It’s natural for parents to worry. And, if they’re rich, they’re probably concerned about spoiling their children.
A personal representative (executor in some jurisdictions, estate trustee in Ontario, liquidator in Quebec) must deal with estate debts, potential claims against the estate and taxes when a loved one passes.
Adam Salahudeen has joined Richardson GMP as vice president of tax and estate planning. He will be working with company advisors, high net worth clients and business owners, offering tax expertise in income and asset protection, succession, insurance planning, and international tax structuring. Read: Richardson GMP names Vancouver branch manager Prior to this role, Salahudeen […]
A unique income-splitting approach
For clients older than 65, some trusts can help with succession planning.
Assets such as trademarks and patents can hold considerable value. Protecting your ownership of intellectual property can ensure your successor’s competitive edge.
Executors should tell charities about any gifts or bequests.
Databases that indicate clients’ risk tolerances, investments, frequency of contact, etc.
If the complexity of U.S. cross-border taxes doesn’t convince you to get help, the liability factor will.
Art purchases aren’t just for show; they’re also a solid investment to pass on to future generations. Help clients start a collection with these tips.