The great wealth transfer has started as the Baby boomer generation has already started the process to transition their wealth. This wealth comes in many forms such as Businesses, Properties, Farmland, and investable assets such as stocks. On the receiving end is their adult children, grandchildren and often charitable organizations. The best way to know that your wealth will be transitioned as per your wishes is to have a solid estate plan in place.
We have thoughtful estate planning discussions with all of our clients. More and more high net worth families are approaching us for estate planning advice as it presents uncertainties.
Common questions/concerns we hear.
“How do I transition my business to my children, or to a third party?”, “How much tax will I have to pay?”, “Our kids work in the business but can’t afford to purchase it from us?”, “How do we keep our family cottage in the family after we pass away and protect it?”, “What is an Estate plan?”, “We have accumulated significant wealth inside our corporation and don’t need the money but want to pass it on to our children paying as little income tax as possible how can this be done?”
This starts with uncovering your goals and objectives, bringing the right team together, and then developing and implementing your estate plan. Once our team knows what our clients want, we can present options to them and then implement the plan.
Core works with you to develop your Estate plan. We aim to simplify this process and break it down so that you feel confident when it comes to transitioning your wealth. Core’s team is comprised of Wealth Advisors, Insurance Professionals, Investment Professionals, Tax & Trust Lawyers and Trust and Estate Practitioners. Your Wealth Advisor will guide you step by step and coordinate the meetings between other specialists engaged, ensuring a smooth and simple process.
Our blog series is going to focus on Estate Planning for shareholders of private corporations and High net worth individuals along with breaking down the Estate planning process.
With the recent and significant increased capital gains inclusion rates its more important than ever before to have a professional review your estate plan to ensure that your goals are achieved.
If you are a shareholder of a private corporation, Farmer, or high net worth individual interested in developing an Estate plan, Transferring or protecting your wealth or simply want a second opinion on your current Estate Plan book a free consultation with Core below.
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