
That means you can name multiple members of your family as beneficiaries and they’ll each be able to claim their lifetime exception one day to lower their tax liability.Article content That being said, the rules around a trust mean that this isn’t an option to go forward with if you simply don’t have a clear plan for the future.
But it’s important, when going through this type of estate planning process, to make sure everyone’s on the same page to start off with. Some parents may have an idea in mind about how things will go that is based entirely on assumptions.
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