Often they are too busy looking after customers, suppliers, shareholders, partners, employees, bankers, family and others leaving no time to properly look after their personal planning.
They have no will, an improperly drafted will, or an out of date will.
They have no partnership agreement, an outdated agreement, or an improperly worded one. It is not properly funded using life insurance or the funding is inadequate in the case of death or disability.
They do not have a detailed or properly structured succession plan in place if they get sick or die prematurely.
They have excellent professional advisors who are experts at solving problems but no one is looking at their estate and risk planning from a 30,000 foot perspective using a comprehensive, holistic approach.
Most are surprised and unprepared to discover their ultimate tax liabilities.
In Ontario, as an example:
Over 50% of their retirement savings will be taxed after the second death of both spouses. They may pay the government $500,000 per $1 million of retirement savings.
45% of their Holding Company/Operating Company assets will be paid in taxes on the second death of both spouses. They may pay the government $450,000 on every $1 million of investment holdings
26% of accumulated capital gains from investments, real estate and business equity will be paid as taxes on the second death of both spouses. They may pay the government more than $1 million per $5 million of investment growth.
To sum up, the bad news is that a ticking time bomb called taxes looms in their future.
The good news is that all of the taxes described above can be reduced to zero with proper planning now.
No two situations are the same.
Your no-obligation consultation will determine how we can best help you.
We look forward to helping you and your family.