In Saskatchewan, there are a variety of process options that people may use to navigate separation and divorce.
Tag Archives Succession Planning column
What happens to an estate with assets outside of province?
Consider this situation: Dan is 75 years old and widowed with three children. He has a successful farming operation in Saskatchewan, but also owns farmland in Alberta and has a condo in Palm Springs. How do we deal with these assets on Dan’s death?
Farmland sales require special tax considerations
There are various tests that need to be met with respect to each parcel of farmland to receive special tax benefits
Farmland is a unique asset from an income tax perspective, given the ability to either transfer it to children without paying tax or sell it and potentially pay no tax by using the lifetime capital gains exemption (“LCGE”).
How to manage involuntary resignations from employment
Law columnist Faith Baron says if you are an employee and you are feeling pressured to resign your employment, you should seek legal counsel to be sure you understand your rights.
Family property divorce exemptions not always airtight
Generally speaking, most people assume that assets brought into a spousal relationship (marriage or cohabitation in a spousal-like relationship for at least two years) are exempt from division should the spousal relationship break down. While there is some merit to that statement, it is not absolute and many traps can arise that will result in […] Read more
Steps can be taken to make succession plan sustainable
Where will your farm be in 20 years? Who will be farming? Who will own the land? Most importantly, what are you doing today to make sure that this plan is sustainable? In our Dec. 3 article, “Estate plan tips to recognize farming, non-farming kids,” we covered land planning from the parent’s perspective. In this […] Read more
Compensation can be complex for incorporated farmers
While a corporation can introduce benefits into a business owner’s life — hello lower corporate tax rates and liability protection — it also introduces additional complexities. There is one complexity in particular that each corporate owner must deal with annually — how are they going to get paid? There are three options: salary, dividends or […] Read more
Advance planning plays key role in successful retirement
This article contains a cautionary tale about the Kash family, a fictional farming family that didn’t want to put any effort into planning for their retirement. Instead, they were aware of favourable tax rules that allow for transferring farm property to children on a tax-deferred rollover basis, and therefore their “plan” was to just give […] Read more
Transition planning needs non-farming family members
The non-farming members of a farming family can be a great resource and important contributors to the transition planning process. However, communication and involvement are highly correlated with positive planning experiences for all stakeholders. Early adoption of formal communication can mitigate potential conflict and leverage the contributions from the non-farming members. Non-farming family members have […] Read more
Power of attorney is an integral part of estate planning
Who do you want to make decisions for you when you no longer can? This is an important question to consider. A power of attorney can accomplish this and provide you peace of mind that your affairs will be managed when you can no longer do so. What is a power of attorney? A power […] Read more
