The importance of estate planning for Canadian business owners
Running an efficient and profitable business can be a challenge. With so many important decisions to oversee, many Canadian business owners find themselves so preoccupied with their day-to-day tasks that they don’t take long-term planning into consideration. And when it comes to planning for the future, one of the most frequently overlooked areas, yet most important, is estate planning.
Why Estate Planning is Essential for Business Owners
While it is highly advisable for anyone to have their estate in order at all times, estate planning is particularly important for business owners and individuals with a high net worth.
Upon death, your business will be treated as any other asset. Without proper estate planning, your beneficiaries may be required to pay significantly more tax than would be necessary, had effective strategies been implemented in advance.
When Should You Consider Estate Planning?
In a word: Now.
It is never too early to ensure that your affairs are in order. While everyone plans to live a long and fruitful life, death is inevitable for all of us. When the time comes, your estate may very well be subject to heavy taxation, limiting the amount that you can leave behind for your loved ones. By engaging in advance with a knowledgeable and experienced member of Fuller Landau’s tax team, you can ensure the proper strategies and structures are in place to minimize the taxes on your estate, and protect your legacy for your loved ones.
Does Estate Planning Involve More Than Taxes?
While tax planning represents a significant portion of estate planning, it is far from the only purpose of an estate plan.
An estate plan can help to identify and designate the beneficiaries of your estate, and to determine how your assets are to be divided upon your death. This often involves more complicated factors such as trusts, investments, and philanthropic donations. Further, a properly drafted will ensures that your assets are distributed precisely as you want, in the event of your death.
Don’t let your wealth and hard work go to waste. Ensure that your assets are protected by scheduling an appointment with our Toronto tax and estate planning specialists. Contact us today.