Letters probate is an order of the Court of King’s Bench that proves the authority of the executor named in a will to deal with the property of a deceased person.
Tag Archives succession planning — page 2
Farm transition does not have to be a messy process
Farm transition is often characterized as a power struggle, but it doesn’t have to be that way, heard participants at a succession workshop held as part of the recent Canadian Federation of Agriculture annual meeting.
Good governance, respect help farm transitions
Kolk Farms has made sure strong procedures are in place to ensure that transition and succession are done properly
Transition is nothing new for the Kolk family of southern Alberta. Since the farm was established in the 1950s, it has moved from one generation to the next and one commodity to another.
Tax not sole basis for succession plans
A tax expert says how much tax one might have to pay should not be the first consideration when drafting a farm transition plan
No one wants to pay more taxes than necessary, but an expert says tax shouldn’t be the only thing people worry about when succession planning.
Farm planning seems daunting but should not be overlooked
Communication among family members or employer and employees is critical to farm success.
Farm succession not just about the transfer of assets
Young farmers intending to take over the farm are urged to have wills and hire third parties to help with transition plans
Annessa Good-Hassard knows first-hand what many farm families are going through when it comes to transition. She and her husband are taking over her family’s Alberta farm.
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.
Canadian Entrepreneurs’ Incentive is worth considering
The Canadian Entrepreneur Incentive, introduced in the 2024 budget, offers tax breaks on capital gains to support entrepreneurs, including farmers. Producers should consider this new incentive when evaluating their succession planning with their trusted advisers. The CEI can be used as way to further reduce taxable income on the sale of qualifying farm property above […] Read more
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
