In 2019, nearly 15% of the average Canadian’s household income went to pay off debts.[1] Some of that is considered good debt, such as a mortgage, but the rest of that debt includes so-called bad debt, such as vehicle leases or credit card debt. Every estate has some liabilities...
Many beneficiaries don’t wait more than a month or two before they begin asking, When will I get my cheque? Often, they don’t like the executor’s answer. Settling an estate is a process that typically takes a year, or even longer in more complicated cases. And...
In 2018, the average Canadian’s net worth was $678,792.[1] In Toronto, the number is even higher – nearly $1 million for the average person.[2] The estate of a person with a net worth this high will require care and attention, beginning with collecting all the...
When a loved one dies, emotions run high. Family members may be sad their loved one is no longer with them. They may feel lost, unsure how to move on. They may feel relief that the stress of a complicated relationship is finally over. And if...
You’ve just received an upsetting call that your loved one has passed away. You may be sad or even shocked – but you are also the executor of the estate. During the first few weeks following the death, the work of the executor can be...
Imagine this: Your Great Uncle George passes away. He never married, doesn’t have any children and lived on his own until the very end. You agreed years ago to be the executor of his estate, but when the time comes, you aren’t prepared. Several weeks after his death,...
When updating your Shareholder Agreement, consider that when you started, your focus may have been: Drafted at inceptionLikely only had you in mindManagement decision, capital limitations, unanimous decisions or unilateral decisionsValuation method or formulaSpouses not involvedDirect ownership But going forward, you may now need to consider: Set...
Succession Planning Options Selling or Transferring your Business to a third-party buyer (a competitor, supplier, customer or independent third party).to an existing partner in the business.to your management team.to your employees, which may be a broader group than your management team.to a family member. Dividing up parts...
8 Rules to get the Best Deal ~Selling Your Business Is A Process, Not an Event The 8 rules you need to consider are: Rule #1: Do not try to sell your business yourself. Rule #2: Have a clear understanding of why you are selling your business. Rule #3: Have a...
Select your Power of Attorney with Care A Power of Attorney [PoA] is a powerful document. It puts the rights of ownership into the hands of another. A PoA gives some, or all, of the decision-making power of the grantor to another. PoA financial exploitation is considered a serious...