There are many factors to consider when planning the future of an estate. The process can be a complex but deeply fulfilling endeavour. Matters may be particularly complex if you have a business that you’ve worked hard to build, and you want that business to continue thriving for years to come.
The reality is that, without proper planning, far too many estate plans in Ontario lead to disputes that ultimately result in the dissolution businesses — companies that would have otherwise remained in operation if a comprehensive estate plan had been in place.
Effectively protecting the future of a business involves an accurate valuation of assets and debts. With a proper assessment of these matters, you can have a clear picture of how your business may look in the future. There are tax matters to consider, as well the use of trusts and dependable financial products to protect the value of assets.
To ensure that your business assets are secure, it is important to have a lawyer with experience in the technical aspects of financial planning and the nuances of providing security for heirs and beneficiaries. Protecting a business often means assessing the needs of numerous parties, including family members, shareholders, clients and employees.
Have you decided yet who should have future control of your business? Have you communicated clearly to your family and business partners what your plans are?
The Hagel Lawfirm helps clients in the Greater Toronto Area address these questions with comprehensive estate planning. To learn more about our legal practice, please visit our business succession overview.