We provide a financial planning service to enable people to determine their expected level of income and the related tax liability in retirement. We develop financial models based upon expected rates of return and can advise, in general terms, on investment strategies as well as on the use of life insurance.
For high net worth individuals, we may also consider certain non-resident strategies and retirement arrangements, which may include trust arrangements. We frequently advise on the tax consequences of retiring in the United States and other countries.
In carrying out this work, we typically consult with investment advisers and insurance representatives to assist us in numerical modelling.
This work is done on a fee-for-service basis.
We have a variety of techniques for setting up income-splitting arrangements using trusts. These include structures where investment income and capital gains are realized by family members who have little or no income, and multiplying access to the capital gains exemption.
A trust can have a variety of other uses such as asset protection, maintaining control over assets, income splitting, multiple capital gains exemptions and estate planning.
Business Succession Planning
Many entrepreneurs who have built successful companies are concerned about business succession as they get older. They often want to see the family business passed to the next generation, but believe this cannot be done without paying significant capital gains tax. We can reduce the tax with advance planning.
We assist with business succession planning by:
- Meeting with the client to determine the facts and circumstances, reviewing the personal tax position of the owners and the circumstances surrounding the company, and estimating the company’s worth
- Obtaining a valuation of the business
- Developing a plan for transferring the family business to the next generation (which may involve an estate freeze, the use of trusts, and, where appropriate, working with life insurance professionals) or positioning the business for sale in a tax efficient manner; and working closely with legal counsel to implement the plan and assist in any tax filings that may be required.