Cottage succession planning is one of the most emotionally charged and difficult aspects of an estate plan. Unlike a stock portfolio, cottages are touched by emotions, memories, and can’t be easily divided in the same way between your heirs. Therefore, cottage owners face unique estate planning challenges. So, this post will describe the key elements when doing your cottage succession...
The nuances between capital costs vs operating costs are essential to understand for Canadian cottage owners. Effective financial management of these properties not only impacts immediate tax obligations but also affects long-term planning, particularly when considering the sale or generational transfer of the cottage. This post will explore the distinction between capital costs vs operating costs. And, underscores the importance...
Managing and transferring wealth across generations is a formidable challenge. And often, the most important element is the perspective of the family members, rather than any specific investment strategy. So, at our family office, we understand this journey is about more than just numbers and assets. It's deeply rooted in values based wealth management that will define your family's legacy....
Within wealth management, family meetings have emerged as a valuable tool for generational wealth transfer. Through our family office, we’ve seen a growing number of clients harness the power of family meetings to prepare their next generation for the responsibilities and opportunities that lie ahead. Here's how and why these gatherings are transforming the wealth management landscape. What Are Family Meetings? Family...
When it comes to multi-generational wealth management, is financial wealth the only capital worth cultivating? While financial capital is significant, considering various aspects of capital, including human capital and leadership, is essential to successfully transition wealth across generations. This post explores some strategies that can aid the transition of wealth to heirs and unearths the varied forms of capital that often...
Private foundations are a popular avenue for many high net worth individuals who want to actualize their philanthropic ambitions. In Canada, we have over 6,000 registered private foundations and many more donor advised fund (“DAF”) accounts. But, while setting up a private foundation is an exciting milestone for many charitable donors, an embodiment of their commitment to charitable giving and...
We've all come across the adage, “With great wealth comes great responsibility”. It’s not just a throwaway phrase but carries profound wisdom, especially for those who have been fortunate enough to accumulate substantial assets. Successful wealth stewardship is challenging. So, this post will offer both wealthy parents and their next-gen heirs with some tips to help them achieve success. A Personal...
Congratulations! You've successfully sold your business. As you close one chapter of your entrepreneurial journey, a new horizon emerges: the world of wealth management and investment. Transitioning from an active business role to managing an investment portfolio is a distinct shift, both in terms of responsibilities and mindset. In this blog post, we'll describe this transition, outlining the differences, challenges,...
Estate planning can be a complex process, especially when a loved one is facing incapacity. One of the most challenging issues in estate planning is determining whether an individual has the mental capacity to make decisions about their own assets and care. In some cases, family members may seek court-ordered capacity assessments to determine whether their loved one can manage...
Family foundations can play an important role in philanthropy and social impact, but their long-term success depends on effective leadership and governance. Without a succession plan in place, your family foundation may face a range of challenges that can undermine its effectiveness and sustainability. In this blog post, we'll explore the top 10 problems your family foundation will have without...
