It is important to recognize that estate planning is about more than just making a will. There are actually a number of factors that go into the creation of a successful plan.
Tag Archives Succession Planning column
Farmers should expect ownership succession rule changes
Succession planning options for farming corporations are set to change by the end of 2023. When business owners and farmers have an incorporated business, the ability to use the lifetime capital gains exemption on a sale to a third party or on a succession of the business to the next generation in the family provides […] Read more
Estate planning about more than deciding to write a will
We often hear about how we should be working on our “estate planning,” but what does that really mean? It is important to recognize that “estate planning” is about more than just making your will. There are actually a number of factors that go into the creation of a successful plan. This article highlights a […] Read more
How to raise the subject of a prenuptial agreement
A prenuptial or cohabitation agreement specifies how property shall be distributed or divided in the event of a separation or divorce. Such an agreement can also specify entitlement to spousal support. Without an agreement in place, any property that either spouse has an interest in may be subject to a claim by the other spouse. […] Read more
Discretionary family trust can be beneficial for farmers
Many farmers may have heard about the “tax rollover” rules and the capital gains exemption rules in the Income Tax Act. If applicable, these rules may create beneficial tax positions when a person transfers shares of a farming corporation to their child or to a third party. Their use depends on whether certain conditions are […] Read more
Deciding when to call a lawyer during a legal dispute
One of the most common questions I receive as a civil litigator is, “do I need a lawyer?” Often the main hesitation is the cost of retaining representation, and retaining a lawyer is expensive. Lawyers typically operate by the billable hour, which means they charge for their time. Sometimes retainers are required. Depending on the […] Read more
What happens to the animals in a separation or divorce?
There are a number of unique issues that can arise when a farming family goes through a separation or divorce. One of these areas arise when the parties have livestock or other animals. Generally, the specifics of how animals will be treated in the family court will vary from province to province. In Saskatchewan, animals […] Read more
Tracking the history of farming property is important
The Income Tax Act contains advantageous rules that are specific to farmers. Two of the most well known are: The intergenerational rollover that allows parents to transfer certain qualifying farm property to their children on a tax-free basis. The $1 million lifetime capital gains exemption that can be used to offset a capital gain that […] Read more
Advancing an inheritance early can come with risks
It is not uncommon for farming families to give land or assets to the next generation with the intention that the gift is an advance on one’s inheritance. There are many benefits of “giving sooner”: Potential to save on taxes and/or probate fees. Benefitting the next generation with their own farming operations. Reducing the asset […] Read more
Paying legal bills in estate disputes not always clear-cut
An estate will normally bear the burden of all legal fees incurred by the executor for its administration, which includes not only fees for core services but also those paid to handle more complex matters, including when a dispute arises and litigation ensues. However, there are some exceptions to that general rule and, in addition, […] Read more
