The preservation and transfer of your family assets are key when you reach retirement years but in fact planning should occur throughout your life as your circumstances change. We work with our clients to ensure that they minimize the income tax consequences, preserving their wealth and ensure that when the time comes there is a smooth tranistion related to their estates.
The family business brings together a number of players, including shareholders, family members and employees. The survival of a business will depend on the development and implementation of a succession plan. This involves the consideration of a number of issues:
* Continuation of the business
* Development of children’s talents
* Preparation of succession
* Choice of successor
* Transfer of ownership, leadership and control of the business
* Adequate retirement income
* Reduction of income taxes
If you can determine your objectives in advance and start the succession process early, you have a better chance of succeeding.
James Colton B.PE (Honours), EPC